Maybe you don’t realize it, but there are few better multifamily financing options than a HUD loan. With full amortization, low, fixed interest rates, high LTV allowances, and more, they tick most if not all the boxes that a borrower is looking to buy, develop, or refinance a multifamily property.

And just to clear the air: HUD multifamily loans are by no means exclusive to affordable housing properties. They’re available for just about any apartment community you can think of.

Given how fantastic HUD loan terms are, it’s hardly surprising to see that $23.9 billion of these multifamily loans closed in 2022. That’s a sharp drop from 2021’s $35.4 billion, true, but it makes sense in the context of rising interest rates and a wider slowdown in investment activity in the second half of last year.

So, which lenders are providing these loans? The Department of Housing and Urban Development’s database shows nearly 70 different banks, housing finance agencies, and other lenders involved in HUD originations last year.

We used the data below to create our list of the top 15 HUD multifamily lenders of 2023, based on origination volumes from 2022. Note that our ranking reflects the calendar year, not HUD’s fiscal year (which runs October through September).

Curious to see who made the list last year? Read our older ranking on HUD Loans.

The Top 15 HUD Lenders of 2023

15. California Housing Finance Agency

The California Housing Finance Agency, or CalFHA, is the state’s agency focused on affordable housing for residents with low or middle incomes. Started in 1975, the agency provides loan programs and homebuyer assistance across the state, both to promote home ownership and create more affordable housing. The agency’s remit doesn’t stop there, though: It also has played a very active role in providing financial assistance to victims of the state’s devastating wildfires and to renters affected by the pandemic.

Last year, CalFHA’s HUD loans with firm commitments totaled $457 million — a 60% increase compared to its 2021 total.

14. CBRE

Much better known for its global brokerage and property management services, CBRE is also a major originator of HUD financing, with firm commitments of $470.2 million in 2022, a slight decrease from the previous year.

The company, originally established as a REIT in early 20th century San Francisco, is one of the — if not the — largest firms involved in multiple aspects of commercial real estate. The group today has more than 100,000 employees and last year’s revenues totaled more than $31 billion.

13. AGM Financial Services

At number 13 on our list, Baltimore-based AGM Financial Services had firm commitments of $490.3 million in 2022. That’s a 13% decline from 2021’s $560.8 million — though, while notable, is far more moderate than the overall decline of HUD loan volumes between the two years.

AGM opened its doors in 2008, amidst the global financial crisis. The financial services company established itself as an FHA lender focused on affordable housing and seniors housing properties. To date, the company has closed upwards of $9 billion in loans.

12. Mason Joseph Company

Headquartered in San Antonio, the Mason Joseph Company was established in 2011. The group has offices in Texas and Oklahoma and operates nationwide, though the overwhelming bulk of its activity occurs in the Lone Star State. In 2022, more than 80% of its $490.4 million in firm commitments were for projects in Texas. The group also closed loans in Oklahoma and Tennessee.

While Mason Joseph offers all types of HUD financing, the vast majority of its deals are HUD 221(d)(4) construction loans. Last year, nearly $400 million of its firm commitments were through this incredibly strong, long-term financing program.

11. NewPoint Real Estate Capital

The youngest lender on our list, NewPoint Real Estate Capital opened for business in 2021, headed up by former Freddie Mac CEO David Brickman. The company’s HUD financing book has exploded: Compare its 2021 firm commitments of $22.7 million with last year’s total of $518.6 million. That’s an incredible annual increase of about 2,200%.

All of the lender’s HUD volume last year fell under the popular 223(f) program — 80% for multifamily properties and 20% for healthcare assets. NewPoint doesn’t limit itself to HUD financing, though, offering Fannie Mae and Freddie Mac loans as well as short-term bridge financing.

10. PGIM Real Estate

PGIM Real Estate is a major lender in the multifamily space, providing all sorts of financing for traditional market-rate apartment buildings as well as student housing, seniors housing, and many others. The group, under the umbrella of its parent company, Prudential Financial, has been active in financing commercial real estate for more than 140 years.

Last year, PGIM Real Estate’s HUD firm commitments totaled $518.6 million, with 20 loans across nine states, from California to New Jersey. Though impressive, the group’s lending activity has taken a hit compared to the previous year, when its volume was nearly $950 million.

9. Merchants Capital

Founded in 1990, Merchants Capital offers a robust set of financing tools, from HUD multifamily loans to agency loans. The group is also a tax credit equity syndicator, involved in many projects utilizing Low-Income Housing Tax Credits, or LIHTCs.

In 2022, Merchants Capital’s HUD firm commitments totaled $730.7 million, a massive decrease from the $1.9 billion in 2021. The group is extremely active outside of FHA financing, however, with total loan originations of over $33 billion and more than $18 billion of assets under management.

8. Wells Fargo

Eighth on our list, Wells Fargo plays a large role in multifamily finance, offering everything from agency loans to balance sheet financing. And, of course, the bank is heavily involved in HUD multifamily loans, with its volume for last year at $793.4 million.

Last year, Wells Fargo’s high level of HUD originations came in large part due to a single transaction: The $621.5 million refinance of Co-op City in the Bronx. The affordable housing development is the largest housing cooperative in the world, with around 55,000 residents.

7. Gershman Mortgage

Founded by Harry Gershman in St. Louis in 1957, Gershman Mortgage is unlike many of the other lenders on our list in that it provides not only HUD multifamily loans but also provides FHA loans for first-time home buyers. The lender is a private, family-owned company.

In 2022, Gershman’s multifamily volume through HUD totaled 794.5 million, a very slight, 1% decrease from the $806 million in 2021. More than half of the lender’s volume was tied to HUD 223(f) loans, which offer fully amortizing terms of up to 35 years at a fixed interest rate.

6. Rockport Mortgage

Boston-based Rockport Mortgage is a major player in the multifamily finance space, offering solutions both to affordable and market-rate properties. Nearly all of its HUD multifamily originations last year were inside the 223(f) program, with 49 loans across nine states impacting upwards of 6,100 units, with the total financing amount above $950 million.

Rockport began as a small, regional lender in 1986, growing rapidly to the national lender it is today. In 2022, its major loans included a $35 million 223(f) refinance for a 248-unit Brooklyn property, extending its affordability through 2044.

5. Lument

Lument started in 2017 as a subsidiary of Orix USA. The lender was the result of a merger between Hunt Real Estate Capital, Hunt Capital Partners, and Red Mortgage Capital. Today, Lument offers all types of Freddie, Fannie, and HUD loans, plus financing for other commercial real estate assets, from office to industrial.

In 2022, Lument had HUD firm commitments of $1.2 billion, placing it fifth on our list. This included 99 loans across 29 states, from Florida to Oregon.

4. Walker & Dunlop

After taking the top spot for $11.4 billion in Fannie Mae originations last year, Walker & Dunlop landed in fourth place for HUD lending, with $1.5 billion in firm commitments in 2022. About one-third of its HUD loans were through the 221(d)(4) program, with another third through the 223(f) program.

Founded in 1937, Walker & Dunlop was one of the first companies to extend single-family loans using FHA insurance and, in the late 1980s, was one of the first groups to be chosen as a Fannie Mae DUS lender. The company has been led by CEO Willy Walker since 2007.

3. Berkadia

Formed as a joint venture between Berkshire Hathaway and Leucadia National Corporation in 2009, Berkadia is one of the largest multifamily lenders in the U.S. The group originated $35 billion last year across 1,645 loans, including Freddie and Fannie debt as well as conduit financing and life insurance company loans.

Its HUD lending activity, too, is among the top in the nation. In 2022, Berkadia had firm commitments of $2.1 billion, a modest increase from the previous year. That’s particularly notable given the overall fall in loan volumes last year.

2. Dwight Capital

Although Dwight Capital is active in both the multifamily and healthcare sectors as a whole, its strongest focus is in the affordable housing market. The New York-based group has more than $9 billion of closed HUD loans, ranging from 221(d)(4) construction to 223(a)(7) refinancing loans.

In 2022, Dwight Capital had more than $2.2 billion in HUD firm commitments — impressive, even if it’s a dip from the $2.8 billion from 2021. Over 80% of its HUD volume from last year was through the 223(f) program, accounting for 83 of the 103 HUD loans it provided.

1. Greystone

Greystone takes the top position for its fifth consecutive year, with $3.2 billion in HUD firm commitments in 2022. Like most lenders on our list, this is a decline from last year’s volume — $3.8 billion, in Greystone’s case — but the group stood high above every organization on our list, nearly $1 billion ahead of second place.

In addition to $2.7 billion of HUD 223(f) loans across seniors housing, and apartment buildings, Greystone also provided more than $450 million in 221(d)(4) loans. The lender is also focused on skilled nursing facilities — the group closed five separate loans with a total of $47 million toward the end of last summer.

Which Lender Is the Best?

The list above, after all, is focused on the amount of loans, but it doesn’t necessarily speak to the quality of the lender. In truth, there’s no one best lender for every borrower. As with any financing product, different lenders offer slightly different terms.

But don’t worry if you don’t know where to go for your next loan. That’s where we can help.

We’ll shop your deal around to hundreds of lenders — including many of those on this list. You can compare the quotes you get and take the best of what’s available.

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