Lenders originated $288.7 billion in new mortgages for multifamily properties with five or more units in 2024, a 17% year-over-year increase, according to an annual report from the Mortgage Bankers Association (MBA).
“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, in a press release.
Booker called the multifamily market “broad and diverse,” noting that 53% of active lenders made five or fewer multifamily loans over the course of the year.
A variety of investors purchased multifamily loans last year, the MBA report noted, with 41% of that nearly $300 billion in mortgages scooped up by government-sponsored enterprises Fannie Mae and Freddie Mac.
By dollar volume, the top five multifamily lenders in 2024, according to MBA data, were JPMorgan Chase, Walker & Dunlop, Berkadia, Wells Fargo and CBRE.
