Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
St. Paul, Minnesota
St. Paul Apartment Loans in 2026
Select Commercial specializes in St. Paul apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 5.68% and up to 80% LTV. For properties elsewhere in the state, see our Minnesota apartment loans; for loans over $6 million, see St. Paul multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in St. Paul
St. Paul apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Minnesota apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
St. Paul Apartment Loan Rates
Rates updated as of August 19, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.08% | Up to 80% |
| 7 Year Fixed | 6.19% | Up to 80% |
| 10 Year Fixed | 6.28% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.68% | Up to 75% |
| 7 Year Fixed | 5.79% | Up to 75% |
| 10 Year Fixed | 5.88% | Up to 75% |
- Streamlined underwriting for institutional multifamily
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
Rates last updated August 19, 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 St. Paul Apartment Loan Programs
As a broker, we compare every program to find your best-fit St. Paul apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.08% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25% | 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 St. Paul multifamily loans.
2026 St. Paul Apartment Loan Market: Demand Normalizes After a Five-Year Growth Phase
St. Paul, part of the Minneapolis-St. Paul market, sees investor activity increase as demand normalizes following a five-year growth phase. Low vacancy and a deep base of major employers support consistent renter demand.
Employment
The metro is projected to record its first annual job loss since 2020, though the modest decline will keep total employment above 2 million.
Construction and supply
Completions will decline marginally from last year's level, keeping inventory growth at 0.9 percent, with most new supply slated to deliver in the second half of the year.
Vacancy
Availability falls to 3.9 percent, below its prior 10-year average, ranking third in annual decline among Midwestern metros.
Rent trend
The mean effective rent will rise to $1,705 per month, up 3.0 percent, one of the larger increases among metros seeing sharper demand contraction.
2026 St. Paul forecast at a glance:
- The metro records its first annual job loss since 2020, staying above 2 million jobs.
- Inventory grows 0.9 percent as completions decline marginally.
- Vacancy falls to 3.9 percent, below the prior 10-year average.
- Mean effective rent rises to $1,705 per month, up 3.0 percent.
St. Paul Multifamily Loans (Over $6 Million)
For larger St. Paul 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 St. Paul 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.
St. Paul Apartment Loan Types We Serve
Whether you are purchasing or refinancing a St. Paul 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 St. Paul
As a full-service commercial mortgage broker, we arrange St. Paul financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
St. Paul Neighborhoods We Serve
Select Commercial provides apartment loans throughout St. Paul, Minnesota and the surrounding area, including:
- Cathedral Hill
- Summit Hill
- Grand Avenue
- Highland Park
- Mac-Groveland
- Lowertown
- Como
- Frogtown
- Payne-Phalen
- West Seventh
- Merriam Park
- St. Anthony Park
- Dayton's Bluff
- North End
- Downtown St. Paul
- Battle Creek
For other cities in the state, see Minnesota 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 St. Paul Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on St. Paul 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