Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Freddie Mac Optigo Program
Freddie Mac NOAH Preservation Loan
The Freddie Mac NOAH Preservation Loan is one of the Freddie Mac multifamily (Optigo) programs Select Commercial arranges nationwide. Its highlights and terms are below, and you can compare it on our Freddie Mac multifamily page or view today’s commercial mortgage rates.
Get a Free QuoteAbout the NOAH Preservation Loan
Use: Provides eligible non-profits with financing in order to supports long-term preservation of naturally occurring affordable housing
Eligible Property Types: Garden, mid-rise, or high-rise multifamily NOAH properties
Eligible Borrowers: Must be 501(c)(3) nonprofit organizations that lists affordable housing preservation as a stated part of its mission. In addition, must have a history of successful property ownership
Program Highlights & Terms
- Size: Varies based on LTV and DSCR
- Use: Provides eligible non-profits with financing in order to supports long-term preservation of naturally occurring affordable housing
- Term: Up to 15 years
- Amortization: Up to 30 years
- LTV: Up to 80%
- DSCR: At least 1.2x. May allow 1.2x with consent from Freddie Mac
- Prepayment Penalty: Yield Maintenance or defeasance
- Eligible Property Types: Garden, mid-rise, or high-rise multifamily NOAH properties
- Eligible Borrowers: Must be 501(c)(3) nonprofit organizations that lists affordable housing preservation as a stated part of its mission. In addition, must have a history of successful property ownership
- Minimum Equity Required: Nonprofit must satisfy at least one of these criteria: Have an equity partner providing mission-focused equity; Contribute 100% of the equity themselves (leveraging soft debt as necessary); Use the Freddie Mac Impact Gap Financing offering
- Other Terms: Get Free Fredie Mac Loan Quote At time of loan origination at least half of the apartment units must have affordable rents at 60%, 80%, 100% or 120% area median income (AMI) based on the market.; Taxes and insurance escrows are required
Terms are indicative and set by Freddie Mac underwriting for your specific property.
What Our Clients Say
“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“I found selectcommercial.com and saw they specialized in apartment building loans. In the end, they were by far the best company I have used. Next time I know who to call first.”
Jerry T. · Long Island, NY“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York CityGet Your Freddie Mac Quote
No cost, no obligation. Written answers within 48 hours on multifamily 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