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
MFPRO+ News | Nov 15, 2023
Average U.S multifamily rents drop $3 to $1,718 in October 2023: Yardi Matrix
Multifamily fundamentals continued to soften and impact rents last month, according to the latest Yardi Matrix National Multifamily Report. The average U.S. asking rent dropped $3 to $1,718 in October, with year-over-year growth moderating to 0.4%, down 40 basis points from September. Occupancy slid to 94.9%, marking the first decline in four months.
Industrial Facilities | Nov 14, 2023
Some AEC firms are plugging into EV charging market
Decentralized electrical distribution is broadening recharger installation to several building types.
MFPRO+ Special Reports | Nov 14, 2023
Register today! Key trends in the multifamily housing market for 2024 - BD+C Live Webinar
Join the BD+C and Multifamily Pro+ editorial team for this live webinar on key trends and innovations in the $110 billion U.S. multifamily housing market. A trio of multifamily design and construction experts will present their latest projects, trends, innovations, and data/research on the three primary multifamily sub-sectors: rental housing, senior living, and student housing.
Multifamily Housing | Nov 9, 2023
Multifamily project completions forecast to slow starting 2026
Yardi Matrix has released its Q4 2023 Multifamily Supply Forecast, emphasizing a short-term spike and plateau of new construction.
MFPRO+ News | Nov 1, 2023
Washington, D.C., Queens, N.Y., lead nation in number of new apartments by zip code
A study of new apartment construction by zip code showed Washington D.C., and the Queens borough of New York City are the hottest multifamily markets since 2018, according to RentCafe.
Adaptive Reuse | Nov 1, 2023
Biden Administration reveals plan to spur more office-to-residential conversions
The Biden Administration recently announced plans to encourage more office buildings to be converted to residential use. The plan includes using federal money to lend to developers for conversion projects and selling government property that is suitable for conversions.
Sponsored | MFPRO+ Course | Oct 30, 2023
For the Multifamily Sector, Product Innovations Boost Design and Construction Success
This course covers emerging trends in exterior design and products/systems selection in the low- and mid-rise market-rate and luxury multifamily rental market. Topics include facade design, cladding material trends, fenestration trends/innovations, indoor/outdoor connection, and rooftop spaces.
MFPRO+ Special Reports | Oct 27, 2023
Download the 2023 Multifamily Annual Report
Welcome to Building Design+Construction and Multifamily Pro+’s first Multifamily Annual Report. This 76-page special report is our first-ever “state of the state” update on the $110 billion multifamily housing construction sector.
Mass Timber | Oct 27, 2023
Five winners selected for $2 million Mass Timber Competition
Five winners were selected to share a $2 million prize in the 2023 Mass Timber Competition: Building to Net-Zero Carbon. The competition was co-sponsored by the Softwood Lumber Board and USDA Forest Service (USDA) with the intent “to demonstrate mass timber’s applications in architectural design and highlight its significant role in reducing the carbon footprint of the built environment.”
