2026 Multifamily Financing: Rates, Spreads, Lender Trends | Matt Dzbanek, GREA Capital Services [7/22/26]
July 22, 2026
Gregory Frick

2026 Multifamily Financing: Rates, Spreads, Lender Trends | Matt Dzbanek, GREA Capital Services [7/22/26]

Lenders are eager to put money out, yet they are also eager to stay stagnant at the same time. That’s how Matt Dzbanek, Senior Director of Capital Services at GREA (Global Real Estate Advisors) and Ariel Property Advisors, describes the multifamily financing market in mid-2026. In this episode of Multifamily Marketwatch, HFO Investment Real Estate partner Greg Frick sits down with Dzbanek. Together, they look at debt and equity conditions for apartment owners and investors across the country.

Banks are re-entering the market

Dzbanek explains why more banks are re-entering the market as older loans finally roll off their books. This process frees up capital after years of constraint. He breaks down where rates are landing. Spreads are holding in the 175 to 225 range over corresponding Treasuries. Additionally, all-in rates have moved from the high fives to the mid-sixes as Treasuries climbed. The biggest shift is the spread compression in the bridge and debt fund space. Pricing that was 500 to 600 two or three years ago can now be 200 to 300. Consequently, some bridge loans are within 50 basis points of permanent debt.

Freddie Mac’s Elimination of Small Balance Loans

The conversation also covers Freddie Mac’s elimination of its Small Balance Loan program and what it means for borrowers under $2 million, why agencies behind on volume targets may offer pricing waivers later this year, the return of interest-only terms, and why a loan maturing in Q4 means starting the refinance process now. Dzbanek closes with the most common borrower mistakes and how proper packaging gets a deal taken seriously by lenders.

Contact Matt Dzbanek through GREA for financing questions or call your HFO broker at (503) 241-5541.

HFO Investment Real Estate is Oregon’s and SW Washington’s leading multifamily investment brokerage by transaction volume. We specialize in apartment investment sales. Looking for someone to sell your apartment building? Call us at (503) 241-5541.

 

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