Illinois · Over $6 Million
Illinois Multifamily Loans
Select Commercial arranges Illinois multifamily loans, with rates as low as 6.13%, 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 Illinois apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Illinois
Illinois apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Illinois apartment loans and Illinois commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Illinois Multifamily Loan Rates
Rates updated as of September 28, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.53% | Up to 80% |
| 7 Year Fixed | 6.56% | Up to 80% |
| 10 Year Fixed | 6.55% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.13% | Up to 80% |
| 7 Year Fixed | 6.16% | Up to 80% |
| 10 Year Fixed | 6.15% | 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 September 28, 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.
Illinois Apartment Buildings Under $6 Million
Not every Illinois apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Illinois apartment properties from $1,500,000 to $6 million, see our Illinois apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Illinois Large-Balance Programs
As a broker we place your large-balance Illinois 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 | 6.13% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac | 6.16% | Up to 80% | Non-recourse large-balance |
| FHA / HUD | 6.60% | Up to 85% | Highest leverage, 35-yr amortization |
| CMBS / conduit | 6.97% | 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 Illinois apartment loans.
Rates last updated September 28, 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 Illinois Multifamily Investment and Lending Outlook
Chicago multifamily sales reached $1.8 billion in the first four months of 2026, about $700 million more than the same period in 2025 (Yardi Matrix, June 2026). The suburban market moved harder still: 126 transactions in the first half against 107 a year earlier, and 4,713 units traded, up 66.1% (Interra Realty, August 2026).
Occupancy is the reason capital came back. Chicago reported 94.9% occupancy in the second quarter of 2026, well above its 10-year average of 93.8%, with effective rents up 3.2% year over year to $1,972 per unit. Downtown averaged $3,124 (Cushman & Wakefield, Q2 2026).
Supply stayed disciplined by national standards, with 2,904 units delivered in the first half, though absorption of 1,743 units ran 59.0% below the prior year. Pricing in the first quarter averaged $229,000 per unit at a 6.7% cap rate (Matthews, citing CoStar).
In Cook County, Your Reassessment Date Is Already on the Calendar
Larger Illinois apartment buildings are valued differently from small ones, and the difference is worth planning around.
Cook County runs a triennial reassessment cycle: the City of Chicago was reassessed in 2024, the north suburbs in 2025, and the south and west suburbs in 2026. Buildings of more than six units sit in Major Class 3, and the Assessor values most commercial-class property by the income approach rather than by comparable sales.
What that combination does to a value-add deal. If you buy a Cook County building, raise net operating income over two or three years and the property reaches its scheduled reassessment inside that window, the income you created feeds directly into the Assessor’s model. The tax line steps up, and it steps up on a date you could have looked up before you bought.
A lender sizing a large Cook County loan does not take the seller’s trailing tax bill at face value for this reason. Bring the parcel’s reassessment year, the current assessed value, any pending appeal, and your own projection of stabilized income, and the file gets sized on a number that will still be true in year three. Appeals are routine here and often successful, but they run on their own timetable and a loan cannot be sized on an outcome that has not happened.
2026 Illinois Multifamily Metro Snapshots
A look at the Illinois metros we most actively finance, with 2026 market indicators and the local supply and demand picture:
- Employment: about 13,000 new jobs in 2026
- Construction: about 0.5% inventory growth, roughly 3,900 units
- Vacancy: around 3.8%, below historical norms
Illinois 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 Illinois
As a full-service commercial mortgage broker, we arrange Illinois 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 Illinois Multifamily Loan Quote
No cost, no obligation. Written answers within 48 hours on Illinois multifamily loans.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up