Fannie Mae and 24 lenders that are part of an underwriting and servicing risk-sharing program provided $28.9 billion in financing for 446,000 units of multifamily housing in 2014. Fannie backstopped nearly all of those loans through its mortgage-backed securitization execution.
“It’s not just the volume that’s impressive, it’s the quality of the business,” said Hilary Provinse, Senior Vice President for Multifamily Customer Engagement, Fannie Mae. “We’re taking smart risks and winning the right deals” in what she described as an “incredibly competitive” market.
Fannie Mae’s Delegated Underwriting and Servicing (DUS) program has played a significant role in the multifamily housing market for 27 years. For 2014, Fannie singled out Bethesda, Md.-based commercial real estate finance company Walker & Dunlop, with 22 officers nationwide, as the lender in that program that produced the highest volumes of multifamily housing. Walker & Dunlop was followed by Wells Fargo Multifamily Capital, Berkadia Commercial Mortgage, CBRE Multifamily Capital, and PNC Real Estate.
Capital One Multifamily Finance was the DUS program’s leading producer for affordable multifamily housing. And KeyBank National Association’s lending produced the most seniors multifamily housing.
All told, the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and its lenders provided $57.2 billion to finance the construction of more than 850,000 multifamily housing units.
Freddie’s $28.3 billion in multifamily volume was the second most in its history. CRBE Capital Markets was Freddie’s leading “Program Plus” seller for multifamily financing; Citibank produced the most affordable multifamily housing through this program; Walker & Dunlop the most very low-income units; and CRBE the most seniors housing.
Related Stories
Multifamily Housing | May 29, 2019
Grilled to order: The art of outdoor kitchens
Seven tips for ensuring outdoor kitchens deliver safe, memorable experiences for residents and guests.
Multifamily Housing | May 17, 2019
At last, downtown Dallas tower to get $450 million redo
The landmark tower has been vacant for a decade.
Multifamily Housing | May 8, 2019
Multifamily visionary: AvalonBay’s relentless attention to detail
The nation's fourth-largest owner of apartments holds more than 85,000 apartments in 291 communities.
| Apr 28, 2019
New York Is NOT Most Expensive City for Apartment Sales Transactions
Data from Marcus & Millichap 2019 U.S. Multifamily Investment Forecast on Average Price/Dwelling Unit in apartment transactions.
Multifamily Housing | Apr 27, 2019
5 noteworthy multifamily developments
Special-needs housing in West Hollywood, Calif., and a warehouse-turned-apartments in the Twin Cities are among the notable multifamily projects to open recently.
| Apr 26, 2019
Organized Living Offers ‘Century Gray’ Product Finish for Multifamily Storage Systems
Organized Living releases new color option for apartment and condominium storage systems.
Multifamily Housing | Apr 23, 2019
Recharging Edison’s batteries
America’s greatest inventor would have appreciated this project team’s ingenuity and persistence.
Multifamily Housing | Apr 17, 2019
Multifamily real estate trends for 2019 and beyond
Boomers are on the move and Millennials are seeing upward mobility, but issues with affordability and housing product mix persist.
Multifamily Housing | Apr 16, 2019
Multifamily rentals are still alive and kickin’
Apartments are being built, and in goodly number. But not enough of it is affordable.