2026 Top Multifamily Finance Firms
Twenty companies earned a place on MHN’s annual ranking.
You can also read our other Top Mortgage Banks rankings.
*Includes originations between 10/01/2024 and 09/30/2025.
Note: Though we make every effort to include all major multifamily lenders, several notable firms (among them JLL, Bank of America, KeyBank and Citibank) did not participate this year.
To be included in upcoming rankings, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
Improving Markets Boost Originations
Multi-Housing News has released its 2026 ranking of top multifamily finance firms, featuring 20 lenders this year. These leaders took advantage of improving financing conditions to produce approximately $191 billion in multifamily loans between Oct. 1, 2024, and Sept. 30, 2025, year. The top 15 companies highlighted in 2025 secured only $119.3 billion. All but one of MHN’s top 20 lenders anticipates increased activity during the next survey period.
Overall, multifamily origination volume rose 27 percent during the third quarter of 2025 over the third quarter of 2024, according to the Mortgage Bankers Association. Quarter-over-quarter, the sector recorded a 12 percent rise. GSE lending, mainly through Fannie Mae and Freddie Mac, climbed 40 percent year-over-year and 37 percent quarter-over-quarter.
Here’s an in-depth look at the top 10 lenders.
1. Newmark
Once again, Newmark emerged as the leading firm on MHN’s top multifamily finance firms ranking. The global commercial real estate advisory and services firm provided commercial real estate loans totaling more than $72.4 billion during the 12 months ending in September 2025. The multifamily portion reached close to $26.9 billion, a substantial step up from the $16.9 billion Newmark provided the previous year.
2. CBRE
CBRE closed more than $58.3 billion in commercial real estate financing transactions during the survey timeframe. For the multifamily sector, CBRE provided nearly $38.6 billion, the highest amount among our top 20. Multifamily originations increased 52 percent compared to the previous 12-month period.
3. Walker & Dunlop
Through its capital markets experts, Walker & Dunlop secured more than $32 billion in multifamily financing and $37.7 billion in loans overall. The bulk of the funds it arranged backed market-rate transactions. The firm issued more multifamily loans this time around—up from the $22.4 billion of last year.
4. Berkadia
Based on longstanding relationships with key lenders, including Fannie Mae, Freddie Mac and HUD, Berkadia provided $25.8 billion in loans for the multifamily sector. Multifamily lending increased 30 percent during survey period.
5. Northmarq
Established 63 years ago as a residential mortgage company, Northmarq secured $14.2 billion in financing. The multifamily sector accounted for $9.3 billion, with the most loans going toward garden apartments. The firm’s multifamily finance activity fell from the $18.3 billion it issued during the previous period.
6. Merchants Capital
Merchants Capital provided $6.8 billion in commercial real estate loans during the survey period, most of it as a direct lender. The multifamily sector received more than $6.2 billion, up from the $5.7 billion the bank-backed financing firm provided during the previous survey period.
7. Arbor Realty Trust Inc.
Arbor Realty Trust Inc. was the only lender among the top 10 that provided loans for the multifamily sector exclusively. Arbor Realty Trust Inc. provided more than $7.9 billion for residential properties, including SFR. Originations increased for this lender as well.
8. Marcus & Millichap Capital Corp.
Marcus & Millichap Capital Corp. provided $12.2 billion in loans for the commercial real estate sector. The multifamily segment accounted for $6.8 billion of loans the company arranged for clients —up from the $4.4 billion the company secured during the previous survey period.
9. M&T Realty Capital Corp.
M&T Realty Capital Corp., a direct lender, mortgage banker and commercial bank rolled into one, issued $6 billion in loans. The company lent $5.7 billion to multifamily borrowers — up from the nearly $4 billion received last year.
10. Dwight & Co.
Dwight Capital, working with Dwight Mortgage Trust, provided more than $4.1 billion in financing for commercial real estate. Approximately $2.4 billion was for multifamily. Multifamily loan activity was double that of the previous period.
Methodology
The 2026 Multi-Housing News Top Multifamily Finance Firms ranking utilizes self-reported data for all companies. Our ranking is calculated using a weighted formula based on a variety of factors, including total origination volume, coverage offered, growth in transaction volume and loan positioning, among others. The ranking represents what we feel is a logical balance between firm growth and market share, as well as sector diversity or specialization. Ranking factors are not limited to the data on this page.
— Agota Felhazi, Senior Associate Editor, Yardi Matrix
