Miami, Florida
Miami Apartment Loans in 2026
In Little Havana or Brickell, Miami apartment loans are priced on more than the rent roll: before a lender commits, it wants the wind policy, the flood zone and, for older buildings, the County recertification status, so we gather those first and then shop the loan to banks, agency and HUD lenders, CMBS desks and bridge funds. Loans start at $1,500,000, leverage runs up to 80% LTV, and qualified properties can price from 6.12%. Large properties go to Miami multifamily loans, buildings elsewhere in the state to Florida apartment loans. Pricing for every program is posted on our commercial mortgage rates page.
Get a Free QuoteMiami Payrolls Inch Up as Renters Absorb New Supply
BLS counted about 1.35 million nonfarm jobs in the Miami-Miami Beach-Kendall division (Miami-Dade County) in September 2026 (preliminary), a 0.6% gain over September 2025. Professional and business services rose 2.6% and education and health 2.1%, while financial activities fell 4.3%. The wider Miami-Fort Lauderdale-Pompano Beach metro was up 0.4%, at about 2.97 million jobs.
Completions have slowed, and renters are absorbing them faster than they arrive. A second-quarter 2026 survey of Miami-Dade properties with 100 or more units counted about 3,300 completions in the first half, 22.3% fewer than a year before, against net absorption of nearly 4,200 units. Stabilized occupancy was 94.0%, with close to 15,000 units still under construction.
A Flat Rent Year in a Renter-Majority City
Apartment List's October 2026 figures put the city's median at $1,926, up 0.1% over September and 0.1% in twelve months. One-bedroom units have a $1,610 median and two-bedrooms $2,133; nationally the overall median is $1,388, so Miami runs 38.8% higher. RentCafe tracks average rent in properties of 50-plus units; its Miami number, dated September 30, 2026, was $2,761, a 0.9% annual rise, with 69% of households renting.
Big employers sit behind that renter base. Miami-Dade's 2025 largest-employer list is led by the public schools (33,994 employees), the County (30,089), the University of Miami (23,680) and Jackson Health System (14,740). A recent addition is Miami Freedom Park, a development of more than $1 billion on the former Melreese golf course, where Inter Miami's stadium debuted on April 4, 2026. That breadth deepens the tenant pool behind a Miami apartment loan.
Miami Apartment Loan Rates
Rates updated as of November 8, 2026
Treat these as opening quotes; in Miami, wind deductibles, flood zones and open recertification repairs can move final proceeds as much as the rate.
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.52% | Up to 80% |
| 7 Year Fixed | 6.55% | Up to 80% |
| 10 Year Fixed | 6.59% | Up to 80% |
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
See Miami Multifamily Rates Over $6 Million, Starting at 6.12%
Rates last updated November 8, 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.
Rents, Towers and Flood Projects Across Miami's Neighborhoods
RentCafe's September 30, 2026 averages run from $3,778 in Brickell and $3,468 in Wynwood down to $1,637 in Little Haiti. The Downtown Miami submarket held 4,662 units under construction in the second-quarter 2026 survey, including the 737-unit One Twenty Brickell Residences due in the second quarter of 2028. In Grapeland Heights, just east of the airport, the stadium anchoring the 131-acre Miami Freedom Park opened in April 2026. The City also has pump-station flood projects under development in Edgewater, East Little Havana, East Flagami, South-West Wynwood and Shorecrest South.
Inside the city limits, we lend in neighborhoods including:
- Allapattah
- Brickell
- Buena Vista
- Coconut Grove
- Coral Way
- Design District
- Downtown
- Edgewater
- Flagami
- Grapeland Heights
- Little Haiti
- Little Havana
- Midtown
- Model City
- Overtown
- The Roads
- Upper Eastside
- Wynwood
Five Lender Paths for a Miami Apartment Building
Requests for Miami apartment loans go to banks, the agencies, HUD and bridge lenders at once; here is where each starts for a stabilized property:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.52% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.60% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.74% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most programs set 1.25x as the floor for debt-service coverage, and we test that ratio after the current wind premium and a tax estimate built from the 2026 roll. Larger balances move to Miami multifamily loans.
Rates last updated November 8, 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.
The Miami-Dade Rulebook for Apartment Owners
A deed surtax on apartment sales. Florida's deed stamp rate is 70 cents per $100, but in Miami-Dade, the Department of Revenue explains, the base is 60 cents, plus a 45-cent surtax when the property is anything other than a single-family residence, for $1.05 per $100. A $5,000,000 apartment purchase pays $52,500, against $35,000 at the statewide rate. Section 125.0167, which directs the surtax to low- and moderate-income housing, is scheduled for repeal on October 1, 2031.
Tenant rules come from Tallahassee. Miami-Dade's 2022 Tenant's Bill of Rights (Ordinance 22-47) was overtaken by HB 1417, signed in June 2023: the new s. 83.425 preempts the regulation of residential tenancies to the state and supersedes local rules on the matters it covers. As amended by the Live Local Act of 2023, s. 125.0103 and s. 166.043 forbid rent control by any county or city; the only carve-out is for affordable-housing land-use measures, such as inclusionary-housing ordinances.
Recertification at 30 years, then every 10. Section 8-11(f) of the Miami-Dade County Code requires structural and electrical recertification at 30 years of age and every 10 years after, exempting single-family homes, duplexes and minor buildings. It reaches rental apartment buildings, which Florida's milestone-inspection statute, s. 553.899, leaves out because it is written for condominium and cooperative buildings. Reports are due within 90 days of the building official's notice.
A bigger roll and flat City millage. The Property Appraiser's July 1, 2026 preliminary roll puts the City of Miami's taxable value at $110.1 billion, up 6.2%, with $3.3 billion from new construction, while the City's proposed 2026 rates (7.1080 operating mills, 0.2536 for debt) match 2025. The 10% annual limit Florida places on non-homestead assessment growth skips school levies (6.6230 proposed mills here), and a sale or change of control brings reassessment at just value. If Amendment 3 passes on November 3, that limit falls to 5% from 2027.
Hurricane code and insurance. Miami-Dade and Broward are the only counties in Florida's High-Velocity Hurricane Zone, and Miami-Dade's Product Control Section approves building products for it through Notices of Acceptance. Hurricane Irma brought 4 to 6 feet of inundation to parts of Miami-Dade in September 2017, especially along Biscayne Bay. Citizens Property Insurance counted 216,577 policies statewide on October 23, 2026, down from 1,407,805 in September 2023.
Flood zones and City flood spending. In a FEMA A or V zone, flood coverage is mandatory when the lender is federally regulated or insured or the loan is government-backed, and a five-plus-unit structure can carry no more than $500,000 of NFIP building coverage. The City earned a Class 6 Community Rating System rating in 2022, worth up to a 20% premium discount from October 2022, and the 2017 Miami Forever Bond set aside $192 million for sea-level rise and flood prevention.
Financing Options in Miami
The right page depends on the building's size and use:
Have property in Orlando or Jacksonville too? See Florida apartment loans for statewide programs.
Miami Refinance Math: Recertification, Wind Premiums and the 2026 Roll
On a building past 30 years, a Miami refinance often starts with the recertification file: open repairs from the last report get priced in through a repair escrow or lower proceeds, so we gather the engineer's report and permits first.
Insurance and taxes come next: the loan is sized on today's wind and flood premiums and on taxes estimated from the 2026 roll. A new note pays documentary stamps again at 35 cents per $100, plus the 2-mill intangible tax; s. 201.09 spares only a renewal by the original borrower that extends the unpaid balance. If Amendment 3 passes, the lower cap starts in 2027, so we model taxes both ways.
Miami Apartment Building Loans Under Miami 21 Zoning
Every parcel in the city carries a transect zone under Miami 21, the form-based code first adopted in October 2009, and lenders confirm that a building's use and density fit it or are legally nonconforming. We finance:
- Rental high-rises in Downtown and Brickell
- Mid-rise buildings in Edgewater, Midtown and Wynwood
- Older garden and walk-up apartment complexes nearing 30-year recertification
- Mixed-use properties with retail at street level
- Income-restricted and workforce housing
- Newly completed buildings still in lease-up
Where Miami Multifamily Towers Find Long-Term Debt
Agency money comes first: Fannie Mae and Freddie Mac can go to 80% LTV with terms reaching 30 years, and their loans are non-recourse apart from the usual bad-act carve-outs. For the longest amortization, HUD's FHA programs lead: Fannie Mae's risk-share term sheet for FHA loans allows full amortization stretching to 40 years. CMBS conduits add a non-recourse option for stabilized assets. Each will study a bayfront tower's windstorm and flood program before issuing terms.
For more, see Miami multifamily loans, along with our program pages for Freddie Mac and Fannie Mae.
Miami Multifamily Loan Rates
For larger balances, over $6 million
Commercial Mortgages Across Miami-Dade
Beyond apartments, we place these Miami-Dade property loans:
Nearby Apartment Loan Markets
Up the coast in Fort Lauderdale or Jacksonville, inland in Orlando, or across the state in Tampa:
Orlando · Tampa · Fort Lauderdale · Jacksonville · All Florida · Other U.S. cities
Recent Apartment Loan Closings
Not one of the closings below is in Florida, yet each went through the routine a Miami request gets: several lenders bid on it first.
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 Miami Apartment Loan Quote
Send the rent roll, trailing operating statements, current wind and flood policies with deductibles, the 2026 TRIM notice and, for a building 30 or more years old, its latest recertification report. Our reply: written lender terms.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up