Florida Apartment Loans

$1,000,000 Minimum

Florida Apartment Loan Rates - Rates updated September 26th, 2021

Florida Apartment Loan Programs Over $6,000,000 Rates (start as low as) LTV
Multifamily 5 Year Fixed Loan Rates 2.58% Up to 80% Get Free Quote
Multifamily 7 Year Fixed Loan Rates 2.69% Up to 80% Get Free Quote
Multifamily 10 Year Fixed Loan Rates 2.90% Up to 80% Get Free Quote
Florida Apartment Loan Programs Under $6,000,000 Rates (start as low as) LTV
Multifamily 5 Year Fixed Loan Rates 3.22% Up to 80% Get Free Quote
Multifamily 7 Year Fixed Loan Rates 3.23% Up to 80% Get Free Quote
Multifamily 10 Year Fixed Loan Rates 3.25% Up to 80% Get Free Quote
Florida Apartment Building Florida
Apartment Building

Select Commercial has excellent apartment building loan and multifamily loan products and options available for owners and purchasers of multi-family and apartment properties throughout the state of Florida. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a co-operative, we can help you find the optimal financing solution to meet your apartment mortgage loan needs. While we lend across the entire continental US, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. Florida is one of the states that we consider to be a premium market for apartment building loans and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified FL borrowers looking to purchase or refinance an apartment property. We offer apartment loans with terms and amortizations up to 30 years, recourse and non-recourse, and many options for prepayment. We typically approve apartment building loans within 1 day and usually close within 45 days of application. Our clients love our simplified application process, 24-hour pre-approvals with no-cost and no-obligation, great rates and terms, fast closings and personalized service.

Florida Apartment Loan Benefits

Florida Apartment Loan rates start as low as 2.58% (as of September 26th, 2021)
• No upfront application or processing fees 
• Simplified application process 
• Up to 80% LTV on apartment financing 
• Terms and amortizations up to 30 years 
• Loans for purchase and refinance, including cash-out 
• 24 hour written pre-approvals with no cost and no obligation

Recent TRUSTPILOT Reviews

Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"


Florida Apartment Loan Types We Serve

If you are looking to purchase or refinance a Florida apartment building, don't hesitate to contact us. We arrange financing in the state of Florida for the following:

  • Large urban high-rise apartment buildings
  • Suburban garden apartment complexes
  • Small apartment buildings containing 5+ units
  • Underlying cooperative apartment building loans
  • Portfolios of small apartment properties and/or single-family rental properties
  • Other multi-family and mixed-use properties

Recent Closings

Tampa 2021 Apartment Market and Trends

As vaccines continue to be administered throughout 2021 in Miami, the demand for multifamily living space should continue to grow. More stores will continue to open and employees will need places to live in the city in 2021. Additionally, The Follow the Sun campaign was launched in Miami which should attract a lot of new companies to the Miami metro area in 2021. Miami’s median house price has risen about 14 percent since last year so many people will need to rent in 2021. Suburban multifamily units, particularly in the Coral Gables-South Miami and West Miami-Doral submarkets, have been garnering greater interest in 2021.

About 67,400 jobs were lost in the Miami metro due to COVID-19. While the city should recoup a lot of those jobs, it will likely take beyond 2021 to recover all of the lost positions. However, the city’s employment rate is expected to grow 3.9%, an increase of 45,000 jobs. There are a bunch of multifamily construction projects in the pipeline in 2021. The pace of completions should accelerate as 9,500 new units are completed in Miami in 2021. As more apartments are set to be completed, the vacancy rate should rise 80 basis points into the mid 5 percent range. Higher vacancy rates will slightly push down rents as rents are set to decrease about 0.2% in 2021.

- Data provided by Marcus and Millichap

2021 Multifamily Outlook

  • Employment in the US is expected to show a 4.6% year over year increase with the creation of 6.5 million new jobs in 2021 which represents the largest annual increase in over three decades.  This is the result of businesses emerging from the Covid-19 pandemic.  Unfortunately, the US lost close to 9.4 million jobs during the pandemic.
  • Strong demand for apartments, as a result of increased employment rates, is expected to push national vacancy rates down to 3.9%, down from 4.4% in 2021.
  • Construction of new apartments in 2021 are expected to top 385,000 new units, an increase of 2.1% over last year’s record pace.  Rising labor and construction costs are starting to have an effect on new construction, however.
  • Following rent declines during the pandemic, average rental rates are expected to rise 6.8% in 2021 to $1,507 per month.  Landlords are able to raise rents dramatically due to decreased vacancy rates and the strong demand got rental housing.
  • The COVID-19 pandemic affected the ability of young graduates to find jobs and move into apartments of their own.  The demand for apartment rentals is usually fueled by young graduates entering the workforce and moving into rental apartments.  Many young adults lived with their parents or friends during the pandemic and into early 2021.  As 2021 progressed, many companies reopened their offices and began hiring again which generated record levels of new apartment rentals.  This trend should continue through late 2021 as more new workers are able find jobs and move into their own apartments.  Many of these new multifamily units are in metro areas of the sunbelt states as workers have been moving out of colder urban areas in favor of more suburban warmer climates.

    The tight market in 2021 for new home purchases has caused many would be homebuyers to continue renting.  Prices for existing homes have risen due to lack of inventory and the cost of construction has skyrocketed due to increased costs for raw materials.  The high cost of purchasing a new or existing home is keeping the demand for rental units very strong in 2021.

    During the pandemic, when workers were either out of work or working from home, many people moved out of densely populated urban areas in favor of suburban locations.  In 2021, as more employees are returning to their offices, we are seeing demand pick up once again for rental apartments in urban locations.  In addition, as more and more retail and dining locations reopen in downtown areas, we expect to see a return of employees to these areas.

    During the pandemic, the CDC and local governments instituted a moratorium of evictions.  This caused many landlords to suffer economic losses and depressed the value of apartment properties.  In 2021, as these moratoriums start to expire, we expect to see strong demand from investors for these properties.

    Nationwide, the first half of 2021 saw more than 175,000 new apartments completed and a total of 363,000 for the previous 12 months.  A high percentage of these new units were in Texas and other sunbelt states, as more and more people are relocating to warmer climates.  Occupancy rates and asking rents have been lower in larger urban markets in the Northeast and other colder climates, while occupancy rates and asking rents have been increasing in these warmer sunbelt climates.  These 2021 trends have definitely been driven by the COVID-19 pandemic and we are watching these trends closely to see if these trends persist after the pandemic is over.

    Florida Multifamily Loan Information and Economic Overview

    Tampa Economic Trends Tampa Economic Trends

    Florida's economy is one of the largest and most productive in the world. With a gross state product of about $1.0 trillion, Florida not only ranks as the fourth largest economy in the country but is also larger than all but fifteen countries in the world! Florida is responsible for 5 percent of the United States' approximate $21 trillion gross domestic product. Florida’s thriving business climate continues to the impress global business world. With its large, talented and successful workforce, lack of personal income tax and a streamlined regulatory environment, Florida provides a highly lucrative landscape for businesses and investments to thrive. Here are some of Florida’s economic statistics that demonstrate why you should be interested in receiving commercial mortgage financing in this region:

    • Florida has 4th largest economy in the U.S. (BEA & IMF)
    • Florida has a population of 20+ million, 3rd largest in the US (Census Bureau)
    • About 98.9 million tourists visit Florida each year (VISIT FL)
    • The state of Florida generates more than $153 billion in annual merchandise trade (WISER)
    • At more than $840 billion in personal income, Florida ranks #1 in the Southeast (BEA)

    Florida has traditionally been one of the strongest and safest commercial real estate and multifamily markets in both the country and the world with continually positive returns and safety for the capital of its investors. Within the state, the South Florida market leads the way. With its tax-friendly laws, consistently strong population growth, innovative development projects and high rate of global tourists, Florida is the perfect place to invest in commercial real estate and apartment buildings. It’s more than just the population growth that makes Florida an active, enticing and lucrative market. Florida also possesses a high volume of attractive properties, diverse cultural offerings and is a very hot tourist attraction. Global investors in countries such as China, Canada, Germany, Singapore, Saudi Arabia, and Qatar are continuously investing in the Florida market. This substantial influx of capital coinciding with the current economic conditions provides a solid foundation for why South Florida remains a popular place for commercial real estate and multifamily investments. All of these factors blend together to continually make it an incredibly lucrative investment opportunity. In terms of commercial mortgages, there are over 2.5 mortgages for commercial properties throughout the state of Florida. The average value of these commercial mortgages is just over $4 million, 23% below the United States average. This data demonstrates that Florida is terrific place to obtain a commercial mortgage loan.

    In terms of the multifamily market, South Florida is among the top U.S. markets for new units in 2019. About 13,000 apartments are projected to be added in the tri-county area this year. The bulk of construction in South Florida is occurring in Miami with about 7,000 units. That’s up from just over 3,100 apartment deliveries in Miami a year ago. Fort Lauderdale is next on the list with around 1,300 new units, followed by West Palm Beach with 700, Pompano Beach with a little under 500 and Doral with just over 300.
    According to Freddie Mac’s Multifamily Report, several Florida markets are expected to produce the highest multifamily property revenue increases in 2019 due to strong population growth and low vacancy rates. In recent years the Jacksonville economy has flourished tremendously. The city’s gross metro product increased by an estimated average of 3.7% annually over the past five years. In 2018, rents in Jacksonville grew 5.7% which ranked as the fourth best performance among the top 50 markets in the United States. Jacksonville’s employment and population growth has contributed to the increase in household formations within the market. These households are amongst the strongest earners in the America. During the five years between 2012 and 2017, median household incomes in Jacksonville increased almost 21%, well above the national average of 17.5%. Due to these and many other factors, Jacksonville’s tremendous increase in both population and wages will be able to handle the deliveries and rising rents. Florida’s commercial real estate and apartment market currently ranks 5th nationwide for development behind only Texas, New York, California, and Tennessee. These numbers make Florida the perfect place to receive commercial mortgage financing in order to invest in commercial real estate and apartment buildings.

    2020 Tampa Apartment Market Forecast

    Tampa Completions vs. Absorption Tampa Completions vs. Absorption

    The Tampa National Multifamily Index Rank is at 5, up 7 places. Tampa surges into the top five in the 2020 NMI as vacancy tightens and unit pricing climbs.

    Employment in Tampa is up 1.7%. During 2020, employers will add 23,600 workers to payrolls, slightly lower than last year’s 1.8 percent increase.

    Construction in Tampa is expected to exceed 3,100 apartment units. Deliveries decline sharply from the 5,600 rentals placed into service in 2019 as 3,100 apartments are completed this year, the lowest annual level in seven years.

    Vacancy in Tampa is down 30 bps. The drop in new inventory reduces vacancy to 4.2 percent at the end of 2020, the tightest year-end rate of the current cycle.

    Rent in Tampa is up 5.7%. Following a 5.3 percent hike last year, the average effective rent will end 2020 at $1,323 per month. Rents have soared roughly 35 percent over the past five years.

    Investment opportunities in Tampa remain strong for those looking to finance their next purchase with an apartment loan. Higher cap rates than the Orlando or Miami metro’s coupled with favorable demographic and operational trends will put Tampa Bay on more investors’ radar this year. We highly recommend any investors looking to buy in the Tampa market to reach out to us regarding a multifamily loan.

    Data provided by Marcus & Millichap.

    Tampa Vacancy and Rents Tampa Vacancy and Rents

    Apartment Loan Trends in 2020

    At the start of 2020 the market outlook did not indicate any significant factors that would cause major trouble in the multifamily market. Market indicators suggested that demand for housing, especially for apartment rentals, would remain healthy, thus continuing to generate new construction of multifamily buildings. Both the high number of permits and starts over the past couple of years led experts to believe that developer confidence is very high in the multifamily market. Market experts predicted an annual completion of 340,000 apartment units over 2020, way above the 300,000-annual average for the past five years. Over the last couple of years, the multifamily market has seen absorptions outperform expectations due to both changes in lifestyle and demographic preferences and new supply has consistently taken longer to be built. These two factors have helped the market to perform stronger than expected in the past and should continue throughout this year. Market data indicated that rent growth would remain strong in 2020, growing 3.6% (which is above the historical average). In terms of mortgage origination, low interest rates and strong multifamily performance were expected to help loan volumes grow. Experts predicted that the origination volume in 2020 will increase by 5.7% to $390 billion. Market data indicated that cap rates have more room to decline, which would lead to increasing property values and should drive up origination volume. However, with the current outbreak of Covid-19, the overall economy has been in flux. The stock market has crashed and commercial mortgage interest rates have been severely impacted. Huge metros such as New York have all but shut down much economic activity and entertainment. In this unsteady climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages and apartment loans. Additionally, the oil industry has taken a big hit. Not only are people traveling less due to the pandemic, foreign countries like China and Russia are involved in a huge price war which is driving the price of oil way down. Experts are hopeful that as the weather warms up and public health policy learns how to handle this pandemic, the economy should revert back to its pre-virus strength.

    Florida Apartment Loan Options

    Our company has multiple capital sources for these apartment loans, including: Fannie Mae, Freddie Mac, FHA, national banks, regional and local banks, insurance companies, Wall Street conduit lenders, credit unions and private lenders.


    Fannie Mae Loan and Rate Information


    Fannie Mae’s multifamily loan platform is one the leading sources of capital for apartment building loans in the US. Fannie Mae is a leader in the secondary market – meaning they purchase qualifying apartment loans from leading lenders who originate these loans for their borrowers. Fannie Mae purchases loans secured by conventional apartments, affordable housing properties, underlying cooperative apartment loans, senior housing, student housing, manufactured housing communities and mobile home parks on a nationwide basis. The Fannie Mae platform has many benefits, including:

    • Long term fixed rates and amortizations. Fannie Mae allows terms and amortizations of up to 30 years. Most banks offer only 5 or 10 year fixed rates and 25 year amortizations.
    • Non-recourse options. Most banks will require the borrower to sign personally for the loan. Fannie Mae offers non-recourse apartment loans.
    • Lending in smaller markets. Many national lenders do not like to lend in rural or tertiary markets. Fannie Mae is a good option for these loans.
    • Assumability and Supplemental Financing. Fannie Mae allows their loans to be assumed by a qualified borrower. They also have a program which allows borrowers the ability to come back and borrow additional funds during the life of the loan (subordinate financing).

    Freddie Mac Loan and Rate Information

    Freddie Mac Multifamily Loans provide mortgage capital in the secondary market for apartment building loans. Together, Fannie Mae and Freddie Mac control a very large portion of the multifamily market. Freddie Mac has a very aggressive program for small balance loans (from $1,000,000 to $7,500,000). Some features of this program include:

    • Market size driven. Freddie Mac classifies loans by the size of the overall market: Top, Standard, Small, and Very Small. Rates are best in top market locations (major metropolitan areas).
    • Capped costs. Freddie Mac lenders often cap the closing costs at a fixed dollar amount, thereby lowering the overall cost to borrow money.
    • Flexible pre-pay penalties. Freddie Mac offers many options for pre-payment penalties, from yield maintenance to step-down to “soft” step-down.
    • Interest-Only (I/O) loans. Freddie Mac will allow payments consisting of only interest and no amortization of principal.
    • Fixed rate terms. Freddie Mac offers fixed rates of 5, 7, and 10 years, followed by an adjustable period. These loans are called Hybrid/Adjustables. Loans have a 20 year term and a 30 year amortization schedule.

    Florida Apartment Lending with Banks and Other Programs

    While the agencies (Fannie Mae and Freddie Mac) offer some excellent programs, not every apartment loan applicant qualifies for these programs. We have many excellent choices for these loans with our correspondent banks, credit unions, insurance companies and private lenders. Some examples of these loans include:

    • Loans that require flexible underwriting or those that don’t meet standardized criteria.
    • Properties in less than desirable markets, or those that require repairs or updating.
    • Properties that don’t cash flow according to industry guidelines or lack stabilized cash flow.
    • Borrowers with past credit issues, including foreclosures, short sales, or judgements.
    • Borrowers who are not US citizens.

    Whether you are purchasing or refinancing, we have the right solutions available for your multifamily mortgage loans. We will entertain loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

    Florida Multifamily Loan Information and Economic Overview

    Florida's economy is one of the largest and most productive in the world. With a gross state product of about $1.0 trillion, Florida not only ranks as the fourth largest economy in the country but is also larger than all but fifteen countries in the world! Florida is responsible for 5 percent of the United States' approximate $21 trillion gross domestic product. Florida’s thriving business climate continues to the impress global business world. With its large, talented and successful workforce, lack of personal income tax and a streamlined regulatory environment, Florida provides a highly lucrative landscape for businesses and investments to thrive. Here are some of Florida’s economic statistics that demonstrate why you should be interested in receiving commercial mortgage financing in this region:

    • Florida has 4th largest economy in the U.S. (BEA & IMF)
    • Florida has a population of 20+ million, 3rd largest in the US (Census Bureau)
    • About 98.9 million tourists visit Florida each year (VISIT FL)
    • The state of Florida generates more than $153 billion in annual merchandise trade (WISER)
    • At more than $840 billion in personal income, Florida ranks #1 in the Southeast (BEA)

    Florida has traditionally been one of the strongest and safest commercial real estate and multifamily markets in both the country and the world with continually positive returns and safety for the capital of its investors. Within the state, the South Florida market leads the way. With its tax-friendly laws, consistently strong population growth, innovative development projects and high rate of global tourists, Florida is the perfect place to invest in commercial real estate and apartment buildings. It’s more than just the population growth that makes Florida an active, enticing and lucrative market. Florida also possesses a high volume of attractive properties, diverse cultural offerings and is a very hot tourist attraction. Global investors in countries such as China, Canada, Germany, Singapore, Saudi Arabia, and Qatar are continuously investing in the Florida market. This substantial influx of capital coinciding with the current economic conditions provides a solid foundation for why South Florida remains a popular place for commercial real estate and multifamily investments. All of these factors blend together to continually make it an incredibly lucrative investment opportunity. In terms of commercial mortgages, there are over 2.5 mortgages for commercial properties throughout the state of Florida. The average value of these commercial mortgages is just over $4 million, 23% below the United States average. This data demonstrates that Florida is terrific place to obtain a commercial mortgage loan.

    In terms of the multifamily market, South Florida is among the top U.S. markets for new units in 2019. About 13,000 apartments are projected to be added in the tri-county area this year. The bulk of construction in South Florida is occurring in Miami with about 7,000 units. That’s up from just over 3,100 apartment deliveries in Miami a year ago. Fort Lauderdale is next on the list with around 1,300 new units, followed by West Palm Beach with 700, Pompano Beach with a little under 500 and Doral with just over 300.
    According to Freddie Mac’s Multifamily Report, several Florida markets are expected to produce the highest multifamily property revenue increases in 2019 due to strong population growth and low vacancy rates. In recent years the Jacksonville economy has flourished tremendously. The city’s gross metro product increased by an estimated average of 3.7% annually over the past five years. In 2018, rents in Jacksonville grew 5.7% which ranked as the fourth best performance among the top 50 markets in the United States. Jacksonville’s employment and population growth has contributed to the increase in household formations within the market. These households are amongst the strongest earners in the America. During the five years between 2012 and 2017, median household incomes in Jacksonville increased almost 21%, well above the national average of 17.5%. Due to these and many other factors, Jacksonville’s tremendous increase in both population and wages will be able to handle the deliveries and rising rents. Florida’s commercial real estate and apartment market currently ranks 5th nationwide for development behind only Texas, New York, California, and Tennessee. These numbers make Florida the perfect place to receive commercial mortgage financing in order to invest in commercial real estate and apartment buildings.

    Florida Apartment Loans

    Select Commercial provides apartment loans and commercial mortgages throughout the state of Florida including but not limited to the areas below.


    JacksonvilleTallahasseeMiamiHollywoodCape CoralFort LauderdaleTampa • Port Saint Lucie • St Petersburg • Pembroke Pines • OrlandoPembroke PinesHialeahWest Palm Beach