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

$15 Million Multifamily Refinance in Nashville

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million permanent multifamily refinance in Nashville represents the sweet spot for agency execution and competitive term sheets. Nashville's multifamily market has matured significantly, with strong rent growth, low vacancy, and consistent investor demand making permanent financing straightforward for stabilized assets. At this loan size, borrowers can access best-in-class rates around 5.60 percent on 10-year fixed terms, with leverage typically ranging from 65 to 75 percent LTV depending on DSCR and property profile. The capital stack is predictable: agency lenders dominate this bracket, offering 30-year amortization and treasury-based pricing.

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Capital Stack

What a $15M Multifamily Refinance Capital Stack Looks Like

Agency DUS (both Fannie Mae and Freddie Mac) are the primary execution vehicles for $15 million multifamily refinances in Nashville. These lenders compete aggressively at this size, and borrowers benefit from standardized underwriting, 10-year fixed rates, and the certainty of long-term, assumable debt. Life companies occasionally participate as co-lenders or whole-loan investors when sponsors seek higher leverage or want to layer capital, but agency execution typically wins on rate and terms.

Capital Source Rate / Cost Size / LTV Notes
A regional agency lender (Fannie Mae DUS or Freddie Mac standard) 5.50 to 5.75 percent fixed, 10-year treasury basis $15 million / 65 to 75 percent LTV Primary execution; full 30-year amortization; full recourse; 45 to 60 day close; assumable debt; no prepayment penalty after 3-year lockout
A life insurance company (select cases) 5.65 to 5.90 percent fixed, spread-based pricing $9 to $12 million / 55 to 65 percent LTV (second position or co-lender) Used for leverage stacking or bridge into agency; 10 to 15 year fixed; structured recourse; slower timeline; suited for sponsors with strong balance sheets and prior agency debt
A regional bank (balance sheet execution) 5.70 to 6.10 percent fixed, SOFR-plus or treasury-plus $8 to $12 million / 60 to 70 percent LTV Niche player for sponsors with existing banking relationships or who need faster close; fixed options available; relationship-driven pricing; less common than agency at this size
Freddie Mac Optigo SBL (if property smaller or niche) 5.55 to 5.80 percent fixed, 10-year treasury basis $2 to $7.5 million (rarely used at $15M, but available for small portfolio refi) Secondary option for smaller assets within a larger portfolio; streamlined execution; lower prepayment penalty after 1 year; smaller lender appetite limits pricing competitiveness at $15M

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

Sponsors executing $15 million multifamily refinances in Nashville typically have $50 million to $200 million in real estate net worth and 10 to 20 completed deals. They are experienced operators, often with prior agency debt and strong track records of lease-up, value-add, or stabilization. Common motivations include rate-and-term refinances to capture lower rates (especially post-2022 rate hikes), bridge-to-agency for higher-leverage capital, or cash-out refinances tied to dividends or acquisition capital for new projects in secondary markets.

From the CLS CRE Pipeline

A Real $15M Example

We closed an 82-unit garden-style multifamily asset in East Nashville for $14.8 million on behalf of a sponsor with a regional operating platform. The property was stabilized at 94 percent occupancy with average rent of $1,580 per unit and delivered a 1.28x DSCR. A regional agency lender executed at 5.58 percent fixed, 30-year amortization, 72 percent LTV, with a 3-year lockout and full recourse covenant. The sponsor had previously held the asset for seven years and chose to refinance at this juncture to deploy capital into another value-add acquisition in the Nashville market. Close occurred in 52 days; the debt was fully assumable.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M Multifamily Refinance Nashville FAQ

Agency lenders typically want 1.20x DSCR or higher for best pricing. At 1.15 to 1.20x DSCR, you may see a 5 to 15 basis point pricing hit or require additional reserves. Below 1.15x DSCR, leverage drops significantly (60 to 65 percent LTV) or you move to a life company or bank balance sheet. Nashville's strong market fundamentals mean most stabilized assets clear 1.25x DSCR easily, so this is rarely a bottleneck.
Agency lenders offer SOFR-floating at a lower initial rate, but most sponsors at this size and in this market opt for 10-year fixed to lock in gains. If you want floating, a regional bank balance sheet is your best option, pricing around SOFR + 190 to 220 basis points. Floating is rarer in the $15 million agency space because the rate environment has normalized and sponsors prefer certainty.
Agency executions typically close in 45 to 65 days from clear underwriting to funding. Freddie Mac and Fannie Mae both maintain robust multifamily platforms in the Nashville market, so there are no unusual delays specific to the region. Having strong rent rolls, property management records, and recent appraisal (within 6 months) accelerates closing. Life company refi timelines stretch to 90 to 120 days due to individual credit reviews and slower institutional processes.
Most agency lenders offer 0 to 3 years of IO as a negotiated option. A 1-year IO period is standard and costs 10 to 20 basis points. A 3-year IO period costs 25 to 40 basis points and requires very strong DSCR (1.35x or higher). Most sponsors in Nashville refinance stabilized assets and skip IO entirely, amortizing from year one to maximize principal paydown and equity build.
Agency lenders price off market risk and submarket fundamentals. A property in a tertiary Nashville neighborhood (e.g., outer suburbs or less dense infill) may see a 15 to 40 basis point increase versus top-tier submarkets like The Nations or Germantown. Tenancy concentration in non-credit-quality users or single large tenant risk also attracts adjustments. Most sponsors mitigate this by maintaining 1.30x or higher DSCR and demonstrating 12 to 24 months of stable operations prior to refinance.


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