Multifamily Fixed Rate Financing for 25 to 30 Years in CA?

[David K.]

Our company owns and manages two multifamily properties: 84 units (28 triplex buildings) in one location and 27 units (9 triplex buildings) in another, all in Northern California area, in secondary markets (not San Jose, San Francisco, etc.). I am trying to refinance both of our loans for these properties, both perform very well, and both are current LTV in 50% range (conservatively). We are just looking to refinance for the current loan balance, so assume 50% LTV on a new loan. Our bank has offered a few different options, 10 yr fixed rate/30 yr amortization and 15 yr fixed/15 yr amortization. No long term fixed rate. Ideally we want to lock in a rate for 25 to 30 years. Does anyone have any suggestions or can share their own experiences looking for 25 to 30 year fixed rate financing on multifamily properties? Loan amounts are $7.45M and $2.23M. Thanks in advance for any help!