Based on soft-quote and term-sheet loan quotes on retail properties across California, Arizona, and Nevada, priced as permanent financing with loan amounts between $1M and $10M from April through June 2026.
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Based on soft-quote and term-sheet loan quotes on retail properties (single-tenant net lease, unanchored, grocery-anchored, and non-grocery-anchored centers) across California, Arizona, and Nevada, priced as permanent financing with loan amounts between $1,000,000 and $10,000,000, from April through June 2026.
Fixed-rate quotes in this pool run from 6.00% to 7.17%, with a median of 6.37%. Floating-rate quotes, presented separately, range from 6.15% to 7.44%, with a median of 7.06%. LTV spans 50% to 65%, and DSCR requirements run from 1.20x to 1.40x. Of the quotes where recourse type was specified, all carry full recourse; separately, the majority carry personal recourse guarantees rather than non-recourse structures.
Geographically, this pool splits primarily between California and Arizona.
Amortization schedules most commonly run 300 months (25 years), with a smaller share using 360 months (30 years). An interest-only period is present on only a small number of these quotes, ranging from 1 to 12 months. Loan sizes in this pool range from $1,025,000 to $10,000,000, with a median loan amount of $2,800,000.
| Metric | Range | Median |
|---|---|---|
| Fixed rate | 6.00% – 7.17% | 6.37% |
| Floating rate | 6.15% – 7.44% | 7.06% |
| LTV | 50% – 65% | 61% |
| DSCR | 1.20x – 1.40x | 1.25x |
| Recourse (of specified) | All full | — |
Fixed rate by state
| State | Range | Median |
|---|---|---|
| California | 6.00% – 7.17% | 6.50% |
| Arizona | 6.15% – 7.13% | 6.26% |
Fixed rate by loan size
| Loan Size | Range | Median |
|---|---|---|
| $1M – $5M | 6.00% – 7.17% | 6.37% |
| $5M – $10M | 6.35% – 6.67% | 6.41% |
Fixed rate by asset-type cohort
| Cohort | Subtypes included | Range | Median |
|---|---|---|---|
| Net-Lease Retail | STNL Retail, STNL Retail - Investment Grade | 6.15% – 7.49% | 6.36% |
| Multi-Tenant Retail | Unanchored Center, Non-Grocery Anchored | 6.00% – 7.14% | 6.33% |
Grocery-Anchored Shopping Center quotes are excluded from the cohort table due to small sample size but are included in the overall headline stats.
Fixed-rate quotes in this pool generally span 6.00% to 7.17%, with Arizona pricing tighter at the median (6.26%) and California covering the full range up to 7.17%. Floating-rate quotes (median 7.06%) sit well above fixed-rate quotes (median 6.37%) in this pool.
Larger loans in this pool ($5M–$10M) are pricing slightly tighter on the low end than the $1M–$5M band.
FAQ
What fixed rates is Lev seeing on Western Region retail permanent loans right now?
Lev is seeing a median of 6.37%, with most quotes falling between 6.00% and 7.17%.
What floating-rate quotes is Lev seeing?
Lev is seeing floating-rate quotes ranging from 6.15% to 7.44%, with a median of 7.06%.
What LTV and DSCR is Lev seeing required?
Lev is seeing LTV ranging from 50% to 65% and DSCR ranging from 1.20x to 1.40x.
How does Arizona pricing compare to California in this pool Lev is seeing?
Arizona's median (6.26%) is tighter than California's (6.50%), though both states show wide ranges.
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