Loan Size Example

$15 Million Multifamily Refinance in New York

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million multifamily refinance in New York represents the sweet spot for agency execution in 2026, where leverage typically ranges from 60 to 70 percent LTV and debt service coverage ratios hold at 1.20x to 1.30x. New York's rent growth and investor demand for stabilized assets make this loan size attractive to regional banks, life company lenders, and standard agency DUS programs, all competing aggressively for well-seasoned properties in core and emerging neighborhoods. Rates on a $15 million multifamily refi currently sit in the 5.75 percent range for agency products, with life companies pricing 25 to 50 basis points higher depending on property profile and sponsor strength. The primary driver for borrowers is rate reset: properties that locked in debt during the low-rate environment are eager to extend maturity and reduce rate risk on the back of strong operational performance.

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Capital Stack

What a $15M Multifamily Refinance Capital Stack Looks Like

At the $15 million level, agency DUS dominates the New York multifamily refi market because the loan size aligns perfectly with Freddie Mac and Fannie Mae underwriting appetites and the competitive pressure keeps pricing tight. Life companies emerge as a viable second option when sponsors want flexibility on recourse, extension options, or tailored prepayment terms that agencies cannot match. Lender selection typically hinges on property submarket quality, sponsor balance sheet strength, and whether the borrower values rate certainty or structural flexibility.

Capital Source	Rate / Cost	Size / LTV	Notes
Agency DUS (Freddie Mac or Fannie Mae)	5.75 to 6.00 percent, 10-year Treasury + 180 to 220 basis points	$15M at 60 to 68 percent LTV	Full agency execution; typically requires 1.25x minimum DSCR; 36-month prepayment lockout standard; non-recourse with full environmental and structural due diligence; 7-year to 10-year amortization most common
Life company balance sheet	6.00 to 6.35 percent; spreads of 225 to 275 basis points over 10-year Treasury	$15M at 55 to 65 percent LTV preferred	Recourse typically required; longer approval timeline (90 to 120 days); flexible on term, prepay, and covenant structure; attractive for sponsors seeking quiet title or non-delegated servicing
Regional bank balance sheet	5.90 to 6.25 percent; relationship-dependent pricing	$15M at 65 to 70 percent LTV for strong credits	Fast underwriting and execution (45 to 60 days); typically portfolio hold; may offer interest-only periods of 3 to 5 years; recourse and personal guarantees expected; best for repeat sponsors with prior relationship
Freddie Mac Optigo SBL (secondary execution)	5.85 to 6.10 percent	$15M at lower leverage (50 to 60 percent LTV)	Smaller balance sheet footprint; less competitive on this size but available for sponsors with prior Freddie relationship; slightly slower than regional bank; strong for value-add conversions or repositioning scenarios

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 $15 million multifamily refinance sponsor in New York is a mid-market operator with $50 million to $250 million in portfolio AUM, 10 to 20 years of multifamily operating experience, and a track record of 3 to 8 recent transactions. These sponsors own or manage stabilized, rent-paying assets in primary submarkets (Manhattan, Brooklyn, Queens core areas) and are refinancing to extend loan maturity, reduce rate exposure, or recycle capital into new acquisitions. Many are motivated by the expiration of CARES Act forbearance programs, rate reset cycles from 2021 to 2022 originations, or planned portfolio transitions within 3 to 5 years.

From the CLS CRE Pipeline

A Real $15M Example

A 185-unit garden-style multifamily asset in a strong Queens submarket that the sponsor had held for eight years closed on a $15.2 million refinance through a regional bank at 5.79 percent on a 10-year amortization with a 3-year interest-only period. The property was refinancing out of an older floating-rate mortgage and achieving significant payment savings despite the higher absolute rate, backed by in-place rents that had grown 18 percent over the hold period. LTV came in at 68 percent with a 1.28x DSCR; the lender required full recourse, and closing occurred in 52 days from application to funding. The sponsor used proceeds to pay down the previous debt and retain $900,000 in cash for capital expenditure reserves and acquisition dry powder.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M Multifamily Refinance New York FAQ

Agency products (Freddie and Fannie) enforce a 1.25x minimum DSCR, measured on the subject property's trailing 12-month NOI or proforma NOI if the property is undergoing repositioning. Regional banks and life companies may go slightly lower (1.20x) for strong sponsors or well-stabilized assets, but anything below 1.15x becomes difficult to place in the secondary market. Most New York multifamily assets in the $15 million range stabilize at 1.28x to 1.35x DSCR, so hitting the minimum is rarely the limiting factor.

No. Agency DUS programs (Freddie Mac and Fannie Mae standard execution) are non-recourse to the sponsor at loan closing, provided all environmental and structural conditions are satisfied and the property performs as underwritten. Life companies and regional banks typically do require full recourse and a personal guarantee, which is a material trade-off in risk allocation and should factor into your lender selection. This is one of the strongest reasons to prioritize agency execution when your balance sheet and DSCR support it.

Agency execution (Freddie or Fannie DUS) typically takes 90 to 120 days from a clean application to closing, including appraisal, environmental, underwriting, and approval cycles. Regional bank balance sheet loans move faster, often in 45 to 60 days if the relationship is strong and the property is uncomplicated. Life company refinances tend to land in the 100 to 140 day range due to more rigorous credit analysis, but you gain flexibility on terms and prepayment that may justify the longer timeline.

Agency programs typically do not offer interest-only periods for refinancing existing debt; they expect full amortization from day one. Regional banks may offer 3 to 5 years of interest-only as a competitive advantage, particularly if the sponsor is retaining the property long-term and has strong reserves. Life companies are most flexible on I-O periods and may grant 5 to 7 years depending on property quality, sponsor strength, and business plan. I-O is most valuable if you are actively repositioning units or implementing significant value-add work.

Yes, significantly. At $15 million you are firmly in agency territory where pricing is transparent and competitive, meaning lenders are price-takers and rate moves daily based on Treasury curves and agency buydown flows. At $25 million and above, you enter life company and CMBS space where pricing is more negotiated and structured, so individual credit quality, sponsor relationship, and term flexibility move the needle more than raw rate markets. The $15 million sweet spot typically offers the tightest execution but the least room for creative structuring.

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$15 Million Multifamily Refinance in New York

What a $15M Multifamily Refinance Capital Stack Looks Like

Who Closes a $15M Multifamily Refinance Deal

A Real $15M Example

$15M Multifamily Refinance New York FAQ

Get a Quote on Your $15M Deal

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