Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Norfolk, Virginia
Norfolk Apartment Loans in 2026
Select Commercial specializes in Norfolk apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 6.16% and up to 80% LTV. For properties elsewhere in the state, see our Virginia apartment loans; for loans over $6 million, see Norfolk multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Norfolk
Norfolk apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Virginia apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Norfolk Apartment Loan Rates (Under $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Apartment 5 Year Fixed | 6.16% | Up to 80% |
| Apartment 7 Year Fixed | 6.14% | Up to 80% |
| Apartment 10 Year Fixed | 6.16% | Up to 80% |
- Rates as low as 6.16% on Norfolk apartment loans
- Up to 80% LTV on apartment financing
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- 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 Norfolk Apartment Loan Programs
As a broker, we compare every program to find your best-fit Norfolk apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16%-6.95% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25%-6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most apartment lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties over $6 million, see our Norfolk multifamily loans.
2026 Norfolk Apartment Loan Market: Norfolk Apartment Demand Outpaces a Thin Supply Pipeline
Norfolk sits within the broader Virginia Beach, Chesapeake and Norfolk metro, one of the tightest large apartment markets on the East Coast. Limited new construction, steady military and health care employment, and healthy renter demand have pushed vacancy well below national levels and kept rents climbing. Market wide statistics are metro level for the Hampton Roads region unless noted for the city of Norfolk.
Employment
The metro supports roughly 815,000 nonfarm jobs and has averaged close to 1,000 new positions per month over the past five years. Health care and social assistance have led recent job gains, while the region's large military and defense presence provides a stable employment anchor.
Construction and supply
Apartment deliveries were projected at roughly 2,250 units across the metro in 2025, but the pipeline remains unusually thin, with only about 648 units under construction, equal to just a fraction of total inventory. Constrained new supply is expected to keep the market tight.
Vacancy
The metro apartment market closed the second quarter of 2025 at roughly 5.6 percent vacancy, well below the national average and reflecting persistently strong demand against limited new supply.
Rent trend
In the city of Norfolk the average apartment rent reached about 1,635 dollars per month in mid 2026, up 6.9 percent year over year. Across the wider metro, a tight supply backdrop has supported rent growth running above the national pace.
2026 Norfolk forecast at a glance:
- A very limited construction pipeline should keep vacancy low and support continued rent gains
- Steady military, defense and health care employment provides a durable base of rental demand
- Rent growth is positioned to stay above the national average through 2026
- Constrained new supply may sustain landlord pricing power over the near term
Norfolk Multifamily Loans (Over $6 Million)
For larger Norfolk apartment properties, we arrange multifamily loans over $6 million through Fannie Mae DUS, Freddie Mac, FHA/HUD and CMBS. These institutional programs offer non-recourse financing, up to 80% LTV and fixed terms up to 30 years, with even longer fully amortizing options through HUD.
See our Norfolk multifamily loans page for over-$6 million financing, or explore Fannie Mae and Freddie Mac agency programs.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Norfolk Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Norfolk apartment building, we arrange financing for:
- Large urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and single-family rental properties
- Other multifamily and mixed-use properties
We consider apartment loan requests of all sizes, beginning at $1,500,000.
Other Property & Loan Types We Finance in Norfolk
As a full-service commercial mortgage broker, we arrange Norfolk financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Norfolk Neighborhoods We Serve
Select Commercial provides apartment loans throughout Norfolk, Virginia and the surrounding area, including:
- Ghent
- Downtown Norfolk
- Freemason
- Colonial Place
- Riverview
- Larchmont
- Edgewater
- Ocean View
- East Ocean View
- Park Place
- Wards Corner
- Fairmount Park
- Ghent Square
- Berkley
- Willoughby Spit
- Brentwood Forest
- Greenwood-Elmhurst
- Chelsea
For other cities in the state, see Virginia apartment loans.
Nearby Apartment Loan Markets
We finance apartment buildings nationwide. Explore related markets:
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 Norfolk Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Norfolk apartment loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up