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Multifamily Loans in
St. Clair Shores, MI

Overview

St. Clair Shores is located in a good market for 5+ unit multifamily loans. Multifamily loans in St. Clair Shores are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in St. Clair Shores are competitive. St. Clair Shores 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 St. Clair Shores.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in St. Clair Shores, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in St. Clair Shores 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 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in St. Clair Shores 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 05, 2021


Multifamily Lenders in St. Clair Shores, MI

All major multifamily lender types are lending in St. Clair Shores.


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 05, 2021


St. Clair Shores Market

The city of St. Clair Shores in Macomb County has a population of 58,984. The median rent in Macomb County for a 2 bedroom is $1,126. The median St. Clair Shores resident is 45 years old with a yearly income of $34,279. The average family has 2.91 members and a median household income of $60,805. St. Clair Shores has a 25% higher education rate. The unemployment rate in St. Clair Shores is 5.7%.


Population
58,984 people

County
Macomb County

Renters

19.1% of St. Clair Shores households are renters.


Rent Burden

27% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Macomb County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

St. Clair Shores Demographics


Median Individual Income
$34,279 / year

Median Household Income
$60,805 / year

Families w/ Dual Incomes
53%

Unemployment Rate
5.7%
Household Income Distribution
St. Clair Shores, MI

Median Age
45 years

Avg Family Size
2.91 people
Age Distribution
St. Clair Shores, MI

College Education or Above
25%

STEM College Graduates
39%
Education Distribution
St. Clair Shores, MI
Source: U.S. Census Bureau

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