Agency lenders
Berkadia
Berkadia sells, finances, and services commercial real estate through integrated investment sales, mortgage banking, and loan servicing teams. The firm says its history began in 1994, when GMAC Commercial Mortgage Corporation was established as a separate operating unit of the GMAC Mortgage Group.
Mortgage banking places debt and equity with Fannie Mae, Freddie Mac, FHA/HUD, life insurance companies, banks, REITs, CMBS and conduits, and debt funds, for acquisition, refinance, rehabilitation, and repositioning. In 2025 Berkadia reported $35B in loan origination volume across more than 1,610 loans and ranked as the #1 GSE and HUD lender by total volume, based on production released by Freddie Mac Multifamily ($10.3B), Fannie Mae Multifamily ($7.04B), and HUD ($1.3B). Freddie Mac ranked it the #2 manufactured housing communities lender and Fannie Mae the #4 DUS producer for manufactured housing communities that year.
The FHA/HUD group closed 76 HUD loans in 2025 and staffs 160+ dedicated HUD professionals, working the 221(d)(4), 220, 223(f), 241(a), and 223(a)(7) programs plus IRR loan modifications, with HUD-approved delegated authority for 221(d)(4) and 223(f). On the sales side, 180+ investment sales advisors across 50+ offices cover multifamily, hotels and hospitality, land, medical and life sciences, seniors housing and healthcare, single-family rental and build-to-rent, and student housing, and the firm reports an 8.1% multifamily investment sales market share at year-end 2025 per Real Capital Analytics. A strategic alliance with Knight Frank extends the reach to capital outside the United States.
Mortgage origination and servicing are conducted by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc., investment sales and brokerage by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc., and tax credit syndication by Berkadia Affordable Tax Credit Solutions. The site states it is not intended to solicit commercial mortgage loan brokerage business in Nevada. Loan minimums and terms are not published, and two different 2025 HUD volumes appear on the site, so confirm figures and program fit with a producer.
Best for
Multifamily, manufactured housing, and seniors housing owners who need agency or HUD debt at institutional scale, or a national investment sales team for a disposition. Not a fit for a small one-off loan, since no loan minimums or terms are published.
What they do
- Fannie Mae DUS agency lending
- Freddie Mac agency lending
- FHA/HUD multifamily financing (221(d)(4), 220, 223(f), 241(a), 223(a)(7))
- HUD construction and substantial rehabilitation loans
- Life company, bank, CMBS, and debt fund placements
- Commercial mortgage loan servicing
- Multifamily and commercial investment sales
- Institutional investment advisory and capitalization structuring
- Manufactured housing community financing and sales
- Affordable housing tax credit syndication
Details
| Attribute | Value |
|---|---|
| Lender type | Agency |
| Recourse | Non-recourse |
What stands out
- Reported $35B in loan origination volume across more than 1,610 loans in 2025.
- Ranked the #1 GSE and HUD lender by total volume in 2025, on Freddie Mac ($10.3B), Fannie Mae ($7.04B), and HUD ($1.3B) production.
- Ranked Freddie Mac's #2 manufactured housing communities lender and Fannie Mae's #4 DUS producer for manufactured housing communities in 2025.
- The FHA/HUD group closed 76 HUD loans in 2025 and staffs 160+ dedicated HUD professionals.
- 180+ investment sales advisors work across 50+ offices, with an 8.1% multifamily investment sales market share at year-end 2025 per Real Capital Analytics.
Common questions
- Are HUD loans only for affordable or Section 8 housing?
- No. Berkadia says investors often assume FHA financing applies only to affordable, Section 8 housing, but it can also work for market rate properties including multifamily apartments and seniors housing and healthcare facilities.