NYC Commercial Mortgage Loans
$1,000,000 Minimum

NYC Commercial Mortgage Rates - Rates updated March 7th, 2021

Loan Product Rates (start as low as) LTV
Multifamily Mortgage Rates (Over $6,000,000) 2.94% Up to 80% Get Free Quote
Multifamily Mortgage Rates (Under $6,000,000) 3.37% Up to 80% Get Free Quote
Single Tenant Lease Rates 3.50% Up to 75% Get Free Quote
Business Real Estate Loans 3.70% Up to 90% Get Free Quote
Commercial Mortgage Rates 3.75% Up to 75% Get Free Quote
NYC Commercial Real Estate NYC Commercial Mortgage

Select Commercial is a leading commercial real estate lender. We have excellent commercial mortgage loan products and options available for owners and purchasers of commercial real estate and multifamily buildings throughout the city of NYC. While we lend across the entire continental United States, 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 borrowers looking to purchase or refinance a commercial property. If you are looking to obtain a multifamily building loan or commercial real estate loan, don't hesitate to contact us. There are many reasons why our customers like doing business with Select Commercial. We have a simplified application process and we do not charge any upfront application or processing fees. We typically offer 24-hour pre-approvals with no-cost and no-obligation. Our long term fixed rates are excellent, and we look to close within 45 days of application.

NYC Commercial Mortgage Benefits

NYC commercial mortgage rates start as low as 2.94% (as of March 7th, 2021)
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily, 75% on commercial (90% with SBA)
• 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

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!"


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 Multifamily 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.

Commercial Mortgage Rate Trends in 2020

NYC Vacancy and Rents NYC Vacancy and Rents

At the beginning of 2020 the overall market outlook did not suggest any crucial factors that would negatively impact the commercial mortgage market. Commercial mortgage lenders and investors expected a very profitable 2020. Almost 65 percent of the top commercial real estate companies believed that commercial mortgage loan originations would go up this year and over 15 percent anticipated an overall rise of over 5 percent. Data released at the beginning of 2020 indicated that commercial mortgage lenders were expected to close over $680 billion of commercial mortgage loans this year. Experts were of the belief that commercial mortgage lenders would remain bullish about making loans. In addition, as commercial mortgages rates were expected to go down most industry leaders were convinced that borrowers in 2020 will have a strong desire to take out commercial mortgage loans. However, with the recent outbreak of the Covid-19 pandemic, the US and global economy has been incredibly unstable. The stock market seems to be bottoming out and commercial mortgage rates have been hit very hard. While the Fed has dropped short term interest rates, long term commercial mortgage rates have actually been rising. Huge cities like New York are shutting down. In this economic climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages. Additionally, the oil industry has been hit hard. Not only are people traveling less due to coronavirus, China and Russia are currently involved in a price war which is driving the price of oil way down. Many people are optimistic that as spring and summer roll in and public health officials learns how to handle this pandemic, the economy should regain its strength.

What Happened with Commercial Mortgage Rates in 2019

NYC Sales Trends NYC Sales Trends

As we review the 2019 year, the commercial real estate market continued to flourish as the longest economic recovery in American history continued. Due to both GDP growth and a steady decline in the unemployment rate, 2019 saw the stock market make huge gains. Many investors thought that commercial mortgage rates would go up last year. However, in actuality commercial mortgage rates actually went down three times. These interest rates helped to spur investors to put more money into commercial real estate. With regards to commercial mortgage loan origination, the 2019 fiscal year far exceeded expectations due to solid fundamentals, low interest rates and higher demand for commercial mortgages. While 2018 commercial mortgage volume totaled about $339 billion, an increase of 18.9% from 2017, the 2019 numbers total about $369 billion. On a larger scale, the 2019 economy prospered overall. Over the course of the year about 2.1 million jobs were added to the market. In addition, the unemployment rate decreased about 50 basis points last year, matching the lowest unemployment rate in fifty years. At the beginning of 2019 many investors were expecting a recession. However, the economy improved as job growth rose and the unemployment rate decreased. This economic improvement had an immensely positive impact on the commercial real estate market as more investors rushed to put their money into commercial properties.

NYC Commercial Mortgage Loan Options

Our staff is professional and knowledgeable, and we look forward to working with you on your next commercial mortgage transaction. We arrange financing in the city of NYC for the following:


  • Multifamily Building Loans – we actively lend on garden apartments, high-rise multifamily buildings, student housing complexes, underlying cooperatives, and all other types of residential dwellings. We consider loan requests up to 80% LTV. We offer loans with and without recourse (personal guarantees) and with and without prepayment penalties. We offer fixed rate loans with terms from 3 to 30 years.
  • Office Building Loans – we lend on all types of office properties, including multi-tenant and single tenant buildings in all locations. We lend on both owner occupied and investor properties. We typically lend up to 75% LTV on investor properties and up to 90% on owner occupied properties. Most loans are written for either 5, 7, or 10 years at a fixed rate with a 25-year amortization.
  • Retail Building Loans – we gladly consider requests for commercial mortgage loans on shopping centers, retail strip centers, and individual retail stores. We are a little bit more conservative on retail loans these days based on the current climate for retailers and will consider LTV ratios of 65%-75% depending on the deal. We actively lend on NNN single tenant retail locations such as Starbuck’s, CVS, Walgreens, Dollar General, and other national credit rated tenants.
  • Industrial Property Loans – we love to lend on warehouses, distribution centers, manufacturing facilities and other industrial properties. Often, these properties are owner occupied by the owner’s business. We also lend on multi-tenant industrial properties as well. We look for properties in good locations with access to population centers and transportation.
  • Single/Special Use Loans – we have a special lending division that understands small business lending secured by owner occupied businesses such as motels, gas stations, restaurants, car washes, retail stores, and other specialty properties. Many banks have a hard time with this type of lending as they often do not understand the underlying businesses.
  • Investment Property Loans – any and all income producing property will be considered. We are cash flow driven lenders and look for properties that generate positive cash flow for their owners. We will consider portfolios of single family residences under this group.
  • Bridge Loans – many borrowers do not qualify for regular institutional financing due to various short-term obstacles which need to be resolved before they can qualify for bank type financing. These borrowers often require short term loans, or bridge loans, to overcome these short-term problems.
Our company has multiple capital sources for these loans, including: national banks, regional and local banks, Fannie Mae, Freddie Mac, FHA, HUD, insurance companies, Wall Street conduit lenders (CMBS deals), credit unions and private lenders/hedge funds. Whether you are purchasing or refinancing, we have the right solutions available. We will entertain loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

NYC Commercial Mortgage Loans

Select Commercial provides commercial mortgage loans and multifamily financing throughout NYC and the state of 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