Tap to get financing
HUD Loans
HUD Loans
Loan Programs
FHA & HUD LoansHUD 221(d)(4)HUD 223(f)HUD 223(a)(7)HUD 241(a)HUD 232/223(f)
Calculators
Break-Even Ratio CalculatorCap Rate CalculatorCash-on-Cash Return CalculatorCommercial Mortgage CalculatorDebt Yield CalculatorDSCR CalculatorLoan Repayment CalculatorLTV CalculatorNOI Calculator
Resources
BlogLoan DocsHUD REAC InspectionsHUD Section 202 Supportive HousingHAP Contracts2021-2022 HUD Multifamily Basic Statutory LimitsFrequently Asked Questions
About
CompanyLeadershipTeamWe're Hiring
Contact Us
Get financing
Was This Article Helpful?
Newly Published
Oct 5 at HUD Loans
HUD’s New Surplus Cash Distribution Changes
Oct 3 at HUD Loans
What Are Replacement Reserves?
Sep 12 at HUD Loans
Is HUD Financing Available for Assisted Living Facilities?
Explore the Janover Network
Feb 2 at Multifamily Loans
Top 10 Fannie Mae Multifamily Lenders of 2023
Jan 31 at Commercial Real Estate Loans
Top 10 Commercial Property Management Companies of 2023
Jan 30 at Commercial Real Estate Loans
Top 5 Markets for Medical Office Investing in 2023
HUD Multifamily Loans Blog
Last updated on Dec 8, 2022
5 min read
by Jeff Hamann

Top 10 HUD Lenders of 2021

We take a closer look at the institutions with the highest origination volumes under HUD’s MAP program for the department’s 2021 fiscal year.

Get Quotes ← Apply for a loan in minutes and get multiple quotes today

In this article:
  1. 10. JLL
  2. 9. Gershman Mortgage  
  3. 8. Mason Joseph Co.
  4. 7. ORIX Real Estate Capital
  5. 6. Merchants Capital
  6. 5. Rockport Mortgage
  7. 4. Walker & Dunlop
  8. 3. Berkadia
  9. 2. Dwight Capital
  10. 1. Greystone
  11. Get Financing

Although 2021 presented a unique set of challenges — both for borrowers and lenders alike — HUD-backed financing continued to flow. Below, you can find our ranking of HUD lenders for 2021. 

Data provided by the Department of Housing and Urban Development shows that originations through its Multifamily Accelerated Processing, or MAP, platform significantly picked up last year, with initial endorsements of $29.5 billion, or a 55% jump compared to the 2020 figure. However, it should be noted not all lenders increased activity — but the vast majority of the companies on our list registered double-digit increases, with one financial institution skyrocketing to more than double its previous year’s volume.

Rank

Lender

2021 MAP Volume*

1

Greystone

$3,319,602,747

2

Dwight Capital

$3,021,563,196

3

Berkadia

$2,638,256,900

4

Walker & Dunlop

$2,305,867,524

5

Rockport Mortgage

$2,114,566,800

6

Merchants Capital

$1,651,824,688

7

Orix Real Estate Capital

$1,277,113,600

8

Mason Joseph Co.

$913,726,400

9

Gershman Mortgage

$905,243,100

10

JLL

$886,293,900

* The figures used in the table adhere to HUD’s 2021 fiscal year, which spans the 12-month period ending in September 2021.

10. JLL

Chicago-based global brokerage and real estate services firm Jones Lang LaSalle lands in 10th place on our list, with $886.3 million in HUD financing issued in the year ending in September 2021. The lender’s largest HUD origination of the year involved a $104.7 million Section 220 FHA loan for The Couture, a 44-story development a stone’s throw from Lake Michigan in downtown Milwaukee, Wis., as reported by BizTimes Milwaukee. 

9. Gershman Mortgage 

Founded in St. Louis in 1955, Gershman Mortgage finances a diverse range of assets, from single-family homes to large multifamily communities and health care facilities. The firm provided $905.2 million in HUD-backed financing in 2021, a slight drop from the $909.8 million reported in the previous fiscal year. The company’s largest origination was a $75 million FHA 223(f) refinancing of the 1,028-unit Lake Shore Apartments in Ypsilanti, Mich.

8. Mason Joseph Co.

Mason Joseph Co. provided $913.7 million in HUD loans in 2021, an incredible 54.7% increase over the lender’s volume the previous year. The firm has offices in San Antonio, Oklahoma City, and Fort Worth, Texas, and finances a wide selection of multifamily and senior housing properties across the country.

7. ORIX Real Estate Capital

Japanese investment-banking giant ORIX’s U.S. subsidiary, ORIX Real Estate Corp., generated nearly $1.3 billion in HUD debt in the 2021 fiscal year, more than double the $623.1 million reported the year before. Forest Properties’ 312-unit Ranch Lake Apartments in Bradenton, Fla., nabbed the lender’s biggest loan of the year, netting $51 million to pay down a previous Fannie Mae® loan, county records indicate.

6. Merchants Capital

Established in 1990 to finance multifamily and health care assets, Merchants Capital hit a new high this past year, with HUD originations of nearly $1.7 billion — an 88% increase from 2020. In addition to FHA loans, the lender works extensively with a broad range of financing options, including Freddie® Mac® and Fannie® Mae® packages and USDA-backed multifamily loans.

5. Rockport Mortgage

Rockport Mortgage comes in fifth place on our list, with $2.1 billion in FHA originations in 2021. The company began operations in 1992 and has focused on FHA lending from the get-go. Since 2010, the firm has originated close to $6 billion in FHA debt encompassing 51,000 multifamily units in 38 states. Rockport’s largest mortgage last year was the $120.4 million 220(f) refinance of Summit Plaza, a 483-unit Section 8 asset in Jersey City, N.J. 

4. Walker & Dunlop

Walker & Dunlop’s position near the top of our list should hardly come as a surprise: The lender had an overall loan servicing portfolio of around $107.2 billion at the end of 2020. In 2021, the organization provided $2.3 billion in loans through HUD’s accelerated MAP platform, an increase of nearly 50% over the year. Founded in 1937 and led by Willy Walker since 2007, the firm clocked upwards of $1 billion in revenue in 2020.

3. Berkadia

Founded in 2009 as a joint venture between Berkshire Hathaway and Leucadia National Corp., Berkadia provides financing solutions for a broad range of asset classes, from affordable multifamily housing to hospitality properties. The New York-based firm had a HUD origination volume just above $2.6 billion in 2021, a 43% uptick compared to the year before.

2. Dwight Capital

With a commercial real estate loan servicing portfolio of more than $9 billion, Dwight Capital is one of the largest providers of commercial mortgages in the country. Last year, the firm boosted HUD originations by 40%, ending the year with $3.1 billion in total volume. In one of its largest deals, Dwight Capital closed a $128 million refinancing package for the 400-unit, mixed-use City Market at O Street in Washington, D.C.

1. Greystone

Our top HUD lender of 2021 is Greystone, which registered 160 FHA loans clocking upwards of $3.3 billion through the MAP program. This marks an increase of about 50% compared to 2020. In addition to its MAP origination volume, Greystone provided an additional $1 billion in LEAN financing for 83 health care assets across the country. The company also is heavily involved in financing a number of other asset types, including self storage, office and industrial properties.

In this article:
  1. 10. JLL
  2. 9. Gershman Mortgage  
  3. 8. Mason Joseph Co.
  4. 7. ORIX Real Estate Capital
  5. 6. Merchants Capital
  6. 5. Rockport Mortgage
  7. 4. Walker & Dunlop
  8. 3. Berkadia
  9. 2. Dwight Capital
  10. 1. Greystone
  11. Get Financing
Categories
  • HUD Multifamily Financing
Tags
  • HUD Multifamily Lenders
  • HUD Multifamily Database
  • HUD Exchange
  • hud financing
  • HUD Lenders

Getting commercial property financing should be easy.⁠ Now it is.

Click below for a free, no obligation quote and to learn more about your loan options.

Get financing →
Janover logo

HUD Loans is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

Janover Inc.

6401 Congress Ave
Ste 250
Boca Raton FL 33487

hello@hud.loans

Site Information

Privacy Policy
Terms of Use

This website is owned by a private company that offers business advice, information and other services related to multifamily, commercial real estate, and business financing. We have no affiliation with any government agency and are not a lender. We are a technology company that uses software and experience to bring lenders and borrowers together. By using this website, you agree to our use of cookies, our Terms of Use and our Privacy Policy. We use cookies to provide you with a great experience and to help our website run effectively.

Freddie Mac® and Optigo® are registered trademarks of Freddie Mac. Fannie Mae® is a registered trademark of Fannie Mae. We are not affiliated with the Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), Freddie Mac or Fannie Mae.

Copyright © 2022 Janover Inc. All rights reserved.