$3M Multifamily Acquisition Tampa | Commercial Lending Solutions 
Loan Size Example

$3 Million Multifamily Acquisition in Tampa

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $3 million multifamily acquisition in Tampa represents a core-plus entry point into one of Florida's strongest apartment markets. These deals typically target 15 to 30 unit properties in established neighborhoods where demographic tailwinds and job growth support stable occupancy and rent growth. Leverage tends to run 70 to 75 percent LTV, with rates in the 6.50 to 7.00 percent range depending on sponsor strength and asset quality. Execution speed and certainty matter here, which is why agency platforms dominate this segment.

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Capital Stack

What a $3M Multifamily Acquisition Capital Stack Looks Like

At the $3 million level, Freddie Mac Optigo SBL and Fannie Mae DUS Small programs are the primary execution vehicles for Tampa multifamily. These platforms offer speed, fixed pricing, and 10-year amortizations that appeal to experienced sponsors seeking efficiency and predictability without the complexity of larger institutional underwriting.

Capital Source Rate / Cost Size / LTV Notes
A regional agency mortgage platform (Freddie Mac Optigo SBL equivalent) 6.50 to 6.75 percent $2.1 to $2.25 million at 70 to 75 percent LTV Fixed 10-year Treasury-based pricing; 30-year amortization; 1.25x DSCR minimum; 25 bps delivery fee; non-recourse with standard carve-outs; 45 day closing
Borrower equity or joint venture capital N/A $750,000 to $900,000 (25 to 30 percent of purchase price) Typically sourced from sponsor balance sheet or co-investment partners; no leverage; proves sponsor skin-in-the-game
A regional bank balance sheet lender 6.65 to 6.85 percent $2.0 to $2.4 million at 65 to 70 percent LTV Faster underwriting for known sponsors; interest-only periods available; relationship-driven pricing; recourse common; 30 to 45 day close
A credit union or small balance lender alternative 6.75 to 7.10 percent $2.0 to $2.5 million at 65 to 75 percent LTV Community bank flexibility; willingness to work with newer sponsors; adjustable rate options; longer underwriting timeline

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 $3M Multifamily Acquisition Deal

Typical sponsors at this deal size range from established local operators with 3 to 8 prior multifamily transactions to growth-stage firms making their first Tampa entry. Net worth expectations sit at $500,000 to $2 million, with most sponsors having prior apartment ownership and property management capability in-house or through trusted local partners. Common motivations include acquisition into emerging Florida markets, light value-add repositioning, or refinance-driven equity extraction from existing portfolios.

From the CLS CRE Pipeline

A Real $3M Example

CLS CRE closed a $2.8 million acquisition of a 22-unit garden-style property in the Ybor City submarket for a sponsor with four prior Florida deals and $1.2 million net worth. The asset stabilized at 92 percent occupancy with a 1.35x DSCR, and we placed the loan with a regional agency lender at 6.62 percent on a 10-year fixed, 30-year amortization, 72 percent LTV structure with a non-recourse carveout. The sponsor brought 28 percent equity, and the loan closed in 42 days with no conditions at the final walkthrough.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$3M Multifamily Acquisition Tampa FAQ

Agency programs typically call for a 1.25x minimum DSCR, and most lenders will not budge on that floor. Some regional banks will consider 1.20x if the sponsor has strong balance sheet support and prior Florida performance, but assume 1.25x as your baseline for certainty and avoid underwriting creep.
Agency SBL and Fannie Small products typically do not offer IO periods; they are full 30-year amortization from close. Regional banks and credit unions will sometimes offer 1 to 3 years of IO if you have strong sponsors and the deal supports it, but this extends underwriting and may shift you to a longer close.
Agency platforms close in 35 to 50 days from locked application to funding; regional banks can sometimes match that for known sponsors. Credit unions and balance sheet lenders often move slower due to their own board review, so plan for 50 to 70 days if you choose a non-agency route.
Ybor City, Carver City, Hyde Park, and East Tampa properties attract the most institutional interest because they have established renter bases, transit access, and employment density. Outlying areas like New Tampa or Valrico work, but expect slightly tighter DSCR requirements and possibly 50 to 100 bps rate premiums.
Agency programs are non-recourse with carveouts; regional banks will push for full or partial recourse depending on sponsor net worth and experience. Most sponsors accept recourse at the $3M level if the rate is competitive and the terms are otherwise clean, so it should not be a stopping point.


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