Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Chicago, Illinois · Over $6 Million
Chicago Multifamily Loans
Select Commercial specializes in Chicago multifamily loans starting at $6 million and above, with competitive rates from 5.74%, up to 80% LTV and non-recourse agency options. Whether you are acquiring a large complex or refinancing a stabilized portfolio, we compare every large-balance option. Need a loan under $6 million? See our Chicago apartment loans.
Get a Free QuoteFinancing Options in Chicago
Chicago 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.
Chicago Multifamily Loan Rates (Over $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Multifamily 5 Year Fixed | 5.76% | Up to 75% |
| Multifamily 7 Year Fixed | 5.74% | Up to 75% |
| Multifamily 10 Year Fixed | 5.76% | Up to 75% |
- Rates as low as 5.74% on large-balance Chicago multifamily loans
- Loan amounts from $6,000,000, no maximum
- Non-recourse agency options up to 80% LTV
- Fixed terms and amortizations up to 30 years, longer with HUD
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates last updated August 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.
Compare Chicago Large-Balance Programs
As a broker, we place your large-balance Chicago 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 | 5.76%-6.97% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac | 5.74% | Up to 80% | Non-recourse large-balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, 35-yr amortization |
| CMBS / conduit | 6.64% | Up to 75% | Non-recourse, flexible underwriting |
Agency programs are ideal for experienced investors with well-performing assets. Most large-balance lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties under $6 million, see our Chicago apartment loans.
2026 Chicago Multifamily Investment and Lending Outlook
Large-balance Chicago multifamily financing over $6 million turns on a different set of drivers than smaller apartment loans: agency lending appetite, the cap-rate environment, investment-sales activity and the wave of loan maturities coming due. Chicago’s tight vacancy and limited new supply keep large, stabilized assets squarely in the agency and life-company sweet spot.
Chicago Agency and Institutional Lending
Fannie Mae DUS and Freddie Mac remain the dominant sources of non-recourse capital for stabilized Chicago multifamily over $6 million, competing with CMBS, life companies and banks. For well-occupied assets, agency execution usually offers the tightest pricing, the longest terms and a non-recourse structure, with FHA/HUD available for the highest leverage and longest amortization.
Chicago Cap Rates and Investment Sales
After a repricing cycle, Chicago multifamily cap rates have largely stabilized and buyers are re-entering as the bid-ask gap narrows. Investors focused on stabilized, cash-flowing assets are finding better-aligned pricing, which supports both acquisition and refinance lending on larger properties.
Chicago Loan Maturities and Refinance
A meaningful volume of multifamily debt originated in the prior low-rate cycle is reaching maturity, and many Chicago owners are refinancing into agency or bridge structures. We help borrowers navigate rate resets, supplemental financing and cash-out where the property supports it.
For the full 2026 Chicago rental-market breakdown, employment, construction, vacancy and rent trends, see our Chicago apartment loans page.
Chicago Multifamily Property Types We Finance
We provide large-balance multifamily financing for a broad range of Chicago properties, from stabilized mid-size buildings to institutional portfolios:
- Urban mid-rise and high-rise multifamily buildings
- Suburban garden-style multifamily complexes
- Mixed-use properties with residential and limited commercial space
- Underlying cooperative building loans
- Portfolios of multifamily or single-family rental properties
- Stabilized properties with solid cash flow and rent history
Not sure whether your property qualifies? Request a free quote and we will review your deal within 48 hours.
Our Chicago Multifamily Loan Process
We make applying for a large-balance Chicago multifamily loan fast, transparent and cost-effective. Here is what to expect:
- Step 1: Initial Screening. On an introductory call or email we gather the basics of your transaction. If the request does not meet multifamily loan guidelines, we tell you right away.
- Step 2: Document Request. If eligible, we send a short checklist to review your financials, credit and property cash flow so we can evaluate your scenario.
- Step 3: Underwriter Review. Once documents are received, underwriting begins. If your loan qualifies, we issue a written pre-approval. If not, we explain why.
- Step 4: Pre-Approval Letter. We send a detailed pre-approval letter outlining preliminary terms and any additional documentation needed.
- Step 5: Third-Party Reports. The underwriter orders the appraisal and other required reports. A good-faith deposit is collected to cover these costs.
- Step 6: Final Submission. Once all documentation and reports are in, underwriting is finalized and a formal loan commitment is issued.
- Step 7: Legal and Closing. Our team prepares the closing checklist and any final conditions, then moves forward with closing.
- Step 8: Timeline. Most large-balance multifamily loans close within 30 to 60 days, depending on deal complexity and how quickly documents are submitted.
Why Finance Your Chicago Multifamily Loan With Select Commercial
With more than 30 years of experience and relationships across banks, credit unions, HUD, CMBS, life company and private lenders, we present large-balance loan requests that get a lender’s prompt attention and identify the right source for each borrower and property. There are no upfront application or processing fees, and we issue written pre-approvals within 48 hours at no cost or obligation.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Chicago Multifamily Financing Across Illinois
We provide multifamily and commercial mortgage loans throughout Chicago and Illinois. For loans under $6 million, see our Chicago apartment loans; for other Illinois cities, see Illinois apartment loans; and compare all programs on our multifamily loans page.
Other Property & Loan Types We Finance in Chicago
As a full-service commercial mortgage broker, we arrange Chicago 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
“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 Chicago Multifamily Loan Quote
No cost, no obligation. Written answers within 48 hours on Chicago multifamily loans over $6,000,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up