Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
New York
New York Apartment Loans
Select Commercial arranges New York apartment loans from $1,500,000, up to 80% LTV, with rates as low as 5.80%. We compare Fannie Mae, Freddie Mac, FHA, bank and bridge programs to fit your property. For larger balances, see multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in New York
New York apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See New York commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
New York Apartment Loan Rates
Rates updated as of September 7, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.20% | Up to 80% |
| 7 Year Fixed | 6.28% | Up to 80% |
| 10 Year Fixed | 6.33% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.80% | Up to 75% |
| 7 Year Fixed | 5.88% | Up to 75% |
| 10 Year Fixed | 5.93% | Up to 75% |
- Streamlined underwriting for institutional multifamily
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
Rates last updated September 7, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary.
Compare New York Apartment Loan Programs
As a broker we compare every program for your best-fit New York apartment financing:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.20% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.30% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most apartment lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x.
2026 New York Apartment Loan Market
New York is the tightest apartment market in the country, and that shapes how every loan here underwrites. Forecasts published in July 2026 put city vacancy at 2.4% for the year, up only 20 basis points, which would extend the run below 3% to eleven straight years and keep New York the lowest of any major U.S. metro. Average effective rent is projected near $3,198 a month on 2.1% growth.
Supply stays thin. About 15,000 units are under construction across the five boroughs, the smallest development pipeline in a decade. Deliveries are expected to just edge past absorption this year, which is why lenders still treat a well-occupied building here as some of the most predictable cash flow in the country.
Sales activity turned back up. Transactions rose roughly 15% in a quarter to 286 sales covering more than 6,600 units, with unit count up nearly 35% year over year (reported February 2026). Buildings of twenty units and larger led the move, up about 24% in the quarter and 66% over the year. Brooklyn dollar volume climbed more than 34%, while Queens and the Bronx drew buyers priced out of Manhattan and prime Brooklyn.
Across the boroughs and upstate we arrange New York apartment building loans from $1,500,000 through agency, bank, FHA and bridge programs. Your rate and leverage follow the rent roll and the building’s net operating income, not your personal income.
Refinancing a New York Apartment Building
Most refinance calls we take here start the same way. A loan written five, seven or ten years ago is maturing, and the owner wants to know what the payoff looks like against today’s numbers. Start with the note itself: confirm the maturity date and whether prepayment carries yield maintenance or a step-down. Refinancing a few months ahead of a balloon is often cheaper than waiting for it to come due.
Then the building. An apartment building refinance in New York is sized on the rent roll and the trailing twelve months of operating income, so those two documents set your proceeds before anything else is discussed. Rent-stabilized units underwrite differently from free-market ones, and a lender will want the registration history alongside current rents.
After that it is a question of program. A stabilized, well-occupied building in Brooklyn or Queens often prices best through agency financing, with a long fixed term and non-recourse terms. A property mid-renovation, or one with a rent roll still filling in, usually starts with a bank or bridge loan and refinances into permanent debt once the numbers settle. Cash-out is available on most programs where the equity supports it.
We review the payoff, underwrite the building the way the lender will, and come back with written options inside 48 hours at no cost. Loans start at $1,500,000, whether it is a six-unit walk-up or a larger apartment complex.
New York Markets We Finance
Building stock, rent regulation and lender appetite change sharply from one part of the state to the next, so an apartment building loan in Buffalo is structured almost nothing like one in Manhattan. These are the markets we work in most. Each name links to our local page for that market, which covers apartment and mixed-use property alongside other commercial types.
The five boroughs
Pre-war walk-ups, post-war elevator buildings and mixed-use with retail on the ground floor. Rent-stabilized units are common here and change how a file underwrites, because lenders size on the registered legal rents rather than market projections. Brownstone and small multifamily deals move quickly when the rent roll is clean.
Manhattan · Brooklyn · Queens · Bronx · Staten Island
Westchester and the Hudson Valley
Garden-style and mid-rise product with steadier occupancy and cleaner expense ratios than the city. Apartment complex loans in this corridor often come from banks and credit unions competing hard for local business, which can beat agency pricing on smaller balances.
Yonkers · New Rochelle · Mount Vernon · White Plains · Westchester County · Poughkeepsie
Long Island
Nassau and Suffolk are supply constrained, with high barriers to new construction that keep existing buildings full. Apartment building financing on the Island tends to favor experienced local owners, and an apartment mortgage here is usually sized on real operating history rather than projections.
Nassau County · Suffolk County · Hempstead · Freeport · Valley Stream
Upstate
Buffalo, Rochester and Syracuse price very differently from downstate: a lower basis per unit, higher cap rates and stronger cash-on-cash returns. Agency programs and regional banks are both active apartment building lenders in these markets, and the same borrower often qualifies for more leverage than they would in the city.
Buffalo · Rochester · Syracuse
Statewide, see New York commercial mortgages for non-residential property, New York City apartment loans for the five boroughs, or New York multifamily loans for larger balances.
New York Multifamily Financing
Apartment loans and multifamily loans are the same thing: financing on a building with five or more residential units. We arrange both across New York, from a six-unit walk-up to an institutional portfolio, and the label matters far less than how the building performs.
What does change with size is who lends. Smaller balances are usually best served by banks, credit unions and agency small-balance programs, where a local relationship and a clean rent roll carry a lot of weight. Larger balances open up a deeper bench of multifamily lenders, including Fannie Mae, Freddie Mac, life companies and CMBS, and multifamily loan rates there are often tighter because the loans are big enough to securitize. The tradeoff is heavier diligence: a full appraisal, a property condition report, an environmental review, and sizing driven by net operating income, debt service coverage and debt yield.
The starting point is identical either way. Send the rent roll and the trailing twelve months of operating income and we will tell you which lenders are sharpest on your building, and what multifamily financing looks like at that size.
New York Apartment Loan Types We Serve
We arrange financing across New York for:
- Urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and rental properties
- Mixed-use and other multifamily property
Apartment Loans Across New York
We provide apartment loans throughout New York, including these markets:
We lend across all five boroughs. For mixed-use and commercial property in the city, see our Manhattan, Brooklyn, Queens and Bronx commercial mortgage pages.
For larger balances, see New York multifamily loans; nationwide, we lend in most major U.S. cities.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Other Property & Loan Types We Finance in New York
As a full-service commercial mortgage broker, we arrange New York financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
What Our Clients Say
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MAGet Your New York Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on New York apartment loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up