Apartment Loans in New York City:

Since April of 2000 Caffrey & Company LLC has been helping real estate investor’s nationwide find the best loan product for commercial real estate investment properties. Call for great rates for apartment building loan in New York City. Caffrey & Company LLC has a special focus in New York City apartment loans.  The most attractive, non-recourse loans terms start at $1,000,000 for multifamily properties.  Therefore, if you are looking for low interest rates, a non-recourse loan up to 80% of value (Over $7 million leverage up to 85% is available) you are at the right place.  These specialized apartment loan products are available in all of the suburbs including Newark, Jersey City, Queens, Bronx, Manhattan, Brooklyn, and Staten Island.

Let’s take a look at highlights of the Multifamily market in New York City as of June 2024.  These are some of the same things lenders will be viewing:

New York City recently implemented a policy package aimed at boosting housing supply to alleviate the tight conditions for tenants. The package includes tax abatements for affordable housing development and rental conversion projects, as well as an extension of completion dates for approved projects. These measures are expected to help narrow the estimated 500,000-unit housing shortage in the city.

The demand for lower-tier rentals is particularly high, with Class C vacancy remaining at a record low of 1.3 percent. While over 20,000 units are scheduled for delivery in the near term, near-term volatility is expected, mainly driven by new supply, which may push Class A vacancy near 5 percent. However, first-quarter population data suggests that the city is on track to note its lowest decline since 2019, which bodes well for demand across different rental classes in 2024.

In terms of construction and rent, the marketwide vacancy rate in New York City reached 1.9 percent in March, with Class A vacancy dropping to 4.7 percent. Additionally, the mean effective rents for Class B and C rentals grew over 1.0 percent, placing the metro’s overall metric at $2,914 per month in the first quarter.

Multifamily Loan Underwriting:

Each loan product has unique underwriting requirements.  Above all, how the loan data is presented to the lenders can have a negative or positive impact on pricing and loan proceeds.  We offer this expert loan underwriting for an apartment building loans in New York City.  Therefore, this will help to achieve the best pricing and loan terms for your commercial real estate investment.

Free Loan Quote:

We encourage our clients to submit key property level data for a free loan underwriting review.  This initial loan underwriting normally takes less than one business day for us to respond with several apartment loan options for you to consider.  Here is a short list of property level data that would aid in providing a loan quote:

Required Underwriting information needed:

• Last two years and Year-To-Date detailed Profit and Loss statements (in addition a trailing 12-month P&L is best if available) on the apartment complex.
• Current Rent Roll
• Brief narrative description of the property.
• If available a few electronic photos. Or a copy of the real estate agent’s marketing package.
• What is the purpose of the loan? Acquisition, Refinance, cash out, re-position the property (renovations).

Next we will need to understand your investment objectives.  How much do you wish to borrower on the apartment complex?  Is this a long-term investment or short-term investment?  In other words outline your apartment loan in New York City loan request.

We understand the financing of an apartment complex is a very important component of your investment.  Therefore, we encourage our client to send us details on the property before finalizing the purchase and sale contract for an indication of the type of loan that might be available to a particular property.  We can review and provide some up front loan options.

Fixed Rate Loan Terms are Available for Multifamily Properties:

Loan terms are available from 3-years up to 35-years (40-years for new construction on loans over $7 million).  The Apartment buildings can be Garden Style, High Rise, Age Restricted, Student Housing, Section 8 Tenants and subsidize properties.  There must be at least 5-units.  If you have several buildings all with five or more apartment units that you wish to place under one loan no problem, the buildings should be within 3 to 5-miles from the other properties for best loan terms.

How long will it take to close the Loan?

The closing process normally takes between 45 and 55 days to close an apartment building loans in New York City.  Closing costs vary between loan products.  Before you reach for your checkbook  we will provide a detailed estimate of the anticipated closing costs.   At this stage you will know the loan product, the loan terms, and the anticipated closing costs to allow you to make an informed decision before moving forward.

In conclusion you find details on several loan products by following these links: Freddie Mac, Fannie Mae, HUD/FHA, Commercial Mortgage Back Securities (CMBS) and other loan products.  Want more details and sample interest rates for apartment check out Interest Rates for Apartment Loans also on our web site:   Apartment Loan Interest Rates.

Have a question please call:  Mike Caffrey (913) 402-7077 or email: [email protected]

On our web site you can read about specific loan products: www.caffreyloans.com/loan-products, offered by Freddie Mac, Fannie Mae, HUD/FHA, Commercial Mortgage Back Securities (CMBS) and other loan products. Want more details on sample interest rates for apartment check out Interest Rates for Apartment Loans also on our web site: www.caffreyloans.com/apartment-loans.

Have a question please contact
Mike Caffrey
Telephone: (913) 402-7077
[email protected]
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