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Biggest Multifamily Lenders

$138 billion multifamily volume in 2006

December 3, 2007


While multifamily fundings rose last year, they are likely to head lower according to a new industry report. Nearly half of last year's volume was funded by less than 50 lenders.

Last year, U.S. multifamily originations were 50,959 mortgages for $138 billion, according to the 2006 Annual Report on Multifamily Lending from the Mortgage Bankers Association released last week. Volume was 4 percent higher than in 2005, when multifamily production was 49,727 loans for $133 billion. About 28 percent of the fundings were for new debt.

MBA Senior Director of Commercial/Multifamily Jamie Woodwell said in a separate announcement that 2006 multifamily volume trends closely parallel the single family market and will impact volume in subsequent periods. Residential originations, which were about $2.5 trillion in 2006, are projected by MBA to be $2.3 trillion this year and $1.9 trillion next year.

The data indicated $729 billion in apartment loans were outstanding on Dec. 31, 2006.

The figures represent volume from loans secured by properties with five or more units.

Apartment loan production was originated from 2,761 lenders last year, the report said, rising from 2,670 originators the prior year.

"The growth in multifamily lending came amid different results for different market segments," Woodwell stated. "The large and mid-size loan market saw solid growth over the course of the year, while the smaller loan market saw a decline."

Around half of last year's dollar volume was on 4,491 loans originated from just 46 lenders, MBA said. The average size of those loans was $15.2 million.

But loans of $3 million or less accounted for 42,268 multifamily mortgages last year funded by 2,618 lenders, according to the trade group.

"The small and very-small loan lender segments are characterized by a large number of local and regional banks and savings institutions, each making a small number of small and very-small loans," the report said.

The biggest multifamily lender based on dollar volume was Wachovia, which MBA said closed 1,465 loans for $16.1 billion. Washington Mutual Bank ranked No. 2, with 6,402 mortgages for $9.2 billion, followed by Deutsche Bank Commercial Real Estate, with 1,068 loans for $6.3 billion.

Based on number of loans, Washington Mutual was the biggest lender, followed by Wells Fargo with 3,859 loans for $5.6 billion. LaSalle Bank/ABN AMRO was No. 3, with 3,666 multifamily mortgages originated for $4.6 billion.

The multifamily lender with the highest average loan size was Northwestern Mutual at $65.7 million. The company closed 33 deals for $2.2 billion.

The following table ranks the top 10 multifamily lenders by dollar volume:

# Loans
$ Volume
1. Wachovia
2. Washington Mutual Bank
3. Deutsche Bank Commercial Real Estate
4. Credit Suisse
5. Wells Fargo
6. Capmark Financial Group Inc.
7. LaSalle Bank / ABN AMRO
8. Prudential Mortgage Capital Co.
9. KeyBank Real Estate Capital
10. GE Real Estate - North America Lending
source: Mortgage Bankers Association

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

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