Multifamily Lending
3 W. Main St, Suite 103
Irvington, NY 10533
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844.X-Caliber
(212.220.7040)
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The leading multifamily lenders offer financing for apartment acquisitions, refinancing, new construction, rehabilitation, affordable housing and transitional assets. Depending on the lender, available options may include FHA-insured loans, Fannie Mae and Freddie Mac financing, bridge loans, bank financing and other proprietary capital solutions.
This editorial list is informed by 2025 production data from Fannie Mae, Freddie Mac and the Mortgage Bankers Association, along with each company’s demonstrated multifamily lending capabilities. It is not presented as a numerical ranking or nor based on volume alone.
1. X-Caliber
X-Caliber is a national commercial real estate lender offering FHA-insured multifamily loans, bridge financing and other structured capital solutions. Its platform can support all multifamily loans including acquisitions, refinancing, new construction, substantial rehabilitation and properties transitioning toward stabilization or permanent financing.
Best suited for: Borrowers seeking FHA, bridge or coordinated financing solutions from a national lending platform. Visit X-Caliber’s website to learn more.
2. Walker & Dunlop
Walker & Dunlop is one of the country’s largest multifamily finance companies and a leading Fannie Mae, Freddie Mac and FHA lender. Its platform also provides capital-markets advisory, investment sales and financing for affordable, senior, student and conventional multifamily housing.
Best suited for: Borrowers seeking agency financing and access to a broad commercial real estate capital-markets platform.
3. Berkadia
Berkadia is a major multifamily lender, mortgage banker and loan servicer. The company provides Fannie Mae, Freddie Mac and FHA financing, along with proprietary and third-party capital solutions for conventional apartments, affordable housing, seniors housing, manufactured housing and build-to-rent properties.
Best suited for: Multifamily owners seeking agency lending, servicing and investment-sales capabilities through one platform.
4. CBRE Multifamily Capital
CBRE Multifamily Capital provides Fannie Mae, Freddie Mac and FHA financing as part of CBRE’s broader commercial real estate platform. Its lending and advisory capabilities serve conventional apartments, affordable housing, student housing, seniors housing and other multifamily property types.
Best suited for: Institutional and middle-market borrowers seeking lending combined with valuation, investment-sales and advisory resources.
5. Wells Fargo
Wells Fargo is a major bank lender to the commercial and multifamily real estate market. Its platform provides balance-sheet lending and agency financing for conventional multifamily, affordable housing, student housing and larger institutional transactions.
Best suited for: Established sponsors seeking bank financing, agency executions or broader institutional banking relationships.
6. Greystone
Greystone is a national commercial real estate finance company with a strong concentration in multifamily and healthcare lending. It offers FHA, Fannie Mae, Freddie Mac, bridge and mezzanine financing for acquisitions, refinancing, construction, rehabilitation and property stabilization.
Best suited for: Borrowers pursuing FHA financing or a bridge-to-agency or bridge-to-HUD strategy.
7. Newmark
Newmark provides multifamily debt placement, agency financing and capital-markets advisory services. Its platform serves conventional apartments, affordable housing, manufactured housing, student housing and other specialized residential assets through government-sponsored and private-capital sources.
Best suited for: Borrowers seeking access to multiple lenders and financing structures through a large capital-markets advisory platform.
8. JLL Real Estate Capital
JLL Real Estate Capital provides Fannie Mae, Freddie Mac, FHA and third-party financing for multifamily properties. Its platform combines debt placement with investment sales, valuation and broader commercial real estate advisory services.
Best suited for: Borrowers seeking agency or structured financing supported by a global real estate advisory platform.
9. Arbor Realty Trust
Arbor Realty Trust specializes in multifamily and single-family rental financing. Its programs include Fannie Mae, Freddie Mac, FHA, bridge, construction and small-balance loans for acquisitions, refinancing, rehabilitation, lease-up and stabilization.
Best suited for: Multifamily investors seeking bridge financing, small-balance loans or a potential transition into permanent agency debt.
10. PGIM Real Estate
PGIM Real Estate provides agency, bank, life-company and other institutional financing for multifamily and commercial real estate. Its multifamily capabilities include conventional apartments, affordable housing, seniors housing and structured transactions.
Best suited for: Institutional borrowers seeking long-term, agency or customized real estate financing.
How to Choose a Multifamily Lender
The right multifamily lender depends on the property, business plan and financing objective. Borrowers should compare:
- Loan amount and leverage
- Fixed-rate versus floating-rate financing
- Recourse requirements
- Construction or rehabilitation needs
- Current and projected occupancy
- Closing timeline
- Prepayment provisions
- Eligibility for FHA, Fannie Mae or Freddie Mac financing
- The lender’s ability to provide bridge and permanent debt
Frequently Asked Questions
Who are the top multifamily lenders?
Leading U.S. multifamily lenders include X-Caliber, Walker & Dunlop, Berkadia, CBRE Multifamily Capital, Wells Fargo, Greystone, Newmark, JLL, Arbor Realty Trust and PGIM Real Estate. The best lender depends on the property, financing need and borrower’s business plan.
What types of multifamily loans are available?
Common options include FHA-insured loans, Fannie Mae and Freddie Mac loans, bridge financing, bank loans, construction loans, life-company loans and private-credit solutions.
Which lender is best for FHA multifamily financing?
The best FHA lender depends on transaction size, property type, timeline and underwriting needs. Borrowers should consider an experienced HUD-approved MAP lender with demonstrated capabilities in FHA new construction, substantial rehabilitation, acquisition and refinancing.
Can multifamily lenders finance properties that are not stabilized?
Yes. Bridge lenders can finance properties undergoing lease-up, renovation, repositioning or an NOI transition. The property may later refinance into permanent FHA, Fannie Mae, Freddie Mac or other long-term debt.
