2014 was another strong year for affordable housing lending as multifamily properties, with their strong occupancy levels, continue to be seen as strong investments.
Affordable Housing Finance’s Top 25 lenders of 2014 provided more than $17.7 billion in construction loans for affordable housing and permanent loans for 9 percent low-income housing tax credit projects, Sec. 8 housing, and bond credit enhancements. The volume is up from the $17.3 billion reported by the Top 25 lenders of 2013. The annual list was compiled through surveys submitted by lenders in January.
Citi Community Capital continued its reign in the No. 1 spot for its sixth consecutive year, lending $3.2 billion in 2014, which is up from $2.6 billion the previous year.
Wells Fargo also had a strong year, reporting $2.8 billion in lending, up from $1.7 billion in 2013.
Rounding out the Top 5 are Bank of America Merrill Lynch with $1.7 billion, JPMorgan Chase Bank with $1.3 billion, and Capital One Bank with $785 million.
“Lenders view the multifamily market as being low risk and continue to ramp up production goals,” says Edward J. Sigler, senior vice president at JPMorgan Chase Bank.
The Top 25 lenders for 2014 are:
- Citi Community Capital: $3,222.4 million
- Wells Fargo: $2,788.4 million
- Bank of America Merrill Lynch: $1,750.0 million
- JPMorgan Chase Bank: $1,287.0 million
- Capital One Bank: $785.0 million
- Oak Grove Capital: $748.5 million
- U.S. Bank: $690.0 million
- Walker & Dunlop: $588.1 million
- Prudential: $518.8 million
- Red Stone Tax Exempt Funding: $510.0 million
- Greystone Servicing Corp. : $505.0 million
- PNC Real Estate: $497.9 million
- Stifel, Nicolaus & Co., Merchant Capital Division: $469.4 million
- Hunt Mortgage Group: $466.8 million
- SunTrust Community Capital: $437.0 million
- RBC Capital Markets: $416.3 million
- Red Capital Group: $375.1 million
- Pillar Finance: $349.4 million
- Rockport Mortgage Corp.: $340.1 million
- PR Mortgage & Investments: $215.9 million
- Dougherty Mortgage: $204.2 million
- Lancaster Pollard: $186.3 million
- Love Funding: $165.3 million
- Bellwether Enterprise Real Estate Capital: $123.2 million
- Century Housing Corp.: $118.9 million
The top lenders’ forecast for 2015 is featured in the March issue of Affordable Housing Finance.