Multifamily Construction Financing
Multifamily Construction Loans for Apartment Developers
Multifamily construction loans fund ground-up apartment development, build-to-rent (BTR) communities, and major renovation projects for residential rental assets. These 18 to 36-month facilities provide interest-only draws as construction milestones are met, with loan-to-cost ratios up to 75-85% for experienced sponsors. Minimum loan size is $2 million, targeting 20-unit-and-up projects where institutional construction capital is active.
Apply for Multifamily Construction Financing →Key Features
Multifamily Construction Loans at a Glance
Loan Amount
$2M - $75M+
Term
18 - 36 Months
Rates
6.50% - 11.00%
Ltc
Up to 80-85% LTC
Structure
Interest-Only, Progressive Draws
Recourse
Completion Guarantee Typically Required
Overview
Ground-Up Apartment and BTR Construction Financing
Apartment construction remains one of the most active segments of commercial lending despite the rate environment, driven by persistent housing undersupply in most major U.S. markets. Lenders evaluate multifamily construction on sponsor track record, project feasibility, market absorption data, and the permanence of the take-out exit. Banks remain the dominant source for well-capitalized sponsors with prior multifamily construction experience; debt funds and CDFI lenders fill the gap for first-time developers, adaptive reuse projects, and projects in secondary markets where bank appetite is limited. Build-to-rent (BTR) has emerged as a distinct construction lending category with dedicated lender programs from several institutional debt funds.
Lender Sources
- Banks
- Debt Funds
- CDFI Lenders
- Fannie Mae DUS Lenders
- HUD 221(d)(4) (affordable and workforce)
Ideal For
- Ground-up garden apartment and mid-rise development of 20 or more units
- Build-to-rent (BTR) single-family and townhome rental communities
- Adaptive reuse conversions of office, hotel, or retail into multifamily
- Affordable and workforce housing development with LIHTC or HUD financing
- Infill urban multifamily projects in transit-served locations
- Mixed-income developments combining market-rate and affordable units
Multifamily Construction Loans by City
Los Angeles, CA
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New York, NY
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Phoenix, AZ
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Dallas, TX
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Houston, TX
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Miami, FL
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Atlanta, GA
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Chicago, IL
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Denver, CO
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Seattle, WA
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San Diego, CA
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San Francisco, CA
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Austin, TX
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Nashville, TN
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Tampa, FL
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Charlotte, NC
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Minneapolis, MN
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Portland, OR
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Las Vegas, NV
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Orlando, FL
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Raleigh, NC
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Salt Lake City, UT
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San Antonio, TX
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Kansas City, MO
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Columbus, OH
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Indianapolis, IN
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San Jose, CA
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Philadelphia, PA
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Washington DC, DC
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Detroit, MI
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Boston, MA
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Baltimore, MD
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Sacramento, CA
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St. Louis, MO
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Pittsburgh, PA
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Cincinnati, OH
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Cleveland, OH
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Jacksonville, FL
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Milwaukee, WI
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Memphis, TN
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Oklahoma City, OK
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Louisville, KY
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Richmond, VA
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Virginia Beach, VA
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New Orleans, LA
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Birmingham, AL
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Hartford, CT
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Tucson, AZ
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Boise, ID
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Omaha, NE
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Tulsa, OK
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Honolulu, HI
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Albuquerque, NM
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El Paso, TX
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Riverside, CA
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Charleston, SC
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Knoxville, TN
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Fort Worth, TX
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Savannah, GA
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Fort Lauderdale, FL
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West Palm Beach, FL
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Durham, NC
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Colorado Springs, CO
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Huntsville, AL
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Provo, UT
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Boulder, CO
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Reno, NV
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Ann Arbor, MI
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Madison, WI
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Des Moines, IA
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Lexington, KY
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Providence, RI
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Buffalo, NY
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Rochester, NY
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Grand Rapids, MI
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Fresno, CA
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Worcester, MA
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Stamford, CT
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Bridgeport, CT
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New Haven, CT
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Bakersfield, CA
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Oxnard-Ventura, CA
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Allentown, PA
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Baton Rouge, LA
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Dayton, OH
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McAllen, TX
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Stockton, CA
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Columbia, SC
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Greensboro, NC
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Akron, OH
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Sarasota, FL
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Fort Myers, FL
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Little Rock, AR
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Wichita, KS
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Lakeland, FL
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Ogden, UT
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Winston-Salem, NC
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Augusta, GA
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Spokane, WA
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Syracuse, NY
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Toledo, OH
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Lancaster, PA
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Chattanooga, TN
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Scranton, PA
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Harrisburg, PA
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Asheville, NC
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Pensacola, FL
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Jackson, MS
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Shreveport, LA
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Greenville, SC
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Fayetteville, NC
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Myrtle Beach, SC
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Wilmington, NC
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Montgomery, AL
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Roanoke, VA
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Charlottesville, VA
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Fredericksburg, VA
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Manchester, NH
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Portland, ME
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Burlington, VT
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Springfield, MA
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Cape Coral, FL
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Daytona Beach, FL
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Columbia, MO
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Springfield, MO
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Sioux Falls, SD
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Fargo, ND
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Lincoln, NE
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Cedar Rapids, IA
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Peoria, IL
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Fort Wayne, IN
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South Bend, IN
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Evansville, IN
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Youngstown, OH
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Canton, OH
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Flint, MI
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Kalamazoo, MI
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Lansing, MI
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Duluth, MN
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Rochester, MN
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Green Bay, WI
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Appleton, WI
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Wausau, WI
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Eau Claire, WI
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Champaign-Urbana, IL
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Davenport, IA
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Waterloo, IA
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Sioux City, IA
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Topeka, KS
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Lubbock, TX
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Midland, TX
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Abilene, TX
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Tyler, TX
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Waco, TX
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Beaumont, TX
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Corpus Christi, TX
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Killeen, TX
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Round Rock, TX
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Brownsville, TX
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Laredo, TX
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Flagstaff, AZ
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Yuma, AZ
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Santa Barbara, CA
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San Luis Obispo, CA
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Santa Cruz, CA
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Palm Springs, CA
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Visalia, CA
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Salinas, CA
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Chico, CA
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Redding, CA
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Victorville, CA
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Temecula, CA
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Modesto, CA
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Missoula, MT
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Billings, MT
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Great Falls, MT
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Helena, MT
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Bozeman, MT
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Idaho Falls, ID
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Pocatello, ID
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Twin Falls, ID
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Casper, WY
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Bismarck, ND
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Minot, ND
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Rapid City, SD
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Macon, GA
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Columbus, GA
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Florence, AL
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Dothan, AL
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Gulfport, MS
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Hattiesburg, MS
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Fredericksburg, TX
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Lynchburg, VA
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Hagerstown, MD
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Salisbury, MD
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Trenton, NJ
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Atlantic City, NJ
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Reading, PA
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York, PA
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Erie, PA
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State College, PA
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Charleston, WV
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Huntington, WV
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Wheeling, WV
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Manchester, TN
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Clarksville, TN
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Johnson City, TN
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Bowling Green, KY
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Owensboro, KY
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Paducah, KY
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Florence, SC
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Hilton Head Island, SC
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Wilmington, DE
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Dover, DE
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Manchester, CT
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Bangor, ME
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Albany, NY
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Binghamton, NY
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Poughkeepsie, NY
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Utica, NY
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Lowell, MA
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Springfield, IL
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Decatur, IL
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Bloomington, IL
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Joliet, IL
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Elgin, IL
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Waukegan, IL
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Rockford, IL
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La Crosse, WI
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Kenosha, WI
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Racine, WI
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Yakima, WA
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Kennewick, WA
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Bellingham, WA
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Olympia, WA
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Tacoma, WA
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Eugene, OR
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Medford, OR
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Astoria, OR
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Newark, NJ
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Jersey City, NJ
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Related Property Types
Multifamily Construction Loans are available for all major commercial property types. Explore financing by property category.
Multifamily
Financing programs
Industrial
Financing programs
Retail
Financing programs
Office
Financing programs
Mixed-Use
Financing programs
Hospitality
Financing programs
Self-Storage
Financing programs
Data Centers
Financing programs
Senior Living
Financing programs
Medical Office
Financing programs
Manufactured Housing
Financing programs
Parking
Financing programs
FAQ
Multifamily Construction Loans FAQ
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