NYC Apartment Loans
$1,000,000 Minimum

NYC Apartment Loan Rates - Rates updated June 23rd, 2021

NYC Apartment Loan Rates Over $6,000,000 Rates (start as low as) LTV
Multifamily 5 Year Fixed Loan Rates 2.57% Up to 80% Get Free Quote
Multifamily 7 Year Fixed Loan Rates 2.71% Up to 80% Get Free Quote
Multifamily 10 Year Fixed Loan Rates 2.92% Up to 80% Get Free Quote
NYC Apartment Loan Rates Under $6,000,000 Rates (start as low as) LTV
Multifamily 5 Year Fixed Loan Rates 3.17% Up to 80% Get Free Quote
Multifamily 7 Year Fixed Loan Rates 3.18% Up to 80% Get Free Quote
Multifamily 10 Year Fixed Loan Rates 3.19% Up to 80% Get Free Quote
NYC Apartment Building NYC
Multifamily Loan

Select Commercial has excellent NYC multifamily loan products and options available for owners and purchasers of multifamily properties throughout the city of NYC. 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. NYC is one of the cities that we consider to be a premium market 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 NYC 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. If you are looking to purchase or refinance an apartment building, don't hesitate to contact us.

NYC Apartment Loan Benefits

NYC Apartment Loan rates start as low as 2.57% (as of June 23rd, 2021)
• No upfront application or processing fees 
• Simplified application process 
• Up to 80% LTV on apartment financing 
• Terms and amortizations up to 30 years 
• Apartment loans for purchase and refinance, including cash-out 
• 24 hour written pre-approvals with no cost and no obligation

Recent TRUSTPILOT Reviews

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!"


NYC Apartment Loan Types We Serve

If you are looking to purchase or refinance a NYC apartment building, don't hesitate to contact us. We arrange financing in the city of NYC 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

NYC Multifamily Loan Information

NYC Economic Trends NYC Economic Trends

Amazon, Google Expansions Highlight Increasing Tech Presence, Driving Apartment Demand in Boroughs

Announcements by tech giants set stage for next phase of growth in New York City. Following the recent announcements by Google and Amazon to undertake vast expansions of their office footprint and workforce, the New York City metro has set the stage for robust growth stemming from the tech sector. While Google will be expanding in Lower Manhattan, Amazon has opted for Long Island City in Queens, bolstering demand for housing throughout the city. Developers have taken note, swelling the pipeline for new rentals in core neighborhoods of Manhattan, as well as several prominent locations in Brooklyn and Queens. Additionally, the size and scope of projects remains exceptional, highlighted by the redevelopment of the Domino Sugar factory in Williamsburg into a mixed-use structure and 5Pointz in Long Island City, a two-building, 1,115-unit undertaking. While construction remains elevated, supply growth has rolled over from the cycle high reached in 2016, allowing rent growth to reaccelerate, particularly in Manhattan and western Brooklyn along the East River. Vacancy remains extremely tight as well, and it is set to stay below 2 percent through this year.

Global appeal encourages broad investor interest, deep pool of liquidity. As a combination of local, national and global capital sources vie for assets in New York City, dollar volume routinely soars past $8 billion, providing significant market liquidity. While institutional investors have primarily focused their efforts in Manhattan and the western edges of Brooklyn and Queens, private investors have ventured inland toward Crown Heights, Bushwick and Ridgewood, where cap rates remain above the metro average and competition is much less intense. Broadly, cap rates in the metro will begin in the high-3 percent range, while extending to the mid-4 percent area depending on asset quality and location. As the impact of Amazon’s and Google’s expansion becomes more fully understood, investors will likely benefit greatly from positioning near office developments.

2019 New York City Apartment Market Forecast

National Multifamily Index rank of 3, up 4 places.  The tightest vacancy rate in the nation gives New York City a top five ranking in the Index this year.

Employment in New York City is up 1.2%.  Tech and hospitality expansion form the basis for job growth of 55,000 positions this year.

Construction of apartments in New York City expected to number 20,000.  Deliveries tick up slightly as builders focus on projects primarily along the East River in Brooklyn and Queens. Developments in Manhattan are led by activity on the Upper West Side.

Vacancy in NYC multifamily is unchanged.  Vacancy remains unchanged at 1.8 percent as supply and demand move closer toward parity.

NYC apartment rents are up 3.4%.  The average effective rent increases 3.4 percent to $2,650 per month, accelerating from last year’s 2.7 percent growth.

Investment in New York City apartments is very strong.  The expected impact of Amazon’s HQ2 announcement on nearby neighborhoods adjacent to Long Island City will boost investment and development interest in Northwest Queens and Northern Brooklyn.

Data provided by Marcus & Millichap

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.

Apartment Loan Trends in 2020

NYC Vacancy and Rents NYC Vacancy and Rents

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.

What Happened with Apartment Loans in 2019

NYC Sales Trends NYC Sales Trends

The multifamily market ended the 2019 year on a high note. Despite increased levels of new units entering the market, the apartment sector maintained strong and steady growth throughout the year. Vacancy rates throughout the country remained fairly stable, easing investors’ concerns of a significant decline in occupancy due to the high sum of multifamily units delivered. Furthermore, rent growth on the national and metropolitan levels remained healthy throughout the year. While 2019 rent growth was more modest than 2018, it was in line with 2016 and 2017 levels and remained above the national historic average of 3.4%. Based on data provided by the U.S. Census Bureau, multifamily completions increased slightly in 2019 when compared with 2018. The data also show that reported permit growth has increased 3% and starts are up 2%. Although 2019 data is not yet fully complete, these metrics suggest that the supply will remain elevated over the next few years. In terms of multifamily mortgage origination, the most up to date information has surpassed expectations. Mortgage Bankers Association reported that the 2018 mortgage volume came in at about $339 billion, an increase of 18.9% from 2017. While the actual 2019 numbers will not be available until later this year, experts estimate that due to solid fundamentals, low interest rates and heightened demand for multifamily investments, the total origination volume last year was about $369 billion.

The 2019 economy thrived overall. Throughout the year 2.1 million jobs were added which were in line with 2017 number (although it fell short of the 2018 total of 2.7 million). The unemployment rate also continued to decrease in 2019 as it went down 50 basis points to 3.5% at the end of the year. This number matched the lowest unemployment rate in fifty years. The labor market heavily supported increased salaries, as indicated by the 2.8% annual growth in the Employment Cost Index as of September of 2019. While these gains were below the expected amount for a market with such a low unemployment rate they were above the average for the past decade. At the beginning of the year many investors were concerned due to expectations of a recession. There were many indicators that supported this concern such as inverted two and ten year yield curves, an unanticipated rise in the June unemployment rate of ten basis points, an unstable stock market and slowed job growth. However, during the third and fourth quarters of 2019, the economy improved as job growth rose, the unemployment rate fell. This economic improvement has had a clear impact on the multifamily market as more investors are feeling bullish on putting their money into this asset class.

NYC 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 loan market. Freddie Mac has a very aggressive program for small balance apartment 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:

  • Multifamily 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 apartment loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

NYC Apartment Building Loans

Select Commercial provides apartment loans and multifamily loans throughout NYC, New York including, but not limited to, the areas below.


Alphabet City • Kips Bay • Roosevelt Island • Astor Row • Koreatown • Suffolk • Battery Park City • Lenox Hill • San Juan Hill • Bowery • Le Petit Senegal • SoHo • Carnegie Hill • Liberty Island • South Street Seaport • Chelsea • Lincoln Square • South Village • Chinatown • Little Germany • Strivers Row • Civic Center • Little Italy • Stuyvesant Square • Columbus Circle • Little Syria • Stuyvesant Town • Cooperative Village • Loisaida • Sugar Hill • Diamond District • Lower East Side • Sutton Place • East Harlem • Lower Manhattan • Sylvan Court Mews • East Village • Madison Square • Tenderloin • Financial District • Manhattan Valley • Theatre District • Five Points • Manhattanville • Times Square • Flatiron District • Marble Hill • TriBeCa • Garment District • Marcus Garvey Park • Tudor City • Gashouse District • Meatpacking District • Turtle Bay • Gramercy Park • Midtown Manhattan • Two Bridges • Greenwich Village • Morningside Heights • Upper East Side • Hamilton Heights • Murray Hill • Upstate New York • Harlem • NoHo • Upper Manhattan • Hells Kitchen • Nolita • Upper West Side • Herald Square • NoMad • Wards Island • Hudson Heights • Peter Cooper Village • Washington Heights • Hudson Yards • Pomander Walk • Waterside Plaza • Inwood • Radio Row • West Village • Italian Harlem • Randalls Island • Yorkville