New York Apartment Loans

$1,000,000 Minimum

New York Apartment Loan Rates - Rates updated September 26th, 2021

New York Apartment Loan Programs Over $6,000,000 Rates (start as low as) LTV
Multifamily 5 Year Fixed Loan Rates 2.58% Up to 80% Get Free Quote
Multifamily 7 Year Fixed Loan Rates 2.69% Up to 80% Get Free Quote
Multifamily 10 Year Fixed Loan Rates 2.90% Up to 80% Get Free Quote
New York Apartment Loan Programs Under $6,000,000 Rates (start as low as) LTV
Multifamily 5 Year Fixed Loan Rates 3.22% Up to 80% Get Free Quote
Multifamily 7 Year Fixed Loan Rates 3.23% Up to 80% Get Free Quote
Multifamily 10 Year Fixed Loan Rates 3.25% Up to 80% Get Free Quote
New York Apartment Building New York
Apartment Building

Select Commercial has excellent apartment building loan and multifamily loan products and options available for owners and purchasers of multi-family and apartment properties throughout the state of New York. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a co-operative, we can help you find the optimal financing solution to meet your apartment mortgage loan needs. While we lend across the entire continental US, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. New York is one of the states that we consider to be a premium market for apartment building loans and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified NY borrowers looking to purchase or refinance an apartment property. We offer apartment loans with terms and amortizations up to 30 years, recourse and non-recourse, and many options for prepayment. We typically approve apartment building loans within 1 day and usually close within 45 days of application. Our clients love our simplified application process, 24-hour pre-approvals with no-cost and no-obligation, great rates and terms, fast closings and personalized service.

New York Apartment Loan Benefits

New York Apartment Loan rates start as low as 2.58% (as of September 26th, 2021)
• No upfront application or processing fees 
• Simplified application process 
• Up to 80% LTV on apartment financing 
• Terms and amortizations up to 30 years 
• Loans for purchase and refinance, including cash-out 
• 24 hour written pre-approvals with no cost and no obligation

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Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"


New York Apartment Loan Types We Serve

If you are looking to purchase or refinance a New York apartment building, don't hesitate to contact us. We arrange financing in the state of New York for the following:

  • Large urban high-rise apartment buildings
  • Suburban garden apartment complexes
  • Small apartment buildings containing 5+ units
  • Underlying cooperative apartment building loans
  • Portfolios of small apartment properties and/or single-family rental properties
  • Other multi-family and mixed-use properties

Recent Closings

2021 Multifamily Outlook

  • Employment in the US is expected to show a 4.6% year over year increase with the creation of 6.5 million new jobs in 2021 which represents the largest annual increase in over three decades.  This is the result of businesses emerging from the Covid-19 pandemic.  Unfortunately, the US lost close to 9.4 million jobs during the pandemic.
  • Strong demand for apartments, as a result of increased employment rates, is expected to push national vacancy rates down to 3.9%, down from 4.4% in 2021.
  • Construction of new apartments in 2021 are expected to top 385,000 new units, an increase of 2.1% over last year’s record pace.  Rising labor and construction costs are starting to have an effect on new construction, however.
  • Following rent declines during the pandemic, average rental rates are expected to rise 6.8% in 2021 to $1,507 per month.  Landlords are able to raise rents dramatically due to decreased vacancy rates and the strong demand got rental housing.
  • The COVID-19 pandemic affected the ability of young graduates to find jobs and move into apartments of their own.  The demand for apartment rentals is usually fueled by young graduates entering the workforce and moving into rental apartments.  Many young adults lived with their parents or friends during the pandemic and into early 2021.  As 2021 progressed, many companies reopened their offices and began hiring again which generated record levels of new apartment rentals.  This trend should continue through late 2021 as more new workers are able find jobs and move into their own apartments.  Many of these new multifamily units are in metro areas of the sunbelt states as workers have been moving out of colder urban areas in favor of more suburban warmer climates.

    The tight market in 2021 for new home purchases has caused many would be homebuyers to continue renting.  Prices for existing homes have risen due to lack of inventory and the cost of construction has skyrocketed due to increased costs for raw materials.  The high cost of purchasing a new or existing home is keeping the demand for rental units very strong in 2021.

    During the pandemic, when workers were either out of work or working from home, many people moved out of densely populated urban areas in favor of suburban locations.  In 2021, as more employees are returning to their offices, we are seeing demand pick up once again for rental apartments in urban locations.  In addition, as more and more retail and dining locations reopen in downtown areas, we expect to see a return of employees to these areas.

    During the pandemic, the CDC and local governments instituted a moratorium of evictions.  This caused many landlords to suffer economic losses and depressed the value of apartment properties.  In 2021, as these moratoriums start to expire, we expect to see strong demand from investors for these properties.

    Nationwide, the first half of 2021 saw more than 175,000 new apartments completed and a total of 363,000 for the previous 12 months.  A high percentage of these new units were in Texas and other sunbelt states, as more and more people are relocating to warmer climates.  Occupancy rates and asking rents have been lower in larger urban markets in the Northeast and other colder climates, while occupancy rates and asking rents have been increasing in these warmer sunbelt climates.  These 2021 trends have definitely been driven by the COVID-19 pandemic and we are watching these trends closely to see if these trends persist after the pandemic is over.

    New York Multifamily Loan Information and Economic Overview

    NYC Economic Trends NYC Economic Trends

    New York has the third largest economy in America with a gross state product of about $1.6 trillion. If New York were an independent nation, it would rank as one of the top 13 global economies. New York City and the surrounding metropolitan area dominate the economy of the state. Manhattan is the leading center of finance and banking in the country and is the location of the New York Stock Exchange. Many of the world's largest corporations locate their home offices in Manhattan. With over 500 million square feet of office space Manhattan is the largest office market in the United States. Here are some incredible statistics about New York’s economy:

    • New York makes up just 1% of the total US area but produces 8% of the nation's GDP.
    • New York City unemployment hit its lowest rate ever in 2018, at just 4%.
    • New York City's gross state product is expected to overtake Tokyo's by the year 2035.
    • Midtown Manhattan with nearly 400 million square feet is the central business district in the world.

    With a growing population of over 8.6 million, New York City is one of the most active and lucrative commercial real estate and multifamily markets and is a great place to receive commercial mortgage financing. Rental income is the most important factor when determining the success of these investments. Fortunately for New York City investors, high rental income is a staple of the New York City investment property and multifamily market. Due to high rent, investing in New York City commercial real estate and apartment buildings is a very profitable investment in many different neighborhoods. The average rental income in the market is about $2,880, over $400 more than the state average. Furthermore, the appreciation of New York investment properties and apartment buildings is another benefit of investing in this market. Over the last ten years, properties in the New York housing market appreciated by over 32%, an average annual appreciation rate of over 2.8%.  This number places the New York City real estate market in the top 20 percent in the nation for appreciation. In terms of commercial mortgages, there are over 3 million mortgages for properties throughout New York. The average value of these commercial mortgages is just over $2.2 million, 80% below the United States average. This information shows that New York is the perfect place to take out a commercial mortgage loan.

    There are various reasons why the New York City commercial real estate, multifamily and apartment markets have been leaning towards a buyer’s market since the beginning of the year. The primary reason is the decrease in sales, as sales have dropped by 2.5% from last year. As a consequence of this decline in sales, sellers have begun lowering prices by 10 to 15 percent. A decline in international buyers has also shifted the commercial real estate and apartment market dynamic in favor of the buyers. Finally, one of the most important factors contributing to the dominance of the New York City market is the city’s high rental demand. This incredible demand is best demonstrated by its price-to-rent ratio of over 33. A price-to-rent ratio higher than 21 means that it is more affordable for a person to rent a property in that market than to purchase. In other words, renting in New York City is very desirable leading investors in investment properties and apartment buildings to make big returns on their money. The rental demand in New York City can also be seen in the percentage of residents who rent out properties. Over 65% of the New York City inhabitants live in rental properties. With such high demand, it isn’t difficult for a commercial real estate or multifamily investor to find tenants and make huge returns. Thus, New York is a terrific place to look into receiving commercial mortgage financing.

    2020 NYC Apartment Market Forecast

    NYC Completions vs. Absorption NYC Completions vs. Absorption

    NYC’s National Multifamily Index Rank is at 10, down 7 places. Caution regarding New York’s new rental public policy reduces NYC’s place in the 2020 Index ranking.

    Employment in NYC is up 1.4%. Education, healthcare, and technology hiring form the basis for a 65,000-person payroll expansion this year following the creation of 75,000 jobs in 2019.

    Construction in New York City is expected to exceed 15,200 apartment units. Construction activity continues to trend down as about 3,700 fewer apartments will open this year compared with 2019. Development remains most active in Brooklyn and NYC.

    Vacancy in NYC will remain unchanged at 1.5 percent as supply and demand maintain virtual parity.

    Rent in NYC is up 2.4%. The average effective rent will climb to $2,833 per month, dipping from last year’s 3.1 percent growth rate.

    Investment opportunities in NYC remain strong for those looking to finance their next purchase with an apartment loan. Institutions remain active in NYC and the western edges of Brooklyn and Queens, while private investors are moving farther east to neighborhoods such as Bushwick. We highly recommend any investors looking to buy in the NYC market to reach out to us regarding a multifamily loan.

    Data provided by Marcus & Millichap.

    NYC Vacancy and Rents NYC Vacancy and Rents

    Apartment Loan Trends in 2020

    At the start of 2020 the market outlook did not indicate any significant factors that would cause major trouble in the multifamily market. Market indicators suggested that demand for housing, especially for apartment rentals, would remain healthy, thus continuing to generate new construction of multifamily buildings. Both the high number of permits and starts over the past couple of years led experts to believe that developer confidence is very high in the multifamily market. Market experts predicted an annual completion of 340,000 apartment units over 2020, way above the 300,000-annual average for the past five years. Over the last couple of years, the multifamily market has seen absorptions outperform expectations due to both changes in lifestyle and demographic preferences and new supply has consistently taken longer to be built. These two factors have helped the market to perform stronger than expected in the past and should continue throughout this year. Market data indicated that rent growth would remain strong in 2020, growing 3.6% (which is above the historical average). In terms of mortgage origination, low interest rates and strong multifamily performance were expected to help loan volumes grow. Experts predicted that the origination volume in 2020 will increase by 5.7% to $390 billion. Market data indicated that cap rates have more room to decline, which would lead to increasing property values and should drive up origination volume. However, with the current outbreak of Covid-19, the overall economy has been in flux. The stock market has crashed and commercial mortgage interest rates have been severely impacted. Huge metros such as New York have all but shut down much economic activity and entertainment. In this unsteady climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages and apartment loans. Additionally, the oil industry has taken a big hit. Not only are people traveling less due to the pandemic, foreign countries like China and Russia are involved in a huge price war which is driving the price of oil way down. Experts are hopeful that as the weather warms up and public health policy learns how to handle this pandemic, the economy should revert back to its pre-virus strength.

    New York Apartment Loan Options

    Our company has multiple capital sources for these apartment loans, including: Fannie Mae, Freddie Mac, FHA, national banks, regional and local banks, insurance companies, Wall Street conduit lenders, credit unions and private lenders.


    Fannie Mae Loan and Rate Information


    Fannie Mae’s multifamily loan platform is one the leading sources of capital for apartment building loans in the US. Fannie Mae is a leader in the secondary market – meaning they purchase qualifying apartment loans from leading lenders who originate these loans for their borrowers. Fannie Mae purchases loans secured by conventional apartments, affordable housing properties, underlying cooperative apartment loans, senior housing, student housing, manufactured housing communities and mobile home parks on a nationwide basis. The Fannie Mae platform has many benefits, including:

    • Long term fixed rates and amortizations. Fannie Mae allows terms and amortizations of up to 30 years. Most banks offer only 5 or 10 year fixed rates and 25 year amortizations.
    • Non-recourse options. Most banks will require the borrower to sign personally for the loan. Fannie Mae offers non-recourse apartment loans.
    • Lending in smaller markets. Many national lenders do not like to lend in rural or tertiary markets. Fannie Mae is a good option for these loans.
    • Assumability and Supplemental Financing. Fannie Mae allows their loans to be assumed by a qualified borrower. They also have a program which allows borrowers the ability to come back and borrow additional funds during the life of the loan (subordinate financing).

    Freddie Mac Loan and Rate Information

    Freddie Mac Multifamily Loans provide mortgage capital in the secondary market for apartment building loans. Together, Fannie Mae and Freddie Mac control a very large portion of the multifamily market. Freddie Mac has a very aggressive program for small balance loans (from $1,000,000 to $7,500,000). Some features of this program include:

    • Market size driven. Freddie Mac classifies loans by the size of the overall market: Top, Standard, Small, and Very Small. Rates are best in top market locations (major metropolitan areas).
    • Capped costs. Freddie Mac lenders often cap the closing costs at a fixed dollar amount, thereby lowering the overall cost to borrow money.
    • Flexible pre-pay penalties. Freddie Mac offers many options for pre-payment penalties, from yield maintenance to step-down to “soft” step-down.
    • Interest-Only (I/O) loans. Freddie Mac will allow payments consisting of only interest and no amortization of principal.
    • Fixed rate terms. Freddie Mac offers fixed rates of 5, 7, and 10 years, followed by an adjustable period. These loans are called Hybrid/Adjustables. Loans have a 20 year term and a 30 year amortization schedule.

    New York Apartment Lending with Banks and Other Programs

    While the agencies (Fannie Mae and Freddie Mac) offer some excellent programs, not every apartment loan applicant qualifies for these programs. We have many excellent choices for these loans with our correspondent banks, credit unions, insurance companies and private lenders. Some examples of these loans include:

    • Loans that require flexible underwriting or those that don’t meet standardized criteria.
    • Properties in less than desirable markets, or those that require repairs or updating.
    • Properties that don’t cash flow according to industry guidelines or lack stabilized cash flow.
    • Borrowers with past credit issues, including foreclosures, short sales, or judgements.
    • Borrowers who are not US citizens.

    Whether you are purchasing or refinancing, we have the right solutions available for your multifamily mortgage loans. We will entertain loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

    New York Multifamily Loan Information and Economic Overview

    New York has the third largest economy in America with a gross state product of about $1.6 trillion. If New York were an independent nation, it would rank as one of the top 13 global economies. New York City and the surrounding metropolitan area dominate the economy of the state. Manhattan is the leading center of finance and banking in the country and is the location of the New York Stock Exchange. Many of the world's largest corporations locate their home offices in Manhattan. With over 500 million square feet of office space Manhattan is the largest office market in the United States. Here are some incredible statistics about New York’s economy:

    • New York makes up just 1% of the total US area but produces 8% of the nation's GDP.
    • New York City unemployment hit its lowest rate ever in 2018, at just 4%.
    • New York City's gross state product is expected to overtake Tokyo's by the year 2035.
    • Midtown Manhattan with nearly 400 million square feet is the central business district in the world.

    With a growing population of over 8.6 million, New York City is one of the most active and lucrative commercial real estate and multifamily markets and is a great place to receive commercial mortgage financing. Rental income is the most important factor when determining the success of these investments. Fortunately for New York City investors, high rental income is a staple of the New York City investment property and multifamily market. Due to high rent, investing in New York City commercial real estate and apartment buildings is a very profitable investment in many different neighborhoods. The average rental income in the market is about $2,880, over $400 more than the state average. Furthermore, the appreciation of New York investment properties and apartment buildings is another benefit of investing in this market. Over the last ten years, properties in the New York housing market appreciated by over 32%, an average annual appreciation rate of over 2.8%.  This number places the New York City real estate market in the top 20 percent in the nation for appreciation. In terms of commercial mortgages, there are over 3 million mortgages for properties throughout New York. The average value of these commercial mortgages is just over $2.2 million, 80% below the United States average. This information shows that New York is the perfect place to take out a commercial mortgage loan.

    There are various reasons why the New York City commercial real estate, multifamily and apartment markets have been leaning towards a buyer’s market since the beginning of the year. The primary reason is the decrease in sales, as sales have dropped by 2.5% from last year. As a consequence of this decline in sales, sellers have begun lowering prices by 10 to 15 percent. A decline in international buyers has also shifted the commercial real estate and apartment market dynamic in favor of the buyers. Finally, one of the most important factors contributing to the dominance of the New York City market is the city’s high rental demand. This incredible demand is best demonstrated by its price-to-rent ratio of over 33. A price-to-rent ratio higher than 21 means that it is more affordable for a person to rent a property in that market than to purchase. In other words, renting in New York City is very desirable leading investors in investment properties and apartment buildings to make big returns on their money. The rental demand in New York City can also be seen in the percentage of residents who rent out properties. Over 65% of the New York City inhabitants live in rental properties. With such high demand, it isn’t difficult for a commercial real estate or multifamily investor to find tenants and make huge returns. Thus, New York is a terrific place to look into receiving commercial mortgage financing.

    New York Apartment Loans

    Select Commercial provides apartment loans and commercial mortgages throughout the state of New York including but not limited to the areas below.


    BronxBrooklynBuffaloHuntingtonLong IslandManhattanNYCNassau • Queens • RochesterStaten IslandSuffolkWestchester PoughkeepsieRocklandYonkersNew RochelleMount VernonWhite PlainsHempstead Freeport Valley Stream