What are typical terms for permanent financing of medium to larger multi family?

[Frederick Rauh]

Hi all. 

I am working on the feasibility of a joint venture multifamily development. I would like to re-finance into long term debt once the project is finished using a DSCR type loan. Is it possible to get fixed rate debt for 5<20 unit properties?

1.) What would rates look like relative to single family/small multifamily? 

2.) What are typical term lengths? Can they be 30 years, or is 10-15 years more typical?

3.)How proven will the property need to be before refinancing into this type of debt? I am assuming it would need to be completely finished with 50-80% occupancy. 

Any advice would be appreciated. I like the idea of the fixed long term debt from a risk perspective, but I’m not sure if this is typical of commercial development projects.