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Multifamily & Apartment Financing in Arizona

Commercial Loan Direct (CLD) provides apartment loans in Arizona. Current apartment loan rates in Arizona range from 4.83% to 12.85%, depending on the loan program.

Arizona Apartment Loan Rates

Loan Types Rates LTV Loan Amount
Fannie Mae 5.56% - 6.36% 80% $700,000+
Freddie Mac 5.86% - 9.33% 80% $1,000,000+
FHA 4.74% - 6.09% 83.3% $5,000,000+
Conduit / CMBS 5.71% - 7.64% 75% $2,000,000+
Insurance 5.21% - 8.49% 75% $5,000,000+
USDA 6.1% - 8.85% 85% $1,000,000+
Bridge 5.85% - 12.85% 80% $1,500,000+
Construction 5.6% - 8.85% 83.3% $1,000,000+
Conventional 4.83% - 8.85% 80.0% $1,000,000+

For more in-depth multifamily interest rates, please visit our Apartment Loan Rates page.

Note: The commercial mortgage rates displayed in this website should be used as a guideline and do not represent a commitment to lend. Commercial Loan Direct and CLD Financial, LLC are not liable for any commercial mortgage interest rate or data entry errors that might affect the displayed commercial loan rates. Commercial loan rates may change at any time and without notice.

Additional Multifamily Types

Additional Multifamily Mortgages

Locations Served in Arizona

We are proud to be serving the state of Arizona. Here are our commercial loan statistics for this state.

Arizona Cities and Towns Served

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The Arizona multifamily market in early 2026 is navigating a "rebalancing phase" after several years of historic supply growth. In major hubs like Phoenix and Tucson, a significant wave of new deliveries in 2024 and 2025 has led to elevated vacancy rates—peaking near 12.7% in Phoenix. However, with new construction starts down nearly 50%, the financing landscape is shifting away from new development and toward acquisitions and refinances as fundamentals stabilize.

Key Financing Sources and Programs

Financing in Arizona is currently driven by a mix of federal agency support and a legislative push to revive state-level incentives.

  • Arizona Department of Housing (ADOH): The ADOH remains the central hub for affordable housing. Their 2026-2027 Qualified Allocation Plan (QAP) prioritizes projects with established tribal or local government support. Minimum loan amounts for ADOH-backed projects are generally $500,000 in metro areas and $100,000 in rural regions.
  • State LIHTC Renewal: A major focus for 2026 is the legislative effort to reinstate the State Low-Income Housing Tax Credit, which recently sunset. The Arizona Multihousing Association is actively lobbying for its return to provide much-needed gap financing for affordable units.
  • Fannie Mae & Freddie Mac: For stabilized properties, agency debt remains highly liquid. Current rates for 10-year fixed-rate "DUS" loans range from 5.61% to 7.71%, depending on the loan-to-value (LTV) ratio, which typically caps at 80%.
  • HUD / FHA 221(d)(4): Despite higher costs, this program remains popular for new construction due to its 40-year amortization. Rates in early 2026 for these non-recourse loans are hovering between 5.46% and 5.96%.

Market Trends and Economic Drivers

Investors and lenders in Arizona are currently focused on "Class A" recovery and submarket performance:

  • Submarket Divide: Financing remains more accessible in the East Valley and North Phoenix-Scottsdale corridors, where affluent resident bases and job growth in healthcare keep vacancy rates lower than the regional average.
  • Rent Growth Normalization: After a period of negative rent growth in 2025 (down 3.0%), 2026 is expected to see a slow return to marginal rent increases as the massive backlog of inventory is absorbed.
  • Impact of Stabilized Rates: With the 10-year Treasury yield stabilizing around 4.21%, the "bid-ask" spread between buyers and sellers is narrowing, leading to an uptick in transaction volume compared to the previous two years.
  • Legislative Initiatives: New bills, such as House Bill 2682, are seeking to create statewide rental assistance programs ($5 million fund). If passed, this could lower default risks for landlords, making Class B and C assets more attractive to risk-averse lenders.

Note: Lenders are currently being more conservative with LTV ratios in the West Valley due to weaker hiring in manufacturing and logistics sectors, often requiring higher equity stakes (30-35%) than in years past.

Lending Cities

Commercial loan direct provides services in the following Arizona cities. Please note we may be able to provide services in other cities as well by request. Rates are dependent on the market in your locale, feel free to use the provided Arizona economic reports to get a better understanding of your market.

  • Ahwatukee Foothills
  • Ajo
  • Alhambra
  • Anthem
  • Apache County
  • Apache Junction
  • Arivaca Junction
  • Arizona City
  • Avenue B and C
  • Avondale
  • Avra Valley
  • Bagdad
  • Beaver Dam
  • Benson
  • Big Park
  • Bisbee
  • Black Canyon City
  • Blackwater
  • Buckeye
  • Bullhead City
  • Bylas
  • Cactus Flat
  • Camp Verde
  • Canyon Day
  • Carefree
  • Casa Blanca
  • Casa Grande
  • Casas Adobes
  • Catalina
  • Catalina Foothills
  • Cave Creek
  • Centennial Park
  • Central City
  • Central Heights-Midland City
  • Chandler
  • Chinle
  • Chino Valley
  • Cibecue
  • Cienega Springs
  • Citrus Park
  • Clarkdale
  • Claypool
  • Clifton
  • Cochise County
  • Coconino County
  • Colorado City
  • Congress
  • Coolidge
  • Cordes Lakes
  • Cornville
  • Corona de Tucson
  • Cottonwood
  • Deer Valley
  • Desert Hills
  • Dewey-Humboldt
  • Dilkon
  • Dolan Springs
  • Donovan Estates
  • Douglas
  • Drexel Heights
  • Eagar
  • East Sahuarita
  • Ehrenberg
  • El Mirage
  • Eloy
  • Encanto
  • First Mesa
  • Flagstaff
  • Florence
  • Flowing Wells
  • Fort Defiance
  • Fortuna Foothills
  • Fountain Hills
  • Fredonia
  • Ganado
  • Gila Bend
  • Gila County
  • Gilbert
  • Glendale
  • Globe
  • Gold Camp
  • Gold Canyon
  • Golden Shores
  • Golden Valley
  • Goodyear
  • Graham County
  • Grand Canyon
  • Grand Canyon Village
  • Green Valley
  • Greenlee County
  • Guadalupe
  • Heber-Overgaard
  • Holbrook
  • Houck
  • Huachuca City
  • Joseph City
  • Kachina Village
  • Kaibito
  • Kayenta
  • Kearny
  • Kingman
  • La Paz County
  • Lake Havasu City
  • Lake Montezuma
  • Lake of the Woods
  • Laveen
  • LeChee
  • Linden
  • Litchfield Park
  • Lukachukai
  • Mammoth
  • Many Farms
  • Marana
  • Maricopa
  • Maricopa County
  • Maryvale
  • Mayer
  • Meadview
  • Mesa
  • Mescal
  • Miami
  • Mohave County
  • Mohave Valley
  • Morenci
  • Mountainaire
  • Naco
  • Navajo County
  • New Kingman-Butler
  • New River
  • Nogales
  • North Fork
  • Oracle
  • Oro Valley
  • Page
  • Paradise Valley
  • Parker
  • Parks
  • Paulden
  • Payson
  • Peach Springs
  • Peoria
  • Peridot
  • Phoenix
  • Picture Rocks
  • Pima
  • Pima County
  • Pinal County
  • Pine
  • Pinetop-Lakeside
  • Pirtleville
  • Prescott
  • Prescott Valley
  • Quartzsite
  • Queen Creek
  • Rio Rico
  • Rio Verde
  • Sacaton
  • Saddle Brooke
  • Safford
  • Sahuarita
  • Saint David
  • Saint Johns
  • Saint Michaels
  • Salome
  • San Carlos
  • San Luis
  • San Manuel
  • San Tan Valley
  • Santa Cruz County
  • Scenic
  • Scottsdale
  • Sedona
  • Sells
  • Show Low
  • Sierra Vista
  • Sierra Vista Southeast
  • Six Shooter Canyon
  • Snowflake
  • Somerton
  • South Tucson
  • Spring Valley
  • Springerville
  • Star Valley
  • Summit
  • Sun City
  • Sun City West
  • Sun Lakes
  • Sun Valley
  • Superior
  • Surprise
  • Swift Trail Junction
  • Tanque Verde
  • Taylor
  • Tempe
  • Tempe Junction
  • Thatcher
  • Three Points
  • Tolleson
  • Tombstone
  • Tonto Basin
  • Tortolita
  • Tsaile
  • Tuba City
  • Tubac
  • Tucson
  • Tucson Estates
  • Vail
  • Valencia West
  • Valle Vista
  • Verde Village
  • Village of Oak Creek (Big Park)
  • Wellton
  • West Sedona
  • Whetstone
  • White Mountain Lake
  • Whiteriver
  • Wickenburg
  • Willcox
  • Williams
  • Williamson
  • Willow Valley
  • Window Rock
  • Winslow
  • Yavapai County
  • Youngtown
  • Yuma
  • Yuma County

Commercial Loan FAQs in Arizona

Multifamily interest rates in Arizona vary based on loan type, property type, loan-to-value, debt service coverage ratio, borrower strength, and market conditions. They range from approximately 4.83% to 12.85%.

Borrowers in Arizona can access Conventional, CMBS/Conduit, Insurance, FHA/HUD, USDA, Bridge, Construction, and SBA financing based on property type, leverage, and occupancy.

Multifamily loan rates in Arizona depend on loan type, property cash flow, debt service coverage ratio, loan-to-value, borrower strength, and market conditions.

Yes. Owner-occupied financing is available in Arizona, including Conventional, Insurance, SBA, USDA, and selected agency programs when eligibility requirements are met.

Yes. Refinance options in Arizona include rate-and-term and cash-out structures, subject to underwriting, property performance, and lender program guidelines.

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