By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $5 million multifamily acquisition in Manhattan is at the boundary between Freddie Mac Optigo SBL ($1M to $7.5M cap) and Fannie Mae DUS Small ($1M to $9M cap). Manhattan multifamily at this size is typically a 6 to 12 unit walk-up or small elevator building in lower-tier Manhattan submarkets, occasionally with rent stabilization. Most $5M Manhattan acquisitions fund through agency SBL/Small at 70 to 75 percent LTV.
Get a Quote on Your $5M Deal →$5M Manhattan multifamily acquisitions fund as a single agency loan. The decision is Freddie SBL versus Fannie Small, with both highly competitive at this size.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Typical $5M Manhattan multifamily acquisition sponsors are NYC-focused private capital owners with 1 to 5 properties or first-time NYC investors with strong sponsor profiles. Sponsor net worth $3M to $15M. Manhattan-specific underwriting items include rent stabilization status, Local Law 97 carbon caps, Local Law 11 facade compliance, and 421-a / 485-x abatement timing.
On a 9-unit walk-up multifamily in Lower Manhattan with 80 percent rent-stabilized units and 20 percent free-market mix, the buyer was a NYC-area sponsor with 4 properties. Freddie Mac Optigo SBL at 5.78 percent fixed 10-year, 72 percent LTV, $4.9M loan amount. The deal closed in 35 days from application.
Anonymized. All deal references protect borrower and lender identity.
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