Manhattan Apartment Loans
$1,000,000 Minimum

Manhattan Apartment Loan Rates - Rates updated March 8th, 2021

Manhattan Apartment Loan Rates Over $6,000,000 Rates (start as low as) LTV
5 Year Fixed Rates 2.68% Up to 80% Get Free Quote
7 Year Fixed Rates 2.78% Up to 80% Get Free Quote
10 Year Fixed Rates 2.94% Up to 80% Get Free Quote
Manhattan Apartment Loan Rates Under $6,000,000 Rates (start as low as) LTV
5 Year Fixed Rates 3.35% Up to 80% Get Free Quote
7 Year Fixed Rates 3.36% Up to 80% Get Free Quote
10 Year Fixed Rates 3.37% Up to 80% Get Free Quote
Manhattan Apartment Building Manhattan, NY
Apartment Building

Select Commercial has excellent apartment building and multifamily loan products and options available for owners and purchasers of multi-family and apartment properties throughout the borough of Manhattan. 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. Manhattan is one of the boroughs that we consider to be a premium market 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 Manhattan NY 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. If you are looking to purchase or refinance an apartment building, don't hesitate to contact us.

Apartment Loan Benefits

Manhattan Apartment building loan rates start as low as 2.94% (as of March 8th, 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!"


Manhattan Apartment Loan Types We Serve

If you are looking to purchase or refinance a Manhattan apartment building, don't hesitate to contact us. We arrange financing in the city of Manhattan 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

Manhattan Multifamily Loan Information

Manhattan Economic Trends Manhattan Economic Trends

Move-Ins by Technology Firms Foretell New Multifamily Renter Demand; Investors Respond to Legislative Reforms

New tenant leases outpace supply, keeping vacancy near its lowest practical level. An expanding technology presence in Manhattan, with Amazon, Google and Facebook opening sizable offices in the near future, will help continue diversifying the apartment market’s economy. The new job opportunities will add to the metro’s extensive housing needs, both within Manhattan and across the surrounding boroughs. While the market is poised to welcome new sources of renter demand, the pace of multifamily completions is moderating. Fewer apartment units will open in 2020 than in any year since 2015. Though many apartments will arrive in Manhattan, Brooklyn will receive the largest share of multifamily deliveries, as has been the case for the past three years. Across all five boroughs, reduced supply growth will keep vacancy at a near-20-year low of 1.5 percent this year. Virtually full occupancy is contributing to higher apartment rent growth among market-rate units. That trend may be aided by declining competition from new value-add multifamily projects as recently imposed restrictions have effectively halted the conversion of rent-regulated multifamily units to market-rate apartments. Investors looking to purchase property in the Manhattan market should definitely look into taking out an apartment loan to finance their acquisition.

New regulations foster uncertainty for a major segment of the investment landscape. The New York multifamily market enters 2020 in a state of flux following the enactment of new legislation governing rent-regulated apartments in June of last year. While the city remains an active commercial real estate investment destination, transaction velocity declined markedly during the second half of 2019, likely stemming from rent reform. Multiple avenues for converting rent-stabilized apartment units to market rates have been repealed and the financial feasibility to conduct capital improvements has been hampered. Many investors of these multifamily assets will most likely have to reevaluate their strategies. Some will shift their focus toward unregulated newer assets or apartment properties with a mixed-use component. Cap rates on trades completed since the legislation change have faced upward pressure largely driven by slackened buyer demand in the face of uncertainty. Manhattan is a great market for investors to finance their next apartment purchase with a multifamily loan.

2020 Manhattan Apartment Market Forecast

Manhattan Completions vs. Absorption Manhattan Completions vs. Absorption

Manhattan’s National Multifamily Index Rank is at 10, down 7 places. Caution regarding New York’s new rental public policy reduces Manhattan’s place in the 2020 Index ranking.

Employment in Manhattan is up 1.4%. Education, healthcare, and technology hiring form the basis for a 65,000-person payroll expansion this year following the creation of 75,000 jobs in 2019.

Construction in New York City is expected to exceed 15,200 apartment units. Construction activity continues to trend down as about 3,700 fewer apartments will open this year compared with 2019. Development remains most active in Brooklyn and Manhattan.

Vacancy in Manhattan will remain unchanged at 1.5 percent as supply and demand maintain virtual parity.

Rent in Manhattan is up 2.4%. The average effective rent will climb to $2,833 per month, dipping from last year’s 3.1 percent growth rate.

Investment opportunities in Manhattan remain strong for those looking to finance their next purchase with an apartment loan. Institutions remain active in Manhattan and the western edges of Brooklyn and Queens, while private investors are moving farther east to neighborhoods such as Bushwick. We highly recommend any investors looking to buy in the Manhattan market to reach out to us regarding a multifamily loan.

Data provided by Marcus & Millichap.

Apartment Loan Trends in 2020

Manhattan Vacancy and Rents Manhattan Vacancy and Rents

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.

What Happened with Apartment Loans in 2019

Manhattan Sales Trends Manhattan Sales Trends

The multifamily market ended the 2019 year on a high note. Despite increased levels of new units entering the market, the apartment sector maintained strong and steady growth throughout the year. Vacancy rates throughout the country remained fairly stable, easing investors’ concerns of a significant decline in occupancy due to the high sum of multifamily units delivered. Furthermore, rent growth on the national and metropolitan levels remained healthy throughout the year. While 2019 rent growth was more modest than 2018, it was in line with 2016 and 2017 levels and remained above the national historic average of 3.4%. Based on data provided by the U.S. Census Bureau, multifamily completions increased slightly in 2019 when compared with 2018. The data also show that reported permit growth has increased 3% and starts are up 2%. Although 2019 data is not yet fully complete, these metrics suggest that the supply will remain elevated over the next few years. In terms of multifamily mortgage origination, the most up to date information has surpassed expectations. Mortgage Bankers Association reported that the 2018 mortgage volume came in at about $339 billion, an increase of 18.9% from 2017. While the actual 2019 numbers will not be available until later this year, experts estimate that due to solid fundamentals, low interest rates and heightened demand for multifamily investments, the total origination volume last year was about $369 billion.

The 2019 economy thrived overall. Throughout the year 2.1 million jobs were added which were in line with 2017 number (although it fell short of the 2018 total of 2.7 million). The unemployment rate also continued to decrease in 2019 as it went down 50 basis points to 3.5% at the end of the year. This number matched the lowest unemployment rate in fifty years. The labor market heavily supported increased salaries, as indicated by the 2.8% annual growth in the Employment Cost Index as of September of 2019. While these gains were below the expected amount for a market with such a low unemployment rate they were above the average for the past decade. At the beginning of the year many investors were concerned due to expectations of a recession. There were many indicators that supported this concern such as inverted two and ten year yield curves, an unanticipated rise in the June unemployment rate of ten basis points, an unstable stock market and slowed job growth. However, during the third and fourth quarters of 2019, the economy improved as job growth rose, the unemployment rate fell. This economic improvement has had a clear impact on the multifamily market as more investors are feeling bullish on putting their money into this asset class.

Manhattan Apartment Loan Options

We arrange financing in the borough of Manhattan 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 and other multi-family and mixed-use properties. Our company has multiple capital sources for these 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 Apartment Loan (Small)

Fannie Mae Apartment Loan (Large)

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 Apartment Loan

Freddie Mac is another government agency that provides 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.

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.

Manhattan Apartment Building Loans

Select Commercial provides apartment loans and multifamily loans throughout Manhattan, New York including, but not limited to, the areas below.


Alphabet City • Kips Bay • Roosevelt Island • Astor Row • Koreatown • Suffolk • Battery Park City • Lenox Hill • San Juan Hill • Bowery • Le Petit Senegal • SoHo • Carnegie Hill • Liberty Island • South Street Seaport • Chelsea • Lincoln Square • South Village • Chinatown • Little Germany • Strivers Row • Civic Center • Little Italy • Stuyvesant Square • Columbus Circle • Little Syria • Stuyvesant Town • Cooperative Village • Loisaida • Sugar Hill • Diamond District • Lower East Side • Sutton Place • East Harlem • Lower Manhattan • Sylvan Court Mews • East Village • Madison Square • Tenderloin • Financial District • Manhattan Valley • Theatre District • Five Points • Manhattanville • Times Square • Flatiron District • Marble Hill • TriBeCa • Garment District • Marcus Garvey Park • Tudor City • Gashouse District • Meatpacking District • Turtle Bay • Gramercy Park • Midtown Manhattan • Two Bridges • Greenwich Village • Morningside Heights • Upper East Side • Hamilton Heights • Murray Hill • Upstate New York • Harlem • NoHo • Upper Manhattan • Hells Kitchen • Nolita • Upper West Side • Herald Square • NoMad • Wards Island • Hudson Heights • Peter Cooper Village • Washington Heights • Hudson Yards • Pomander Walk • Waterside Plaza • Inwood • Radio Row • West Village • Italian Harlem • Randalls Island • Yorkville