Attachment is the LTV at which mezz begins, typically 60 to 70 percent of value on stabilized assets. Detachment is the LTV at which it ends, typically 75 to 85 percent. The slice between is the mezz position.
Why do attachment and detachment matter?
They define the loss exposure on the mezz tranche. A 70 to 80 percent slice on a stabilized multifamily deal is meaningfully safer than a 65 to 80 percent slice on a transitional office deal. Mezz lenders price the absolute LTV (where they sit) and the slice width (loss-given-default exposure) separately.
How do sponsors negotiate these points?
Optimize total cost of capital, not just senior pricing. A senior lender quoting 65 percent LTV plus a mezz fill to 80 percent often beats a higher-leverage senior at 75 percent LTV when blended. Get parallel senior + mezz quotes through a debt advisor before locking either piece.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1