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Fannie Mae announced that it provided more than $69 billion in debt financing to support the multifamily market in 2022.
Through its Delegated Underwriting and Servicing (DUS) platform, along with its Low-Income Housing Tax Credit (LIHTC) equity, Fannie Mae delivered on its mission to provide access to affordable housing nationwide.
"This year marks our 35th anniversary of DUS, a platform that relies on shared risk and strong lender partnerships to serve the needs of the rental housing market," said Michele Evans, EVP and Head of Multifamily of Fannie Mae. "Our DUS program is well-positioned to support the secondary market and play a key role as a stable source of liquidity. We look forward to working with our DUS lenders in the coming year to continue to serve the market and address its most pressing challenges."
Fannie Mae's Multifamily Affordable Housing volumes totaled $10.3 billion in 2022, up nearly 7% from $9.6 billion in 2021, while Structured Transactions and Student Housing increased from $5.7 billion to $10.3 billion (82.6%), and $0.9 billion to $1.2 billion (26%), respectively. Additionally, Seniors Housing volumes totaled $1 billion last year, up more than 26% from $0.8 billion in 2021.
Fannie Mae was able to commit all of its $1.7 billion cap for calendar years 2021 and 2022 and these investments create or preserve more than 35,000 affordable units. LIHTC investments provided a reliable source of capital and served as a stabilizing influence on affordable housing.
In the past five years since Fannie Mae re-entered the market, the GSE has provided in excess of $3 billion in equity investments in properties throughout the country, including underserved markets, populations with unmet needs, such as Native American and farmworker communities, supportive housing development, and disaster-impacted areas.
"We want to thank our DUS lenders for their partnership and helping us support the multifamily market," said Rob Levin, SVP and Multifamily Chief Customer Officer, Fannie Mae. "Together with our lenders, we were active across all market segments while building a balanced portfolio."
The following top 10 DUS Lenders produced the highest business volumes in 2022. Also listed below are the top five lender rankings for highest volumes in 2022 for Structured Transactions, Multifamily Affordable Housing, Green Financing, Small Loans, Manufactured Housing Communities, Student Housing, and Seniors Housing. Multifamily Affordable Housing Loans are defined as financing for rent-restricted properties and properties receiving other federal and state subsidies. Green Loans are defined by Fannie Mae 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%, of which a minimum of 15% must be projected energy savings. Small Loans are defined by Fannie Mae as loans of $6 million or less nationwide, and loans for properties with five or more units nationwide.
Top Five DUS Producers for Structured Transactions in 2022
- Wells Fargo Multifamily Capital
- CBRE Multifamily Capital Inc.
- Newmark
- Walker & Dunlop LLC
- KeyBank National Association
Top Five DUS Producers for Multifamily Affordable Housing in 2022
- Wells Fargo Multifamily Capital
- CBRE Multifamily Capital Inc.
- Walker & Dunlop LLC
- Berkadia Commercial Mortgage LLC
- Capital One, National Association
Top Five DUS Producers for Green Financing in 2022
- Walker & Dunlop LLC
- Berkadia Commercial Mortgage LLC
- Greystone Servicing Company LLC
- CBRE Multifamily Capital Inc.
- KeyBank National Association
Top Five DUS Producers for Small Loans in 2022
- Greystone Servicing Company LLC
- Arbor Commercial Funding
- Walker & Dunlop LLC
- Berkadia Commercial Mortgage LLC
- Lument
Top Five DUS Producers for Manufactured Housing Communities in 2022
- Bellwether Enterprise Real Estate Capital LLC
- Walker & Dunlop LLC
- Wells Fargo Multifamily Capital
- KeyBank National Association
- Grandbridge Real Estate Capital LLC
Top Five DUS Producers for Student Housing in 2022
- KeyBank National Association
- Wells Fargo Multifamily Capital
- Walker & Dunlop LLC
- Capital One, National Association
- CBRE Multifamily Capital Inc.
Top Five DUS Producers for Seniors Housing in 2022
- Greystone Servicing Company LLC
- PNC Real Estate
- Bellwether Enterprise Real Estate Capital LLC
- Wells Fargo Multifamily Capital
- M&T Realty Capital Corporation
Listed below are 2022 production highlights for individual business categories, which are included in the total multifamily production number:
- Structured Transactions: $10.3 billion, an increase of nearly 83% from $5.7 billion in 2021
- Multifamily Affordable Housing: $10.3 billion, an increase of nearly 7% from $9.6 billion in 2021
- Green Financing: $9.1 billion
- Small Loans: $3.4 billion
- Manufactured Housing Communities: $2.7 billion
- Student Housing: $1.2 billion, an increase of 26% from $0.9 billion in 2021
- Senior Housing: $1 billion, an increase of more than 26% from $0.8 billion in 2021
