Refinance a commercial property?

[Brittany Alkire]

I have only read the forums for years..... and I finally have a question

I have recently purchased a multi-family with value-add. Almost all of the units are being rehabbed and are near completion. We have tenants for almost all of the units and they are waiting for occupancy. I utilized a 1031 for the down payment for a purchase price of $425000.

Current Loan: $295,000, 7 year term on a 20 year amortization, 4.49%, no prepayment penalty 

NOI:$32,556, we only need $26,400 for a $200 a door on an 11 unit property.

Will I be able to refinance using a 6% cap rate for a property value of $550,000? Do commercial banks use the cap rate for refinance purposes?

I hope I provided enough information for any advise. Thank you!