Top 10 Multifamily Lenders of 2024
Though there's been falling activity across the multifamily sector in the past year, our list highlights 10 top multifamily lenders worth looking at for your next deal.
This past year has been challenging for a lot of multifamily investors — and lenders. 2022’s interest rate increases were followed by four more 25-basis-point hikes in 2023. Rents fell significantly at the same time, right on the back of serious concerns in many markets over the size of development pipelines that promised to add record numbers of units in record time.
It’s not a surprise that deal flow slowed down drastically.
Financing followed suit: Preliminary figures released from the Mortgage Bankers Association pegged 2023 multifamily originations at 46% lower than the sector’s in 2022.
Even so, the final quarter of 2023 was a marked improvement over the third quarter, with multifamily originations up 13%. It’s clear that we’re not recovered yet, but many expect positive momentum to build throughout 2024.
Looking for our 2023 ranking? Explore last year's best multifamily lenders.
Our Methodology
How do we rank lenders in a time of lower activity?
We consulted a few key data points — namely, multifamily originations through Fannie and Freddie and firm commitments for HUD multifamily loans — and balanced that with some more qualitative measures. These include everything from customer service ratings to flexibility in loan products.
As a significant portion of our readership invests in smaller multifamily properties, we also rewarded those lenders willing to work with smaller-balance loans and with more specialized borrowers.
The Top Lenders of 2024
Our top multifamily lenders of 2024 are listed below.
Rank | Lender |
|---|---|
1 | Greystone |
2 | Berkadia |
3 | Walker & Dunlop |
4 | Arbor Realty Trust |
5 | KeyBank |
6 | CBRE Capital Markets |
7 | Newmark |
8 | JLL |
9 | Wells Fargo |
10 | Capital One |
#1 Greystone
Last year, Greystone was firing on all cylinders. The lender had the highest volume of firm commitments for HUD multifamily loans of $1.6 billion, and it had a combined $7.7 billion in Fannie and Freddie multifamily loan originations.
Greystone is known for its comprehensive real estate lending, investment, and advisory services, often providing creative financing solutions tailored to the multifamily and healthcare sectors. Established in 1988, the firm has a longstanding reputation for expertise in FHA, Fannie Mae, and Freddie Mac loans, making it a go-to lender for a wide range of clients.
#2 Berkadia
Berkadia takes second on our list this year, mirroring its place on Fannie Mae and HUD’s lists, thanks to its impressive $5.3 and $1.1 billion in originations, respectively. But the lender’s Freddie Mac volume was truly impressive, surpassing all other lenders at $6.6 billion.
A joint venture between Berkshire Hathaway and Jefferies Financial Group, the group is a leader in the commercial real estate industry, providing comprehensive capital solutions and investment sales advisory and research services. Known for their robust loan origination and servicing platform, they have built a solid reputation, particularly in multifamily mortgage banking and servicing.
#3 Walker & Dunlop
Walker & Dunlop stands out as a premier provider of capital for multifamily investments in the United States, consistently ranking as one of the top multifamily lenders with a deep expertise in all aspects of the commercial real estate industry. This year is no different, as they top Fannie’s list with originations of $6.6 billion.
Their extensive network and innovative approach have enabled them to deliver tailored financing solutions to property owners and investors across the country.
#4 Arbor Realty Trust
Arbor Realty Trust is an incredibly versatile lender that specializes in multifamily debt of all sorts — however, one area where they really stand out is in smaller-balance loans. Arbor clinched a spot in Fannie’s and Freddie’s specialized lists, thanks in large part to their focus on helping smaller investors navigate Fannie Mae Multifamily Small Loans and Freddie’s popular SBL program.
Their personalized service and deep understanding of the multifamily sector have been key to their success, with a focus on building long-term relationships with borrowers.
#5 KeyBank
KeyBank Real Estate Capital is a nationwide lender that provides a multitude of financing options for multifamily owners, including agency lending through Fannie Mae and Freddie Mac, plus just shy of half a billion dollars in firm commitments through HUD in 2023. Their extensive portfolio reflects a commitment to helping communities grow through strategic investments in multifamily housing.
#6 CBRE Capital Markets
Although much better known as an advisory and investment brokerage firm, CBRE offers a considerable variety of multifamily loans to investors. The firm’s financing division isn’t as focused on multifamily as most of the others on our list — only about 55% of their originations in 2023 were related to apartment buildings — but their vast resources and expertise are considerable in providing clients with innovative financial solutions.
#7 Newmark
Newmark lands in seventh on our list due to strong Freddie Mac and Fannie Mae originations of a combined $6.5 billion in 2023. While impressive, the firm is far from focused purely on multifamily: Nearly two-thirds of its originations were in other commercial real estate sectors.
Newmark is a global commercial real estate advisory firm that excels in fully integrated capital market services. Their strategic approach combines global perspective with local expertise, catering to the unique needs of investors and developers.
#8 JLL
Another household name on our list, JLL takes the eighth spot with an impressive showing in originations across agency and HUD debt in 2023. The company, while focused on a wide spectrum of commercial real estate services, from property management to leasing and investment transactions, nevertheless consistently delivers in the multifamily finance sector.
#9 Wells Fargo
In ninth, Wells Fargo's Commercial Real Estate group offers a wide array of financial services, including multifamily lending, reflecting their substantial industry knowledge and commitment to meeting the needs of borrowers and investors. Their strong capital base and vast banking network make them a formidable presence in the multifamily lending space.
#10 Capital One
While Capital One didn’t make either HUD’s or Fannie’s lists, the commercial banking group offers a wide variety of financial products tailored to the multifamily industry, renowned for their customer-centric approach and strong focus on building lasting relationships. Their multifamily finance group stands as a key component in their wide range of commercial banking services, reflecting a deep commitment to community development and investment.
Conclusion: Which Lender Is Right for Me?
That depends on so many factors it would be impossible to list them all here. Just because Greystone is the top of this specific list doesn't mean it's the best multifamily lender for your situation. Same goes for any of the names above (sorry, lenders).
Every lender has a specific niche where they can provide better terms, and our platform works to match you specifically with the right — the best — lenders each time.
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