The Closing Table Rate Report
What $5M and up commercial real estate deals actually closed at last quarter, drawn from 1,041 real first-mortgage closings. Not rate sheets, and not a survey.
Most published CRE rates are advertised pricing or somebody’s guess. This one is built from the middle half of what borrowers actually signed, and every row carries its sample size, because a band without its n is marketing rather than data.
What is in it
| Product | Middle-half band | Median | Sample |
|---|---|---|---|
| Commercial bridge | 6.9%–9.1% | 7.9% | n=93 |
| Permanent | 5.9%–6.5% | 6.2% | n=748 |
| Construction | 6.6%–9.8% | 8.5% | n=122 |
Bands are p25–p75 of recent $5M+ market closings through June 2026 on multifamily, retail, industrial, office, and mixed-use first mortgages. Market observations, not deals Northern Ridge Capital arranged.
- Typical LTV and term alongside each band, plus the SBA 7(a) rule-based row
- Where the index levels sit and what that means for a 2021-vintage loan repricing today
- The bridge-to-perm gap in basis points, and what the spread is worth on a $10M loan
- A quarterly refresh, so the numbers stay current rather than aging on your drive
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Northern Ridge Capital is a licensed commercial mortgage broker (CA DRE #02093377), not a lender, and arranges financing on commercial real estate only. All figures are indicative market observations as of the dates shown and are not an indication or offer of terms. For informational purposes only, not financial, legal, or tax advice. Full disclosures.