By the Editors of Multi-Housing News

Multifamily financing activity recovered nicely in 2021.

You can also read our other Top Mortgage Banks rankings.

RankCompany NameMultifamily Origination Volume* ($MM)Total Origination Volume* ($MM)Licensed GSE Affiliate
2Walker & Dunlop$35,676.7$42,472.3x
4PGIM Real Estate$12,423.8$23,891.8x
5Arbor Realty Trust$13,426.0$13,700.0x
7KeyBank Real Estate Capital$19,964.1x
8Bellwether Enterprise$6,520.2$10,567.6x
9Cushman & Wakefield$4,078.4$19,421.0
10Merchants Capital Corp.$5,089.4$5,692.8x
11M&T Realty Capital Corp.$3,500.0$5,000.0x
12MetLife Investment Management$3,556.0$12,700.0
14Strategic Alliance Mortgage$4,579.5$10,650.0
15Gershman Investment Corp.$1,879.3$2,091.6x
17American Street Capital$173.1$192.3
18Old Capital Lending$973.8$1,025.0
19Metropolis Capital Advisors$176.0$275.0
20Bernard Financial Group$320.9$972.6

* Includes originations between 10/01/2020 and 09/30/2021.

Though we make every effort to include all major multifamily lenders, several notable firms (among them JLL, Bank of America and Eastdil Secured) did not participate this year. 

To be included in upcoming surveys, email Jeff Hamann at

Lending Grows Amid Investment Upswing

Multifamily financing activity recovered nicely in 2021. Multifamily originations in the third quarter registered a 105 percent uptick compared to the same time frame the year before, a Mortgage Bankers Association report shows. This is hardly surprising, given the nearly $150 billion in multifamily transactions between January and November 2021, a 93 percent gain compared to the same time in 2020, Yardi Matrix data shows.

In our 2022 ranking of top multifamily mortgage banking and brokerage firms, CBRE is in first place, boasting $67.9 billion in total originations during the year ending in September—an increase of more than two-thirds compared to the previous year. Close to 90 percent of the firm’s activity was concentrated in the multifamily sector. Rounding out the top three are Walker & Dunlop and Berkadia, with a respective $35.7 billion and $30.9 billion in multifamily loans.

Each of our 20 top multifamily lenders reported an increase in total originations, comparing the 12 months ending in September 2021 to the same period the year before. These lenders also indicated a positive outlook for 2022, with 95 percent of respondents anticipating a boost in activity for the year.


The Top 20 Multifamily Mortgage Banking and Brokerage Firms ranking of 2022 utilized self-reported data for all firms. 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.