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Press Release

Fannie Mae Multifamily Closes 2023 With More than $52 Billion in Volume

January 25, 2024
Company Provided Needed Liquidity Across Housing Sectors, Including Robust Support for Structured Transactions, Green Financing, and Multifamily Affordable Housing

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) provided more than $52 billion in financing to support the multifamily market in 2023, the company announced today. Fannie Mae has expanded access to affordable housing for those who need it most through its Delegated Underwriting and Servicing (DUS®) platform, in addition to committing approximately $4 billion in net equity to Low-Income Housing Tax Credit investments since re-entering the space in 2018.

“We are extremely proud of what we and our DUS lenders accomplished in 2023, and we continue to see our work have a positive impact in communities across the country,” said Michele Evans, Executive Vice President and Head of Multifamily, Fannie Mae. “The strength of the DUS program, now in its 36th year, enabled us to support the multifamily industry and provide vital liquidity to essential housing sectors.”

Fannie Mae provided significant liquidity across key housing segments in 2023, including $8.5 billion in Structured Transactions, $7.5 billion in Green Financing, and $6.6 billion in Multifamily Affordable Housing. The company also saw a 29% year-over-year gain in its Manufactured Housing Communities loan production, up from $2.7 billion in 2022 to $3.5 billion in 2023.

“We want to thank our DUS lenders for their tremendous support and adaptability in a year marked by a challenging market and fluctuating conditions,” said Rob Levin, Senior Vice President and Multifamily Chief Customer Officer, Fannie Mae. “Our partnership ensured we and our lenders could stay nimble and be consistent in an ever-changing market. These collaborations also have been pivotal in driving strong borrower adoption of our focused initiatives, including Sponsor-Initiated Affordability, Sponsor-Dedicated Workforce, and the Positive Rent Payment pilot. We look forward to committing to our goals for the year and working to accomplish them together with our partners.”

The following top 10 DUS Lenders produced the highest business volumes in 2023. Also listed below are the Top Lender rankings for highest volumes in 2023 for Multifamily Affordable Housing, Structured Transactions, Green Financing, Small Loans, Manufactured Housing Communities, Seniors Housing, and Student Housing.

Top 10 Producers in 2023 Volume ($Billion)
1. Walker & Dunlop, LLC $6.6
2. Berkadia Commercial Mortgage, LLC $5.3
3. Greystone Servicing Company, LLC $5.1
4. CBRE Multifamily Capital, Inc. $4.9
5. KeyBank National Association $3.6
6. Arbor Commercial Funding I, LLC $3.5
7. JLL Real Estate Capital, LLC $3.4
8. Wells Fargo Multifamily Capital $2.7
9. Newmark $2.5
10. PNC Real Estate $2.4

Top 5 DUS Producers for Multifamily Affordable Housing in 2023 1

  1. Berkadia Commercial Mortgage, LLC
  2. CBRE Multifamily Capital, Inc.
  3. Walker & Dunlop, LLC
  4. Greystone Servicing Company, LLC
  5. Merchants Capital Corp.*

Top 5 DUS Producers for Structured Transactions in 2023

  1. KeyBank National Association
  2. CBRE Multifamily Capital, Inc.
  3. PNC Real Estate
  4. Walker & Dunlop, LLC
  5. Regions Real Estate Capital Markets

Top 5 DUS Producers for Green Financing in 20232

  1. Walker & Dunlop, LLC
  2. Berkadia Commercial Mortgage, LLC
  3. CBRE Multifamily Capital, Inc.
  4. Greystone Servicing Company, LLC
  5. JLL Real Estate Capital, LLC

Top 5 DUS Producers for Small Loans in 20233

  1. Greystone Servicing Company, LLC
  2. Arbor Commercial Funding I, LLC
  3. Walker & Dunlop, LLC
  4. Berkadia Commercial Mortgage, LLC
  5. Lument

Top 5 DUS Producers for Manufactured Housing Communities in 2023

  1. KeyBank National Association
  2. Lument
  3. Berkadia Commercial Mortgage, LLC
  4. Bellwether Enterprise Real Estate Capital, LLC
  5. PGIM Real Estate

Top 5 DUS Producers for Seniors Housing in 2023

  1. M&T Realty Capital Corporation
  2. Greystone Servicing Company, LLC
  3. CBRE Multifamily Capital, Inc.
  4. Wells Fargo Multifamily Capital
  5. PNC Real Estate

Top 3 DUS Producers for Student Housing in 2023

  1. Walker & Dunlop, LLC
  2. Greystone Servicing Company, LLC
  3. Arbor Commercial Funding I, LLC

Listed below are 2023 production highlights for individual business categories, which are included in the total multifamily production number:

  • Multifamily Affordable Housing – $6.6 billion
  • Structured Transactions – $8.5 billion
  • Green Financing – $7.5 billion
  • Small Loans – $5.1 billion
  • Manufactured Housing Communities – $3.5 billion
  • Seniors Housing – $0.5 billion
  • Students Housing – $0.4 billion

1 Multifamily Affordable Housing Loans are defined as financing for rent-restricted properties and properties receiving other federal and state subsidies. Affordable housing acquisitions also include 20% at 80% AMI, Special Public Purpose Multifamily Affordable Housing (SPP MAH), and Sponsor-Initiated Affordability Multifamily Affordable Housing (SIA MAH).

2 Green Loans are defined as loans for properties with Green Building Certifications or loans that are projected to achieve specified reductions in the property's energy usage and water usage that sum to at least 30 percent, of which a minimum of 15 percent must be projected energy savings.

3 Small Loans are defined as loans of $9 million or less nationwide and loans for properties with 5 or more units nationwide.

*A Non-DUS Lender approved for Multifamily Affordable Housing financing.

**Due to rounding, amounts reported may not add up to overall totals.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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