Ohio Multifamily Loans

Ohio Apartment Building Loans

Not every Ohio apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Ohio apartment properties from $1,500,000 to $6 million, see our Ohio apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.

Ohio Lets a School District or City Challenge Your Value Up to Your Purchase Price, Above a Threshold You Can Calculate

Ohio handles post-sale property tax exposure differently from almost every other state, and the differences all run in a direction a borrower can plan around. The exposure is real, but it is fenced with numeric thresholds, a public process and a deadline.

The mechanism. Under Ohio Revised Code § 5715.19(A)(6), the legislative authority of a subdivision, the mayor of a municipal corporation, or a third-party complainant may not file an original complaint against property it does not own or lease unless two conditions are both met.

The first condition is a three-part sale test. The complaint must seek an increase in valuation based upon the sale of the property in an arm’s length transaction; the sale must have occurred during the two years preceding the tax lien date; and the sale price must exceed the true value on the tax list by both ten percent and the amount of the filing threshold. The threshold was $500,000 for tax year 2022 and is adjusted annually by the Tax Commissioner using the gross domestic product deflator, rounded to the nearest $1,000.

Both tests have to be cleared. If your price exceeds the auditor’s value by 10% but by less than the threshold, or by more than the threshold but less than 10%, the sale-based increase route is unavailable and the exposure reduces to the ordinary reappraisal cycle.

The second condition is procedural. The legislative authority must first adopt a resolution authorizing the complaint at a public meeting, and under § 5715.19(A)(7) must give written notice to at least one record owner at least seven calendar days before adopting the resolution, identifying the parcel, the owners, the basis and the tax year.

And there is a date after which the year is closed. Under § 5715.19(A)(1) complaints must be filed on or before March 31 of the ensuing tax year.

One more structural point worth knowing, because in most states the school district is the most motivated appellant. Under § 5715.19(B)(2) a board of education may file only a counter-complaint, and only where the original complaint was filed by the owner, the tenant or their agent and states a mis-valuation of at least $17,500 in taxable value. A school board cannot originate a sale-based increase complaint in Ohio.

Put together, that gives three concrete underwriting steps. Pull the auditor’s current true value before you sign, and test your contract price against both the 10% and the dollar threshold. Run a stress case at the full purchase-price assessment against current millage if both tests clear. And size any tax escrow to release against March 31, because after that date the exposure for the year is closed rather than open-ended.

Outside that route, Ohio reappraises on a schedule. Under § 5713.01(B) the county auditor must view and appraise each parcel at true value at least once in each six-year period, with notice of an individual parcel change at least thirty days before tax bills issue. That is the baseline step-up to model, and it has a known date.

Ohio is also one of the cheapest states in the country to record a mortgage. Under § 317.32 the recorder charges a flat base fee of $17 for the first two pages plus a $17 housing trust fund fee, then $4 plus $4 for each subsequent page, with a document preservation surcharge of up to $5. There is no fee indexed to the loan amount. A $25,000,000 Ohio mortgage records for the same few hundred dollars as a $250,000 one, because the fee tracks page count rather than loan size.

The transfer side is small but uncapped. The state conveyance fee under § 319.54(G)(3) is ten cents per $100, or 0.10%, and a county may impose a permissive real property transfer tax under § 322.02 of up to thirty cents per $100, levied upon and paid by the grantor. The combined statutory maximum is 0.40%, which on a $20,000,000 sale is up to $80,000, borne by the seller.

Ohio Multifamily Loan Programs

As a broker, we compare every large-balance program to find your best fit:

Recent Multifamily Loan Closings

A sample of apartment and multifamily loans we have arranged for investors nationwide.

$7,000,000

Cobleskill & Potsdam, NY

Two properties, 152 units total
10-yr term · 5-yr fixed · 25-yr amort

Refinance & Acquisition

$1,519,000

Barberton, OH

35-unit apartment property
10-yr fixed · 30-yr amort · 2-yr interest-only

Apartment Refinance

$2,472,000

Akron, OH

80-unit multifamily, three sites
10-yr fixed · 30-yr amort · 2-yr interest-only

Apartment Purchase

$17,281,000

Valparaiso, IN

224-unit apartment complex
10-yr fixed · 30-yr amort · non-recourse

Multifamily Refinance

$7,172,400

Wichita Falls, TX

88-unit apartment property
35-yr fixed · non-recourse

Multifamily Refinance

$6,827,000

West Chester, PA

64-unit garden apartments
7-yr fixed · 30-yr amort · non-recourse

Multifamily Refinance

See more recent closings →

Other Property & Loan Types We Finance in Ohio

As a full-service commercial mortgage broker, we arrange Ohio financing across every major property and loan type:

We consider commercial loan requests of all sizes, beginning at $1,500,000.

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