New York Apartment Loans and Multifamily Financing $1,000,000+

New York Apartment Building Mortgage Rates - Rates updated 09-20-2019

Loan Product Rates (start as low as) LTV Amortization
5 Year Fixed 4.40% Up to 80% Up to 30 years
7 Year Fixed 4.35% Up to 80% Up to 30 years
10 Year Fixed 4.46% Up to 80% Up to 30 years

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.

Our Apartment Loan Benefits

New York Apartment loan rates start as low as 3.60% (as of 09-20-2019)
• 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

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

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.

Apartment Financing with Fannie Mae (FNMA)

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 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).

Apartment Mortgages with Freddie Mac (FHLMC)

Freddie Mac is another government agency that provides 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.

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. Click here to get started with a free loan quote.

New York Apartment 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. Rental income is the most important factor when determining the success of commercial real estate investment. Fortunately for New York City investors, high rental income is a staple of the New York City commercial real estate and apartment 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 commercial real estate 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.


There are various reasons why the New York City commercial real estate and apartment markets have been leaning towards a buyer’s market since the beginning of the year. The primary reason is the decrease in commercial real estate 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 commercial real estate 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 commercial real estate 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.

New York Apartment Building Loans

Select Commercial provides apartment loans and multifamily financing 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 StreamLong Beach


Select Commercial is a nationwide commercial real estate lender providing financing throughout the United States including the states below.

AlabamaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWashington DCWest VirginiaWisconsinWyoming