GSEs Provide More Than $57 Billion in 2014 Multifamily Volume

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Fannie Mae and Freddie Mac provided $57.2 billion in multifamily volume in 2014. Working with their lender partners, the government-sponsored enterprises (GSEs) financed more than 850,000 units, many of which are affordable to households earning low or moderate incomes.

Fannie Mae provided $28.9 billion to the multifamily market last year, slightly up from its 2013 total of $28.8 billion. It securitized approximately 99% of the loans it financed through its MBS execution.

Of the $28.9 billion, $2.6 billion was provided for multifamily affordable housing, an increase from $2.3 billion in 2013. Fannie Mae also provided $1.5 billion for seniors housing and $496 million for manufactured housing communities.

“In partnership with our 24 Delegated Underwriting and Servicing (DUS) lenders, 2014 was another great year for multifamily production,” said Hilary Provinse, Fannie Mae’s senior vice president for multifamily customer engagement. “The market was incredibly competitive. The first half of the year was slow for everyone, so to have reached $28.9 billion in volume is a significant accomplishment.”

Freddie Mac had its second largest multifamily volume year in its history, with $28.3 billion, up from $25.9 billion in 2013. Its largest annual volume was $28.8 billion in 2012. The new business volume reflected $25.8 billion of its $25.9 billion purchase cap established by the Federal Housing Finance Agency, the GSEs’ conservator. New business volume not subject to the cap totaled $2.5 billion and included loans for affordable housing, smaller multifamily properties, and manufactured housing communities.

The GSE said it settled roughly $2.7 billion in targeted affordable housing business last year, of which approximately $1.4 billion were multifamily bond credit enhancements and tax-exempt bond securitizations. Freddie also purchased just more than $1.2 billion in seniors housing mortgages.

“We are on a roll and growing by serving more markets including manufactured housing and smaller apartment communities,” said David Brickman, executive vice president of Freddie Mac Multifamily. “Our financing also increased for Class B and C properties, as well as for those in secondary and tertiary markets due to rising demand for rental housing throughout the United States.”

The GSEs also released lists of their top multifamily lenders in 2014.

Top 5 Fannie Mae DUS Producers:
1. Walker & Dunlop
2. Wells Fargo Multifamily Capital
3. Berkadia Commercial Mortgage
4. CBRE Multifamily Capital
5. PNC Real Estate

Top 5 Fannie Mae DUS Producers for Multifamily Affordable Housing:
1. Capital One Multifamily Finance
2. PNC Real Estate
3. Wells Fargo Multifamily Capital
4. Pillar Multifamily
5. Arbor Commercial Funding

Top 5 Fannie Mae DUS Producers for Seniors Housing:
1. KeyBank National Association
2. Berkadia Commercial Mortgage
3. PNC Real Estate
4. Wells Fargo Multifamily Capital
5. Grandbridge Real Estate Capital

Top 5 Freddie Mac Program Plus Sellers:
1. CBRE Capital Markets
2. Berkadia Commercial Mortgage
3. Walker & Dunlop
4. Holliday Fenoglio Fowler
5. NorthMarq Capital (tie)
5. KeyBank Real Estate Capital (tie)

Top 2 Freddie Mac Targeted Affordable Housing Sellers:
1. Citibank
2. Wells Fargo Multifamily Capital

Top 3 Freddie Mac Sellers of Very Low-Income Housing Units:
1. Walker & Dunlop
2. Wells Fargo Multifamily Capital
3. Berkadia Commercial Mortgage

Top 3 Freddie Mac Seniors Housing Sellers:
2. KeyBank
3. Berkadia Commercial Mortgage