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Multifamily Loans in
Irvington, NJ

Overview

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

Get multifamily loan quotes for Feb 02, 2025


Multifamily Loan Rates in Irvington, NJ

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

Fannie Mae®
$1M to $6M
5 Year Fixed 6.23% - 6.97%
7 Year Fixed 6.20% - 6.71%
10 Year Fixed 6.21% - 6.61%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 5.42% - 5.66%
7 Year Fixed 5.48% - 5.72%
10 Year Fixed 5.34% - 5.58%
Fannie Mae®
$6M to $100M
5 Year Fixed 6.03% - 6.77%
7 Year Fixed 6.00% - 6.51%
10 Year Fixed 6.01% - 6.41%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 5.55% - 5.70%
7 Year Fixed 5.56% - 5.71%
10 Year Fixed 5.56% - 5.71%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 02/01/2025. This is not an offer or commitment to lend. Multifamily loan rates in Irvington 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 Feb 02, 2025


Multifamily Lenders in Irvington, NJ

All major multifamily lender types are lending in Irvington.


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 Feb 02, 2025


Irvington Market

The city of Irvington in Essex County has a population of 54,079. The median rent in Essex County for a 2 bedroom is $1,776. The median Irvington resident is 35 years old with a yearly income of $28,479. The average family has 3.64 members and a median household income of $45,176. Irvington has a 19% higher education rate. The unemployment rate in Irvington is 11.1%.


Population
54,079 people

County
Essex County

Renters
72.1%

72.1% of Irvington households are renters.


Rent Burden
34.9%

34.9% 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

Irvington Demographics


Median Individual Income
$28,479 / year

Median Household Income
$45,176 / year

Families w/ Dual Incomes
45%

Unemployment Rate
11.1%
Household Income Distribution
Irvington, NJ
Under 35kUnder 35k25k-35k25k-35k35k-50k35k-50k75k-100k75k-100k100k-150k100k-150k150k+150k+41.212.821.710.89.34.450.040.030.020.010.00.0
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Median Age
35 years

Avg Family Size
3.64 people
Age Distribution
Irvington, NJ
Under 10Under 1010-1910-1920's20's30's30's40's40's50's50's60's60's70's70'sOver 80Over 8015.31216.213.513.611.79.95.42.220.016.012.08.04.00.0
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College Education or Above
19%

STEM College Graduates
40%
Education Distribution
Irvington, NJ
< High School< High SchoolHigh SchoolHigh SchoolSome CollegeSome CollegeBachelor'sBachelor'sGraduateGraduate1637.427.712.86.145.036.027.018.09.00.0
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Source: U.S. Census Bureau

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