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Multifamily Loans in
Park Ridge, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Park Ridge, IL

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
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 Park Ridge 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 Park Ridge, IL

All major multifamily lender types are lending in Park Ridge.


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


Park Ridge Market

The city of Park Ridge in Cook County has a population of 36,950. The median rent in Cook County for a 2 bedroom is $1,417. The median Park Ridge resident is 45 years old with a yearly income of $51,282. The average family has 3.17 members and a median household income of $111,642. Park Ridge has a 60% higher education rate. The unemployment rate in Park Ridge is 2.9%.


Population
36,950 people

County
Cook County

Renters

16.2% of Park Ridge households are renters.


Rent Burden

25% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cook County 1
Illinois 2
National 2
Studio $1,104 $599 $737
1 bedroom $1,224 $669 $813
2 bedroom $1,417 $840 $1,015
3 bedroom $1,799 $1,100 $1,325
4 bedroom $2,147 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Park Ridge Demographics


Median Individual Income
$51,282 / year

Median Household Income
$111,642 / year

Families w/ Dual Incomes
60%

Unemployment Rate
2.9%
Household Income Distribution
Park Ridge, IL

Median Age
45 years

Avg Family Size
3.17 people
Age Distribution
Park Ridge, IL

College Education or Above
60%

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

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