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Multifamily Loans in
East Orange, NJ

Overview

East Orange is located in a strong market for 5+ unit multifamily loans. Multifamily loans in East Orange are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in East Orange are some of the lowest nationally. East Orange apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in East Orange.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in East Orange, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Orange are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in East Orange may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Lenders in East Orange, NJ

All major multifamily lender types are lending in East Orange.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 02, 2021


East Orange Market

The city of East Orange in Essex County has a population of 64,367. The median rent in Essex County for a 2 bedroom is $1,776. The median East Orange resident is 35 years old with a yearly income of $27,319. The average family has 3.59 members and a median household income of $48,072. East Orange has a 20% higher education rate. The unemployment rate in East Orange is 12.6%.


Population
64,367 people

County
Essex County

Renters

74.4% of East Orange households are renters.


Rent Burden

33.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Essex County 1
New Jersey 2
National 2
Studio $1,221 $1,166 $737
1 bedroom $1,468 $1,353 $813
2 bedroom $1,776 $1,671 $1,015
3 bedroom $2,265 $2,131 $1,325
4 bedroom $2,700 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

East Orange Demographics


Median Individual Income
$27,319 / year

Median Household Income
$48,072 / year

Families w/ Dual Incomes
50%

Unemployment Rate
12.6%
Household Income Distribution
East Orange, NJ

Median Age
35 years

Avg Family Size
3.59 people
Age Distribution
East Orange, NJ

College Education or Above
20%

STEM College Graduates
42%
Education Distribution
East Orange, NJ
Source: U.S. Census Bureau

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