By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $10 million agency multifamily refinance in Brooklyn is the canonical NYC-area institutional multifamily refinance. The deal size sits squarely in the Fannie Mae DUS Conventional and Freddie Mac Optigo Conventional sweet spot, with deep Seller-Servicer competition and meaningfully tighter pricing than CMBS or life co alternatives at the same leverage. Most $10M Brooklyn multifamily refis fund at 70 to 75 percent LTV on 10-year fixed-rate non-recourse terms with full agency standard structure.
Get a Quote on Your $10M Deal →$10M Brooklyn multifamily refinances are typically funded as a single senior agency loan with no mezz or preferred equity layered above. The decision is which agency, which Seller-Servicer, and what term length. Brooklyn-specific underwriting items include rent stabilization (HSTPA framework, RGB rent guidelines), Local Law 97 carbon caps, Local Law 11 facade exposure, and 421-a / 485-x tax abatement status.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Typical $10M Brooklyn agency refinance sponsors are NYC-focused multifamily investors with 5 to 50 properties across the five boroughs. Sponsor net worth typically $8M to $50M; liquidity $1M to $8M. The deal often replaces a maturing 5 to 7 year bank balance sheet loan with a 10-year agency at lower coupon. Most Brooklyn refinances address the property's rent stabilization status, recent DHCR registration, Local Law 97 carbon compliance pathway, Local Law 11 facade cycle status, and any 421-a or 485-x abatement timing.
On an 18-unit walk-up rent-stabilized multifamily in Williamsburg with 75 percent stabilized units and a 25 percent free-market mix, the sponsor refinanced an expiring bank balance sheet 5-year loan at 7.45 percent into Freddie Mac Optigo Conventional at 5.78 percent fixed 10-year, 72 percent LTV, $9.8M loan amount, with 2 years of interest-only and full yield maintenance. The new coupon saved approximately $164,000 per year of interest. DHCR registrations were current; Local Law 11 cycle 9 facade work was complete; Local Law 97 emissions compliance pathway was documented for the operating cap period through 2030.
Anonymized. All deal references protect borrower and lender identity.
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