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Multifamily Loans in
Palisades Park, NJ

Overview

Palisades Park is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Palisades Park are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Palisades Park are some of the lowest nationally. Palisades Park 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 Palisades Park.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Palisades Park, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palisades Park 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 Palisades Park 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 Palisades Park, NJ

All major multifamily lender types are lending in Palisades Park.


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


Palisades Park Market

The city of Palisades Park in Bergen County has a population of 20,715. The median rent in Bergen County for a 2 bedroom is $1,892. The median Palisades Park resident is 40 years old with a yearly income of $35,087. The average family has 3.13 members and a median household income of $68,245. Palisades Park has a 46% higher education rate. The unemployment rate in Palisades Park is 3.9%.


Population
20,715 people

County
Bergen County

Renters

63.3% of Palisades Park households are renters.


Rent Burden

32.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Bergen County 1
New Jersey 2
National 2
Studio $1,341 $1,166 $737
1 bedroom $1,608 $1,353 $813
2 bedroom $1,892 $1,671 $1,015
3 bedroom $2,353 $2,131 $1,325
4 bedroom $2,915 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Palisades Park Demographics


Median Individual Income
$35,087 / year

Median Household Income
$68,245 / year

Families w/ Dual Incomes
54%

Unemployment Rate
3.9%
Household Income Distribution
Palisades Park, NJ

Median Age
40 years

Avg Family Size
3.13 people
Age Distribution
Palisades Park, NJ

College Education or Above
46%

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

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