Arizona · Over $6 Million
Arizona Multifamily Loans
Select Commercial arranges Arizona multifamily loans, with rates as low as 6.40%, up to 80% LTV and non-recourse agency options. We compare Fannie Mae, Freddie Mac, FHA/HUD and CMBS. For loans under $6 million, see Arizona apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Arizona
Arizona apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Arizona apartment loans and Arizona commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Arizona Multifamily Loan Rates
Rates updated as of October 2, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.66% | Up to 80% |
| 7 Year Fixed | 6.75% | Up to 80% |
| 10 Year Fixed | 6.64% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.40% | Up to 80% |
| 7 Year Fixed | 6.44% | Up to 80% |
| 10 Year Fixed | 6.44% | Up to 80% |
- Streamlined underwriting for institutional multifamily
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
Rates last updated October 2, 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.
Arizona Apartment Buildings Under $6 Million
Not every Arizona apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Arizona apartment properties from $1,500,000 to $6 million, see our Arizona apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Arizona Large-Balance Programs
As a broker we place your large-balance Arizona multifamily loan with the right capital source. Typical starting points for properties over $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae DUS | 6.40% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac | 6.44% | Up to 80% | Non-recourse large-balance |
| FHA / HUD | 6.70% | Up to 85% | Highest leverage, 35-yr amortization |
| CMBS / conduit | 7.26% | Up to 75% | Non-recourse, flexible underwriting |
Most large-balance lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties under $6 million, see our Arizona apartment loans.
Rates last updated October 2, 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.
2026 Arizona Multifamily Investment and Lending Outlook
Phoenix investment volume totalled $671 million through April 2026, with the average price per unit up 5.9% year to date to $269,676 (Yardi Matrix, June 2026). Cap rates compressed to 5.8% in the second quarter from 6.6% a year earlier (Kidder Mathews, Q2 2026).
Phoenix is absorbing its way out of the supply wave. Deliveries fell 5.42% year to date to 6,355 units while net absorption rose 50.24% to 9,414 units, running roughly half again ahead of new supply. The pipeline is shrinking fast: units under construction dropped 35.45% year over year to 15,974 from 24,746.
Rents have not turned yet. Vacancy was 11.3% in the second quarter, 40 basis points better than a year earlier but still elevated, and average asking rent fell 2.17% year over year to $1,536 per unit. Tucson and the border markets track separately.
Phoenix Buyers and Phoenix Lenders Are Pricing Different Years
The Phoenix numbers above describe a market in the middle of a turn, and the turn is the underwriting problem.
Cap rates compressed 80 basis points over the year and price per unit rose, which means buyers are paying for the absorption trend. Absorption genuinely supports them: 9,414 units taken up year to date against 6,355 delivered, with the construction pipeline down more than a third. On that arithmetic vacancy comes down and pricing power returns.
A lender sizes on none of it. Vacancy is 11.3% today and asking rents are 2.17% lower than a year ago. Debt service coverage is tested against the trailing twelve months, so a Phoenix property bought on a recovery thesis will support less debt than the purchase price implies, and the gap is widest on assets still in lease-up.
Two routes through it. Bridge debt sized to a credible lease-up plan with an agency take-out once trailing income supports the permanent loan. Or agency execution now at lower leverage with a supplemental later as income builds. Either way, send the concession schedule separately from the rent roll. Net effective rent is what gets underwritten, and in this market the gap between asking and effective is the whole conversation.
2026 Arizona Multifamily Metro Snapshots
A look at the Arizona metros we most actively finance, with 2026 market indicators and the local supply and demand picture:
- Employment: about 17,000 jobs added in 2026 (approximately +0.7%)
- Construction: about 13,000 units projected for delivery, down sharply from the prior two years
- Vacancy: projected near 5.9%, improving by roughly 10 bps
- The metro adds 500 jobs, an improvement after two years of losses.
- Inventory expands 0.7 percent, the first sub-1 percent increase since 2020.
- Vacancy edges down to 5.4 percent, tying for ninth highest nationally.
Arizona Multifamily Loan Programs
As a broker, we compare every large-balance program to find your best fit:
Recent Multifamily Loan Closings
A sample of multifamily loans we have arranged for investors nationwide.
Other Property & Loan Types We Finance in Arizona
As a full-service commercial mortgage broker, we arrange Arizona financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
What Our Clients Say
“As a real estate attorney, I trust that Select Commercial will deliver commercial mortgages in a timely manner. My clients are always handled professionally, and the rates and terms are excellent. I heartily recommend them.”
David S. · New York City“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 Arizona Multifamily Loan Quote
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- For 5+ unit and commercial properties, $1.5M and up