Nearly 2,500 different multifamily lenders provided a total of $288.7 billion in new mortgages for apartment buildings with five or more units in 2024, according to the Mortgage Bankers Association (MBA).
Last year’s volume was up 17% from 2023, the MBA shared in its annual report of the multifamily lending market. Over half of the active lenders made five or fewer multifamily loans over the course of 2024.
“Following 2023’s low-volume year, multifamily lending picked up in 2024, with activity increasing across lenders of all sizes and capital sources,” said Reggie Booker, MBA’s associate vice president of commercial real estate research. “While the multifamily market is served by some of the largest institutions in the country, it remains broad and diverse, with more than half of lenders active in the space making only a handful of loans in a year.”
The report noted that by dollar volume, the greatest share of multifamily mortgages was originated by Fannie Mae and Freddie Mac. In addition, the top multifamily lenders last year by dollar volume were J.P. Morgan, Walker & Dunlop, Berkadia, Wells Fargo, and CBRE.