Frequency-domain representations of multirate systems are essential for controller design and performance evaluation of multirate systems and sampled-data control. The aim of this paper is to develop a time-efficient closed-loop identification approach for multirate systems in the frequency-domain. The developed method utilizes local polynomial modeling for lifted representations of LPTV systems, which enables direct identification of closed-loop multirate systems in a single identification experiment. Unlike LTI identification techniques, the developed method does not suffer from bias due to ignored LPTV dynamics. The developed approach is demonstrated on a multirate example, resulting in accurate and fast identification in the frequency domain.