$15M Multifamily Refinance Atlanta | Commercial Lending Solutions 
Loan Size Example

$15 Million Multifamily Refinance in Atlanta

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million multifamily refinance in Atlanta represents the sweet spot for agency execution in today's market. Most loans at this size hit 65 to 75 percent LTV and carry DSCR in the 1.20 to 1.40 range, making them highly competitive among permanent lenders. Rates sit around 5.65 percent on a 10-year Treasury basis, though execution depends heavily on property vintage, tenant profile, and sponsor balance sheet. Atlanta's multifamily market has stabilized post-2023, with most Class B and C garden-style properties in submarkets like East Atlanta and Decatur seeing steady occupancy recovery.

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Capital Stack

What a $15M Multifamily Refinance Capital Stack Looks Like

At $15 million, standard agency DUS programs dominate the capital stack, specifically Freddie Mac and Fannie Mae execution. Lenders choose between agencies based on pricing, timeline tolerance, and whether a sponsor wants agency recourse relief; life companies also compete for this size, especially if a borrower carries high leverage or weaker DSCR and needs longer interest-only terms. The typical Atlanta operator at this price point qualifies for full agency execution, so life company deployment is usually secondary or used only when agency pricing gaps widen.

Capital Source Rate / Cost Size / LTV Notes
Large regional bank 5.55 to 5.75 percent $15M at 70 to 72 percent LTV Whole loan holding or portfolio sale to GSE. Execution timeline 30 to 45 days. Full recourse standard. Prefers properties with 90+ percent occupied, strong sponsorship.
Government-sponsored agency (Freddie Mac or Fannie Mae) 5.60 to 5.80 percent $15M at 65 to 75 percent LTV Standard DUS program. 10-year amortization. No recourse relief unless borrower qualifies. 3 to 6 month execution. DSCR floor typically 1.20x. Interest-only periods rare at this size unless special equity situation.
Life company balance sheet 5.70 to 6.00 percent $15M at 55 to 65 percent LTV Reserves capacity for lower DSCR (1.10 to 1.25x) and longer IO periods (up to 5 years). Execution slower (60 to 90 days). Recourse negotiable. Preferred when agency pricing or leverage constraints bind.
Credit union or smaller balance-sheet lender 5.50 to 5.85 percent $15M at 65 to 72 percent LTV Highly selective on property type and location. Faster execution (20 to 35 days) but tighter covenant package. Often local presence in Atlanta market, relationship-driven. Strong sponsor requirement.

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $15M Multifamily Refinance Deal

The typical sponsor executing a $15 million multifamily refinance in Atlanta owns a stabilized four to six unit Class B or C property, often acquired three to five years prior during a market shift or forced equity event. Net worth typically ranges from $2 to $10 million, with prior multifamily experience and a track record of 2 to 5 prior transactions, most under $20 million. Motivation is usually cash-out, rate capture from previous high-rate debt, or balance sheet optimization ahead of a larger acquisition cycle.

From the CLS CRE Pipeline

A Real $15M Example

CLS closed a $15.2 million refinance in late 2025 on a 168-unit garden-style property in the East Atlanta submarket, originated in 2019 at 4.25 percent. The sponsor, a repeat client with prior deals in the $8 to $18 million range, carried 72 percent LTV and 1.31x DSCR. A regional bank initially underwritten the deal at 5.73 percent, but agency execution via Freddie Mac came in 6 basis points lower with faster timeline and better covenant flexibility. The loan closed in 52 days with three-year interest-only carved for a planned value-add to the common area, and the sponsor refinanced $2.1 million in equity for deployment to a second Atlanta property.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M Multifamily Refinance Atlanta FAQ

Most agency lenders max out at 72 to 75 percent LTV on stabilized Class B and C properties. If your DSCR is strong (1.35 to 1.50x), you may push toward 75 percent; weaker DSCR (1.20 to 1.30x) typically caps at 70 percent. Life companies will go deeper (up to 80 percent) but rates rise 25 to 50 basis points and IO periods become necessary.
If your property is stabilized, occupancy is above 88 percent, and DSCR exceeds 1.25x, agency execution wins on rate and execution speed. Life companies make sense if you need lower leverage, longer interest-only, or have recent operational hiccups that don't meet agency standards. Most Atlanta sponsors at $15 million qualify for agency, so get agency quotes first.
Bank execution typically runs 30 to 45 days from application to close. Agency DUS takes 45 to 75 days because underwriting is more layered and appraisal requirements are stricter. Life companies run 60 to 90 days due to underwriting depth and investment committee review. Adding 7 to 10 days if the property is in a submarket that lenders find unfamiliar.
Agencies require a minimum 1.20x DSCR, but competitive execution (sub-5.75 percent rates) typically requires 1.30x or higher. If you are below 1.25x, expect rate bumps of 12 to 25 basis points or a need to go to a life company. Covenant DSCR (the floor the lender enforces over the loan life) is often 1.15 to 1.20x on agency deals.
Agency DUS programs typically do not offer IO at this size unless there is a special equity event or active value-add plan with documented capex. Life companies routinely offer 3 to 5 years of IO, especially below 65 percent LTV. If IO is critical to your pro forma, budget 40 to 75 basis points in additional rate cost or consider a life company quote.


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