North Dakota Apartment Loan Rates
| ND Apartment Loan Rates Less Than $6 Million | Free Loan Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Apartment Loan 5 Yr Fixed | 5.70% | Up to 80% | |
| Apartment Loan 7 Yr Fixed | 5.74% | Up to 80% | |
| Apartment Loan 10 Yr Fixed | 5.80% | Up to 80% | |
*Rates start as low as the rates stated here. Your rate, LTV, and amortization will be determined by underwriting.
Want a personalized quote? Click here to request a customized loan quote for your North Dakota apartment property.
Need a multifamily loan over $6 million? Visit our North Dakota multifamily loan page. For other commercial property types, explore our North Dakota commercial mortgage options. To compare all rates nationwide, see commercial mortgage rates.
2026 North Dakota Apartment Loan Market Overview
Entering 2026, North Dakota presents an apartment market defined by relative affordability, steady renter demand, and tighter inventory in its largest metros. For borrowers evaluating apartment loans, the state offers a smaller but stable landscape anchored by Fargo, with additional support from Bismarck and Grand Forks. This allows apartment building financing to be structured around durable occupancy, workforce housing demand, and moderate price points.
Statewide housing data points to an apartment market that has seen more recent deliveries, with apartment vacancy rising to roughly 6.3% in 2025. At the same time, North Dakota still faces a broader need for additional housing units over the next several years, supporting a long-term case for apartment lenders focused on stabilized assets and selective new development.
Fargo Anchors North Dakota Apartment Loans
Fargo remains the primary driver of apartment activity within North Dakota. The city had an estimated 2024 population of approximately 136,285, median household income near $66,998, median gross rent around $946, and median value of owner-occupied housing near $281,900. For borrowers seeking an apartment building loan, Fargo provides the deepest renter base and strongest scale in the state.
Bismarck Adds Higher-Income Stability
Bismarck supports apartment demand through government, healthcare, and regional employment. The city had an estimated 2024 population of approximately 77,772, median household income near $78,387, median gross rent around $999, and median value of owner-occupied housing near $300,300. These fundamentals support stable renter demand and continued apartment lenders interest.
Grand Forks Provides University and Workforce Demand
Grand Forks adds another reliable apartment market supported by the university, healthcare, and local employment. The city had an estimated 2024 population of approximately 59,845, median household income near $63,627, median gross rent around $980, and median value of owner-occupied housing near $249,900. This supports steady demand for affordable and mid-tier rental housing.
Rent Levels Reflect Affordability and Market Stability
North Dakota offers relatively affordable rent levels compared to many larger apartment markets nationally. Fargo, Bismarck, and Grand Forks all remain around or below the $1,000 monthly median gross rent level based on Census housing data. This creates flexibility for structuring apartment loans across both value-add and stabilized investment strategies.
2026 North Dakota Apartment Loan Market Forecast
- State Vacancy: North Dakota apartment vacancy reached approximately 6.3% in 2025.
- Housing Need: The state is estimated to need about 20,000 additional housing units by 2027.
- Fargo Rent: Median gross rent stands near $946.
- Bismarck Rent: Median gross rent stands near $999.
For investors comparing apartment loans in North Dakota, 2026 reflects a smaller but stable market anchored by Fargo, with Bismarck and Grand Forks adding dependable secondary demand. This supports apartment financing strategies focused on affordability, durable occupancy, and long-term rental demand.
2026 Fargo North Dakota Apartment Loan Market Overview
Fargo is North Dakota's largest city and the primary driver of apartment loans in North Dakota, anchoring the state's most active rental investment market as the economic hub of the Fargo-Moorhead metro and the regional center for healthcare, technology, manufacturing, and higher education across the Northern Plains. The city has a population of approximately 141,434 residents as of 2026, growing at approximately 1.85% annually, having grown approximately 12.26% since the 2020 census, with the broader Fargo-Moorhead metro exceeding approximately 252,000 people. The median household income is approximately $66,998 and the median property value is approximately $281,900 as of 2024. Approximately 31,773 renter-occupied households represent approximately 56% of all occupied housing units, making Fargo a majority-renter city with the highest renter concentration in the state. Current data points to an average apartment rent of approximately $1,129 per month, up approximately 3.8% year-over-year, and a median rent of approximately $1,141. Rental vacancy is trending below 5% across many segments as demand absorbs recent supply. These fundamentals continue to support active demand for North Dakota apartment loans in the state's primary market.
Fargo North Dakota Apartment Loan Rates and Financing in 2026
Financing conditions for North Dakota apartment loans remain active in Fargo in 2026, with lenders supporting stabilized workforce housing and suburban garden assets near major employer corridors, value-add acquisitions in the city's large 1990s and 2000s vintage rental stock, and newer construction in the expanding West and South Fargo suburban corridors. The median property value of approximately $281,900 as of 2024 and a cost of living below the national average create a per-unit acquisition cost environment that supports favorable initial yields on stabilized assets. The HUD Fair Market Rent for Fargo ranges from approximately $768 to $1,865, reflecting the full spectrum from workforce to premium rental inventory. For borrowers seeking an apartment building loan in Fargo, the city's approximately 56% renter-occupied rate, consistent 1.85% annual population growth, and diversified institutional employment base provide a stable and income-focused underwriting profile within the broader North Dakota apartment building financing landscape.
Trends in the Fargo North Dakota Apartment Market
Fargo's rental market benefits from a four-pillar employment base that has diversified significantly beyond its historical agricultural roots. Healthcare is the dominant sector, anchored by Sanford Health and Essentia Health, two regional healthcare systems that collectively employ thousands of medical professionals across the metro. North Dakota State University, which awarded approximately 2,984 degrees in 2023 and has approximately 12,000 students enrolled, generates the city's largest young professional and student renter cohort. Manufacturing is anchored by Marvin Windows and other precision manufacturers. A growing technology and software sector adds professional employment, with investments from Amazon Web Services, Microsoft, and a growing ag-tech ecosystem in the Fargo area. The broader Fargo MSA universities, including Minnesota State University Moorhead and Concordia College, collectively added approximately 5,000 additional annual graduates. The city's median age of approximately 31.8 years is among the youngest of any Northern Plains city, and the 15 to 24 age group combined with 25 to 34 making up approximately 54% of renters reflects dominant student and young professional demand. These fundamentals continue to attract North Dakota apartment lenders evaluating the state's primary market.
Fargo North Dakota Apartment Loan Rent Levels in 2026
The average apartment rent in Fargo is approximately $1,129 per month, up approximately 3.8% year-over-year, and the median rent across all property types is approximately $1,141 per month, approximately 40% below the national average. By unit type: studios average approximately $710 to $1,012/month, one-bedrooms average approximately $810 to $1,009/month, two-bedrooms average approximately $1,120 to $1,288/month, and three-bedrooms average approximately $1,556 to $1,650/month. Approximately 44% of all Fargo rentals are priced between $1,000 and $1,500 per month, the dominant pricing band. The Prairiewood neighborhood commands the highest apartment rents at approximately $980/month for one-bedrooms, and the Central Fargo area averages approximately $810/month. Fargo's rent levels are approximately 40% below the national average, supporting some of the most favorable entry yields of any Northern Plains metro for apartment loans in North Dakota where low acquisition costs and consistent university-driven demand anchor strong cap rates.
Fargo North Dakota Apartment Loan Supply and Demand in 2026
Fargo's rental market has absorbed a significant wave of new construction over the past decade, growing housing units by approximately 22.7% since the prior census, but rental vacancy is trending below 5% in many segments as population growth of approximately 1.85% annually continues to absorb new supply. The city has approximately 56,000 total housing units, with rental vacancy at approximately 7% across all rental categories including older stock while newer well-located inventory leases more tightly. Approximately 57% of Fargo's rental stock was built between 1990 and 2019, with the 2010s vintage representing the largest cohort at approximately 26% of all units, reflecting a predominantly modern inventory base. Two-bedroom units make up the largest share at approximately 47% of all units. The average commute of approximately 15.5 minutes, the shortest of any major Northern Plains city, reinforces the city's compact and walkable appeal. For borrowers pursuing apartment building financing in North Dakota, Fargo's consistent population growth, tightening vacancy trajectory, and diversified institutional employment base support a stable and improving underwriting environment.
Opportunities for Apartment Investment in Fargo North Dakota
Investors pursuing a North Dakota apartment loan in Fargo in 2026 are focused on stabilized workforce housing near Sanford Health, Essentia Health, and the NDSU campus where student and healthcare professional demand is strongest and vacancy is tightest, newer suburban inventory in the expanding West Fargo and South Fargo corridors anchored by Timber Creek, Rocking Horse Farm, and Prairie Farms developments where family renter demand supports above-average rent growth, and long-term rental demand from the city's growing technology and ag-tech employment base near the expanding Microsoft and Amazon Web Services presence. Fargo's cost of living is below the national average and the median property value of approximately $281,900 provides one of the lowest acquisition cost baselines of any Midwest city with consistent population growth. For North Dakota apartment lenders evaluating the state's primary market, Fargo offers NDSU and healthcare institutional demand, a young professional renter majority, and consistent in-migration that supports strong long-term performance for apartment building loans throughout the metro.
2026 Bismarck North Dakota Apartment Loan Market Overview
Bismarck is North Dakota's capital and second-largest city, offering a stable and higher-income apartment market for apartment loans in North Dakota, anchored by state government, two major healthcare systems, and one of the lowest costs of living of any state capital in the nation. The city has a population of approximately 79,787 residents as of 2026, growing at approximately 1.28% annually, having grown approximately 8.2% since the 2020 census. The median household income is approximately $78,387, approximately 4% above the national median and significantly higher than Fargo, and the average household income is approximately $103,500. The median property value is approximately $280,400 to $291,400. Approximately 11,718 renter-occupied households represent approximately 27 to 33% of all occupied housing units. Current data as of March 2026 shows the median rent across all property types at approximately $1,325, up approximately 4% year-over-year, and the average apartment rent at approximately $1,030 to $1,123 per month. The HUD Fair Market Rent ranges from approximately $828 to $1,718. These fundamentals continue to support stable demand for North Dakota apartment loans in the state's capital market.
Bismarck North Dakota Apartment Loan Rates and Financing in 2026
Financing conditions for North Dakota apartment loans remain favorable in Bismarck in 2026, with lenders supporting stabilized and workforce-oriented assets near the State Capitol complex, Sanford Health, and CHI St. Alexius Medical Center, as well as value-add acquisitions in the city's growing 1990s through 2000s vintage rental stock. The median property value of approximately $291,400 as of 2023 and a cost of living index of approximately 81.7 versus the national 100 create a per-unit acquisition cost environment that supports favorable initial yields relative to comparable Midwest state capital markets. North Dakota has a landlord-friendly regulatory environment with a 5 out of 5 rating for landlord protections, no rent control, and streamlined eviction timelines that reduce operational risk for rental property owners. For borrowers seeking an apartment building loan in Bismarck, the city's above-average household incomes, government employment permanence, and low acquisition cost basis provide a consistent underwriting profile within the broader North Dakota apartment building financing landscape.
Trends in the Bismarck North Dakota Apartment Market
Bismarck's rental market is anchored by a stable four-employer institutional base. The State of North Dakota, the city's largest employer with approximately 4,600 workers, generates recession-proof professional and administrative renter demand from state agency employees, legislative staff, and judicial personnel. Sanford Health is the largest private employer with approximately 3,284 workers, followed closely by CHI St. Alexius Medical Center with approximately 2,044 workers, together making healthcare the city's most significant private employment sector. The Bismarck Public School District adds approximately 2,187 workers. The U.S. Government contributes approximately 1,200 federal employees. Bismarck State College and University of Mary add student renter demand, with approximately 955 students living off-campus. The city's median age of approximately 38.9 years is the most mature of any North Dakota city, and approximately 56% of residents are married with approximately 47% having children under 18, reflecting a settled family-oriented renter base with above-average renewal rates. These fundamentals continue to attract North Dakota apartment lenders evaluating the state's capital market.
Bismarck North Dakota Apartment Loan Rent Levels in 2026
As of March 2026, the median rent across all property types in Bismarck is approximately $1,325, up approximately 4% year-over-year. The average apartment rent is approximately $1,030 to $1,123 per month. By unit type: studios average approximately $845 to $1,100/month, one-bedrooms average in approximately the $1,200 range, two-bedrooms average approximately $1,200 to $1,400/month, and three-bedrooms average approximately $1,583 to $1,900/month. The HUD Fair Market Rent range of approximately $828 to $1,718 confirms the market's broad and affordable pricing structure. The South Bismarck, Cottonwood, and East Bismarck neighborhoods command the highest rents, while Downtown Bismarck, Riverfront, and North Bismarck offer the most affordable tiers. Bismarck's housing costs are approximately 14.1% less expensive than the national average, supporting consistent underwriting for apartment loans in North Dakota where government and healthcare income anchor stable rent-to-income ratios at approximately only 14.57% of median household income.
Bismarck North Dakota Apartment Loan Supply and Demand in 2026
Bismarck carries a measured vacancy environment at approximately 7 to 9% for the overall rental inventory, reflecting a market where supply has kept pace with the city's steady growth and where the higher-income government and healthcare workforce has consistently absorbed new units at competitive price points. The city has approximately 35,283 total housing units with approximately 11,718 renter-occupied, a relatively small base that makes even modest new supply additions meaningful on a percentage basis. Approximately 6,850 homes were built in 2010 or later, reflecting a modern and growing housing stock. Rent growth of approximately 4% year-over-year in early 2026 signals that demand is absorbing available supply and rents are trending upward from their historically low base. For borrowers pursuing apartment building financing in North Dakota, Bismarck's stable government and healthcare employment, improving rent growth trajectory, and favorable landlord regulatory environment support a consistent and defensive underwriting environment.
Opportunities for Apartment Investment in Bismarck North Dakota
Investors pursuing a North Dakota apartment loan in Bismarck in 2026 are focused on stable cash flow and workforce housing near the State Capitol and healthcare employer corridors where government and medical professional incomes averaging approximately $78,387 median household and approximately $103,500 average household support very low rent-to-income ratios and exceptional lease stability, long-term hold opportunities in newer suburban inventory in South and East Bismarck where family renter demand from the city's dominant married-with-children demographic supports above-average renewal rates and minimal turnover, and value-add acquisitions in the 1990s and 2000s vintage stock where Bismarck's improving 4% annual rent growth provides steady income improvement. North Dakota's perfect 5 out of 5 landlord-friendly regulatory rating eliminates rent control risk and minimizes operational complexity relative to most peer markets. For North Dakota apartment lenders evaluating the state's capital market, Bismarck offers deeply stable government employment permanence, above-average household incomes, and a low acquisition cost environment that supports strong long-term performance for apartment building loans throughout the metro.
2026 Grand Forks North Dakota Apartment Loan Market Overview
Grand Forks is North Dakota's third-largest city and a reliable university-anchored market for apartment loans in North Dakota, driven by the University of North Dakota, Altru Health System, and Grand Forks Air Force Base, with one of the youngest median-age populations of any Northern Plains city and a structurally high renter-occupied rate. The city has a population of approximately 60,193 residents as of 2026, growing at approximately 0.29% annually, with a median household income of approximately $63,627 to $67,649 and a median property value of approximately $256,451 as of 2023. Approximately 13,849 to 13,875 renter-occupied households represent approximately 53 to 54% of all occupied housing units, making Grand Forks a majority-renter city. Current data as of March 23, 2026 shows the average apartment rent at approximately $1,266 to $1,288 per month, up an exceptional 8.17 to 8.9% year-over-year, reflecting the tightest rent growth trajectory in North Dakota. The apartment association vacancy rate was approximately 3.02% as of Q2 2025, near record lows and well below the historical average of approximately 5.5 to 6%. These dynamics continue to support consistent demand for North Dakota apartment loans in the state's university market.
Grand Forks North Dakota Apartment Loan Rates and Financing in 2026
Financing conditions for North Dakota apartment loans remain attractive in Grand Forks in 2026, with lenders supporting affordable and mid-tier rental properties near the University of North Dakota campus and Altru Health System, as well as value-add acquisitions in the city's established 1970s through 1990s vintage rental stock. The median property value of approximately $256,451 as of 2023 and a cost of living index of approximately 97.9 versus the national 100 create a per-unit acquisition cost environment that is near the national average while supporting favorable yields given rent growth of approximately 8% annually. The HUD Fair Market Rent for Grand Forks ranges from approximately $828 to $1,718, providing a broad income-supported underwriting baseline. For borrowers seeking an apartment building loan in Grand Forks, the city's approximately 3% vacancy rate, exceptional 8%+ rent growth, and UND and Altru institutional employment anchors provide a strong underwriting profile within the broader North Dakota apartment building financing landscape.
Trends in the Grand Forks North Dakota Apartment Market
Grand Forks' rental market is defined by the dominant influence of the University of North Dakota, which enrolled approximately 16,734 students in 2023 and awarded approximately 3,596 degrees, making it the single largest driver of renter demand in the city. UND's aerospace and aviation programs, the most in the nation with approximately 249 aeronautics and aerospace degrees annually, attract students from across the country and generate consistent year-round renter demand. Altru Health System, Grand Forks' largest private employer with a 277-bed regional hospital, anchors the healthcare renter base. Grand Forks Air Force Base adds military household renter demand, with an Air Force personnel surge in 2024 from Ellsworth AFB further tightening the local market. Amazon.com maintains a customer service facility in the city. The city's median age of approximately 29.6 years, the youngest of any major North Dakota city, reflects the heavy student and young professional orientation. Renters in the 25 to 34 age group make up the largest cohort at 32%, followed by the 15 to 24 age group at 29%. These fundamentals continue to attract North Dakota apartment lenders evaluating the state's university market.
Grand Forks North Dakota Apartment Loan Rent Levels in 2026
As of March 23, 2026, the average apartment rent in Grand Forks is approximately $1,266 to $1,288 per month, up an exceptional 8.17 to 8.9% year-over-year from the prior year's $1,190 to $1,210, the strongest rent growth in North Dakota. The median gross rent as of 2023 was approximately $936, and current market rents have risen well above that baseline as strong demand has absorbed available supply. By unit type: studios average approximately $940 to $1,033/month, one-bedrooms average approximately $1,081 to $1,091/month, two-bedrooms average approximately $1,278/month for purpose-built inventory, and three-bedrooms average approximately $1,626/month. Approximately 47 to 48% of all Grand Forks rentals are priced between $1,001 and $1,500 per month, the dominant pricing band. Grand Forks rents are significantly below the national average, supporting consistent underwriting for apartment loans in North Dakota where UND student demand and Altru professional demand anchor durable lease absorption.
Grand Forks North Dakota Apartment Loan Supply and Demand in 2026
Grand Forks operates in one of the tightest rental environments in North Dakota, with the apartment association vacancy rate of approximately 3.02% as of Q2 2025, declining from 3.6% in Q1 2025 and well below the city's historical average of approximately 5.5 to 6%. The city has a seasonal vacancy pattern typical of college towns, where vacancy drops sharply in fall when UND is in full session and rises modestly in summer during the student exodus, but the recent lows represent a structural tightening beyond normal seasonal patterns. Approximately 54% of Grand Forks' rental stock was built between 1970 and 2019, with the 2010s vintage representing approximately 22% of all units and the 1970s approximately 17%. Two-bedroom units make up the largest share at approximately 41% of all units. The average commute of approximately 15 to 16 minutes, among the shortest of any Northern Plains city, reinforces the compact, walkable character that student and young professional renters prefer. For borrowers pursuing apartment building financing in North Dakota, Grand Forks' near-record-low vacancy, exceptional rent growth, and UND and Air Force institutional demand support a highly favorable underwriting environment.
Opportunities for Apartment Investment in Grand Forks North Dakota
Investors pursuing a North Dakota apartment loan in Grand Forks in 2026 are focused on stable income-producing properties near the University of North Dakota campus where student renter demand is structurally guaranteed by approximately 16,700 enrolled students and year-over-year enrollment stability, value-add acquisitions in the 1970s and 1980s vintage stock near the University District and Downtown where approximately 8.9% rent growth has created significant embedded value relative to acquisition costs, and moderate entry point stabilized holds near Altru Health and Grand Forks AFB where professional and military renter demand provides off-peak balance to the student demand cycle. Grand Forks' median property value of approximately $256,451 provides one of the lowest absolute acquisition cost baselines of any university city in the Northern Plains, supporting strong initial cap rates. For North Dakota apartment lenders evaluating the state's university market, Grand Forks offers record-low vacancy, the highest rent growth in North Dakota at approximately 8%+, and a UND institutional demand anchor that supports strong long-term performance for apartment building loans throughout the metro.
Why Choose Select Commercial for Apartment Loans
What sets Select Commercial apart from traditional lenders and large banks? In this short video, we highlight the key reasons apartment building investors choose to work with us for North Dakota apartment loans between $1.5 million and $6 million. We also actively finance multifamily loans exceeding $6 million.
Here’s what the video touches on:
- No upfront application or processing fees
- Fast written pre-approvals often within 24 hours
- Access to a wide range of apartment lenders, not just one bank
- Loan structures tailored to your property and investment goals
Apartment Property Types We Finance in North Dakota
At Select Commercial, we arrange financing for a wide range of North Dakota apartment buildings, from smaller 5+ unit walkups to large portfolios of rental properties. Whether your property is urban, suburban, or mixed-use, we can help you secure the right loan structure based on your investment goals.
- Urban mid-rise and high-rise apartment buildings
- Suburban garden-style apartment complexes
- Small apartment buildings with 5+ units
- Mixed-use properties with residential and limited commercial space
- Underlying co-op apartment building loans
- Portfolios of small apartment or single-family rental properties
- Stabilized buildings with strong cash flow and rent history
If you're not sure whether your property qualifies, contact us for a free quote and we'll review your deal and let you know within 24 hours.
Recent Apartment Loan Closings
Why North Dakota Borrowers Choose Select Commercial
Thousands of apartment building investors trust Select Commercial for our direct, transparent approach and proven expertise in the North Dakota apartment loan market. We're not just brokers, we provide personalized service, fast answers, and access to top institutional lenders without the bureaucracy of traditional banks.
- Over 30 years of apartment loan experience with a national platform
- No upfront fees and fast pre-approvals, often within 24 hours
- Direct access to top lenders offering aggressive terms
- Dedicated support from quote to closing
Want to see why so many clients return to us for their next deal? Start with a free quote – we'll review your scenario and respond quickly.
Our Reviews
Latest Expert Insights from Stephen A. Sobin
Stephen A. Sobin, the president of Select Commercial Funding LLC, is a renowned expert in the field of multifamily financing. His insights and perspectives are regularly sought by leading industry publications. Here are his latest contributions that highlight his deep understanding of the multifamily financing landscape and his commitment to providing clear, insightful analysis on key industry issues.
Navigating Opportunity, Risk as 2025 Winds Down
In an article for Commercial Property Executive titled "Navigating Opportunity, Risk as 2025 Winds Down", Sobin explains as we head into the final stretch of 2025, the commercial real estate industry stands at a pivotal moment. After several years of upheaval—from pandemic disruptions to aggressive Federal Reserve rate hikes and lasting shifts in how people live and work—the sector is entering a new phase.
Why Lower Rates Haven't Fixed Commercial Real Estate
In an article for Wealth Management titled "Why Lower Rates Haven't Fixed Commercial Real Estate", Sobin explains that even as the Federal Reserve has begun cutting rates and borrowing costs should be falling, the commercial real estate sector remains locked in a frustrating stalemate. For high-net-worth investors trying to time the market, he emphasizes that understanding this disconnect requires looking beyond the headlines.
Why the Fed Rate Cut’s a Game Changer for CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that after months of speculation and market anticipation, the Federal Reserve finally pulled the trigger last week, cutting the federal funds rate by 25 basis points to 4.00 to 4.25 percent. read the full article.
Inflation's Current Impact on Apartment
In an article featured in Multi-Housing News, Sobin explains how commercial mortgage rates continue to challenge investors, with elevated inflation depressing real estate market activity. Read the full article.
Will the July Jobs Report Pressure the Fed to Act?
Sobin noted in Multi-Housing News that unemployment hit a three-year high and job creation slowed significantly, factors that could push the Fed to reconsider future rate hikes. Read the full article.
Persistent Inflation and Its Effects on CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that while inflation is still a challenge for the Federal Reserve, there are many positive signs for the commercial real estate industry. The headline Consumer Price Index rose 3.2 percent for the year ended Feb. 29, a figure 20 basis points lower than the Dec. 31, 2023, rate. read the full article.
Commercial Spotlight: Mid-Atlantic Region In this four-state powerhouse, smaller metros are thriving.
In a feature in Scotsman Guide, the Mid-Atlantic Region's real estate dynamics are explored, highlighting its resilience and growth amidst the pandemic.
Stephen Sobin of Select Commercial Funding LLC shared insights on the New York market's allure and the challenges buyers face. He noted the shift from primary urban areas to tertiary markets due to evolving preferences and financial conditions. For a deeper dive into Sobin's analysis, read the full article.
What the New Jobs Report Means for CRE
In an article titled "What the New Jobs Report Means for CRE" in Commercial Property Executive, Stephen Sobin shared his perspective on the latest jobs report and its implications for the Commercial Real Estate (CRE) sector. He highlighted the challenges posed by high interest rates and the prevailing uncertainty in the market. Sobin remarked, "Sellers aren’t selling, buyers aren’t buying... Everyone is waiting because no one knows what to expect." For a detailed analysis and more of Sobin's insights, read the full article.
Decoding "Junk Fees" in Rental Housing
In another latest contribution to Multi-Housing News, Sobin provided expert commentary in an article titled "What's Next for Junk Fees? The Industry Weighs In". He clarified the difference between legitimate fees collected for various third-party services and so-called "junk fees". Sobin emphasized the importance of borrowers understanding their rights in negotiating all loan terms and the obligation of lenders to disclose all fees.
Understanding the Impact of Federal Reserve's Decisions
In a recent article titled "How the Fed's Pause on Interest Rates Impacts Multifamily" published by Multi-Housing News, Sobin shared his expert insights on the Federal Reserve's decision to pause interest rate hikes. He accurately predicted that the Fed would not raise rates in June, citing recent bank failures and lingering concerns about a potential recession.
Stay tuned for more expert insights from Stephen A. Sobin on the evolving multifamily financing landscape.
Frequently Asked Questions About North Dakota Apartment Loans
North Dakota apartment loan rates vary depending on several factors such as loan-to-value ratio (LTV), property type, borrower experience, and market conditions. As of 2025, rates remain elevated due to ongoing inflation concerns, but borrowers with strong credit and high-quality assets can still find competitive pricing. Check our latest apartment loan rates for current updates.
Most lenders require a DSCR of at least 1.25, good borrower credit, net worth, liquidity, and experience. Loan-to-value ratios in 2025 typically range from 65% to 80%, due to elevated interest rates. Properties with strong occupancy and clean financials stand a better chance of qualifying.
Most lenders require 20% to 25% down for apartment loans in North Dakota. Your loan-to-value ratio will be subject to the property's debt service coverage ratio.
A qualified broker like Select Commercial can present your loan to many different capital sources, including banks, credit unions, CMBS, agency lenders, and private funds. This increases the odds of approval and helps you secure the most favorable terms available.
The process starts with gathering financials like a rent roll, trailing 12-month income and expense statement, borrower resume, and net worth statement. A mortgage broker will analyze your documents and match you with the best lending program. Start with a Free Quote today.
Absolutely. While this page focuses on apartment loans under $6 million, Select Commercial also arranges smaller balance loans for qualified borrowers. Visit our multifamily loan page for options over $6 million.
Agency Small Balance Apartment Loan Programs
Select Commercial connects borrowers with top-tier agency small balance loan programs in addition to bank and private capital options. Featured programs include:
- Fannie Mae® Small Loan Program – For apartment properties with 5+ units and loan sizes from $1 million to $6 million
- Freddie Mac® Small Balance Loan (SBL) Program – Streamlined financing solutions up to $6 million
- Loans Over $6 Million – Explore large-balance apartment loan programs in North Dakota
These agency-backed options offer competitive fixed rates, non-recourse terms, and simplified underwriting for qualified apartment investors.
North Dakota Apartment Building Financing
Select Commercial provides apartment building financing and North Dakota commercial mortgages throughout the state of North Dakota including but not limited to the areas below.