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Multifamily Loans in
Rockaway, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Rockaway, NJ

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

All major multifamily lender types are lending in Rockaway.


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


Rockaway Market

The city of Rockaway in Morris County has a population of 25,069. The median rent in Morris County for a 2 bedroom is $1,776. The median Rockaway resident is 45 years old with a yearly income of $51,885. The average family has 3.17 members and a median household income of $111,026. Rockaway has a 52% higher education rate. The unemployment rate in Rockaway is 4.1%.


Population
25,069 people

County
Morris County

Renters

17.3% of Rockaway households are renters.


Rent Burden

37.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Morris 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

Rockaway Demographics


Median Individual Income
$51,885 / year

Median Household Income
$111,026 / year

Families w/ Dual Incomes
63%

Unemployment Rate
4.1%
Household Income Distribution
Rockaway, NJ

Median Age
45 years

Avg Family Size
3.17 people
Age Distribution
Rockaway, NJ

College Education or Above
52%

STEM College Graduates
40%
Education Distribution
Rockaway, NJ
Source: U.S. Census Bureau

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