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

$15 Million Multifamily Refinance in Denver

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million multifamily refinance in Denver represents a mid-market transaction that typically involves a stabilized asset in strong submarkets like Cherry Creek, LoDo, or the Tech Center. At this loan size, borrowers are usually trading 60 to 65 percent LTV and achieving DSCR in the 1.20 to 1.35x range, which attracts both agency and balance-sheet lenders competing aggressively. Current market conditions favor fixed-rate permanent financing at 5.50 to 5.75 percent for 10-year terms, with execution timelines of 45 to 60 days from complete application to closing.

Get a Quote on Your $15M Deal →
Capital Stack

What a $15M Multifamily Refinance Capital Stack Looks Like

The $15 million tier in Denver is the sweet spot for Freddie Mac DUS and Fannie Mae standard DUS, though regional banks and life companies remain competitive alternatives depending on borrower relationship and property profile. Lender selection hinges on LTV comfort, interest-only period preferences, and whether the borrower values streamlined underwriting velocity over rate optimization.

Capital Source Rate / Cost Size / LTV Notes
Government-sponsored enterprise (standard DUS) 5.50 to 5.75 percent fixed, 10-year $15M at 60 to 65 percent LTV Agency programs dominate this size range due to lower spreads and aggressive pricing. Full recourse typical, closing in 50 to 60 days. Strong focus on debt service coverage and reserve requirements.
Regional bank balance sheet 5.65 to 5.90 percent fixed, 10-year $15M at 62 to 67 percent LTV Relationship-driven pricing advantage for repeat borrowers. Faster decision-making, flexible recourse structures, and willingness to consider interest-only periods up to 3 years in select cases.
Life company debt fund 5.75 to 6.10 percent fixed, 10-year $15M at 55 to 65 percent LTV Positioned for borrowers with weaker DSCR or those seeking longer amortization (30-year vs. 25-year). Higher prepayment penalties but more lenient on recourse reduction after year 5.
Community bank or credit union 5.80 to 6.25 percent fixed, 10-year $15M at 55 to 62 percent LTV Local market knowledge and relationship-based programs. Slower underwriting, but strong appeal for borrowers with Denver market roots. Often require full recourse and personal guarantees.

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

A typical $15 million multifamily refinance borrower in Denver has $30 to $75 million in total real estate equity, 2 to 5 stabilized assets under management, and 8 to 15 years of direct multifamily operations. Motivation is usually rate arbitrage (refinancing 2019 to 2020 originations at 3.50 to 4.25 percent to lock current rates while capturing equity), portfolio rebalancing, or capital recycling into new acquisitions. Many are local or regional sponsors with strong tenant retention records and rents tracking at or above Denver market averages.

From the CLS CRE Pipeline

A Real $15M Example

We closed a 74-unit mid-rise asset in the Tech Center submarket at $14.2 million for a borrower with three prior Denver multifamily closings under our firm. The property was originally financed in 2018 at 4.50 percent on a 10-year term, and the borrower sought to tap 11 percent equity gain while locking a long-term rate at 5.45 percent on a new 10-year fixed. The loan executed at 62 percent LTV with 1.28x DSCR, closing in 48 days with a regional bank that held the original loan. The borrower retained a 2-year interest-only period to fund a $1.2 million unit upgrade cycle, and the transaction remained non-recourse after year 7 per the bank's standard guidelines.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M Multifamily Refinance Denver FAQ

Agency lenders (Freddie Mac and Fannie Mae standard DUS) typically require 1.20 to 1.35x DSCR and 60 to 65 percent LTV for non-recourse structures. Life companies and regional banks may accept DSCR down to 1.15x and LTV to 67 percent if borrower profile is strong, but pricing widens by 25 to 50 basis points. Reserve requirements are usually 6 to 12 months of debt service, plus capital reserves for larger properties.
Agency financing (Freddie/Fannie DUS) runs 45 to 60 days from complete application to closing, with the bulk of time spent in appraisal and title review. Regional banks and life companies can move faster (35 to 50 days) if the borrower has a pre-existing relationship, but complexity around environmental issues or tenant turnover can extend timelines by 2 to 3 weeks. Interest-only period requests or recourse release conditions typically add 5 to 10 days to the approval phase.
As of early 2026, 10-year fixed rates for $15M Denver multifamily are running 5.50 to 5.75 percent for agency execution and 5.65 to 6.10 percent for non-agency alternatives, versus 4.00 to 4.50 percent in early 2023. Spreads to 10-year Treasury have compressed slightly, but absolute rates remain 125 to 175 basis points higher. Borrowers refinancing prior 2020 originations at 3.50 to 4.25 percent are experiencing meaningful payment increases, making pre-payment analysis and 1031 exchange strategies critical.
Agency DUS programs typically allow 0 to 2 years of interest-only for stabilized properties, with extensions to 3 years available in select cases with strong DSCR cushion. Regional banks and life companies are more flexible, often accommodating 3 to 5 year interest-only periods for borrowers planning capital expenditures or repositioning. Interest-only periods beyond 3 years generally trigger an additional 15 to 25 basis point rate premium and tighter LTV restrictions.
Lenders require two years of audited or reviewed financial statements, current rent rolls (within 30 days), 12 months of actual operating statements, and a Phase I environmental assessment (updated annually). Title commitment, property survey, and recent appraisal (if less than 6 months old) can accelerate the process by 10 to 15 days. Tax returns and personal financial statements for guarantors are standard, and borrowers who provide these upfront typically close 5 to 7 days faster than those that withhold information until the commitment stage.


Get a Quote on Your $15M Deal

Tell us about your transaction. We will run it past lenders that actively fund this size and product type and send back terms within 48 hours.

Apply for Financing →
Or call us: 310.708.0690

Weekly Market Intelligence

Rate updates, deal insights, and capital markets analysis. One email per week. Unsubscribe anytime.

No spam. No selling your data. Just market intelligence from a working broker.

Need financing? Apply in 2 minutes. Response within 24 hours.
Apply Now →
📈

Before You Go…

Get matched with the right lender from our network of 1,000+ capital sources.

Or call us: 310.708.0690

No spam. Unsubscribe anytime.