You can also read our other Mortgage Banking Firms rankings.
|Rank||Company||Total Origination Volume ($MM) *||Growth From Previous Year||Financing Types Offered||Sectors Financed|
|1||CBRE||$145,039.6||115%||D, E, H, X||O, I, R, M, Ho|
|2||KeyBank||$58,000.0||23%||D, E, H||O, I, R, M, He, X|
|3||Newmark||$58,153.8||53%||D, E||O, I, R, M, Ho, He, X|
|4||Walker & Dunlop||$53,611.0||26%||D, E||O, I, R, M, Ho, X|
|5||Berkadia||$42,619.4||24%||D, E, H||O, I, R, M, Ho, He, X|
|6||Cushman & Wakefield||$29,752.0||59%||D, E, H||O, I, R, M, Ho, He, X|
|7||Northmarq||$25,000.0||39%||D, E||O, I, R, M, Ho, He, X|
|8||Greystone||$18,400.0||11%||D, E, H||M, He, X|
|9||Bellwether Enterprise||$14,236.7||41%||D, E, H||O, I, R, M, Ho, He, X|
|10||Arbor Realty Trust||$13,700.0||-9%||D, H, X||M, X|
|11||MetLife Investment Management||$13,700.0||8%||D, X||O, I, R, M, Ho, X|
|12||Marcus & Millichap Capital Corp.||$11,700.0||26%||D, E, H, X||O, I, R, M, Ho, X|
|13||Merchants Capital Corp.||$9,712.1||71%||D, E||M, He|
|14||Gantry||$5,520.0||20%||D, E, H||O, I, R, M, Ho, He, X|
|15||M&T Realty Capital Corp.||$5,453.1||16%||D||O, I, R, M, He, X|
|16||Metropolis Capital Advisors||$512.9||74%||D, E, H||O, I, R, M, X|
|17||HREC Investment Advisors||$371.0||71%||D, E, H||Ho|
|18||Old Capital Lending||$1,468.8||43%||D, E||R, M|
|19||Greysteel||$727.0||-16%||D, E, H||O, I, R, M, Ho, X|
|20||Financial Federal Bank||$210.0||24%||D||O, I, R, M, X|
* Includes all originations, both as an intermediary or a direct lender, between 10/01/2021 and 09/30/2022.
Financing Types: D=Debt, E=Equity, H=Hybrid, X=Other
Property Sectors: O=Office, I=Industrial, R=Retail, M=Multifamily, Ho=Hospitality, He=Health care, X = Other
Though we make every effort to include all major commercial lenders, several notable firms (among them JLL, PGIM Real Estate and Eastdil Secured) did not participate this year.
To be included in upcoming rankings, email Agota Felhazi at [email protected].
Commercial Lending Activity Normalizes
While commercial lending activity recovered in 2021 and in the first half of 2022, the increasingly difficult economic landscape caused a deceleration the second half of 2022. Total originations in the third quarter registered a 13 percent decrease compared to the same time the year before, the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations report shows. After a strong first half of the year in 2022, rising interest and capitalization rates began to affect deal volume in the third quarter.
Despite the Mortgage Bankers Association reporting a slowdown in origination volume for the third quarter, all but two of the top 20 survey participants indicated origination growth between the 12 months ending in September and the previous 12-months. All top 20 respondents averaged 36 percent growth in origination activity between the two 12-month periods. While we anticipate a slowdown in transactions due to economic challenges, the top 20 survey participants have still experienced strong origination activity and most firms anticipate an increase in volume in 2023.
CBRE landed the top spot in this year’s Top 20 Commercial Mortgage Banking and Brokerage Firms ranking, with over $145 billion in loan originations October 2021 through September 2022. The brokerage’s lending activity, which was the highest in terms of volume on our list, also saw the largest jump on annual basis, increasing by an impressive 115 percent compared to the same time frame last year.
In second place, KeyBank N.A., reported an origination volume of $58 billion, a 23 percent increase year-over-year. Newmark rounded out the top three in this year’s ranking with just over $58 billion in origination volume. While Walker & Dunlop came in fourth place with more than 53 billion in originations and a 26 percent increase year-over-year.
The Top 20 Commercial Mortgage Banking and Brokerage Firms ranking of 2023 utilized self-reported data for all firms. Our ranking is calculated using a weighted formula based on a variety of factors, including total origination volume, coverage offered, growth in transaction volume and loan positioning, among others. The ranking represents what we feel is a logical balance between firm growth and market share, as well as sector diversity or specialization. Ranking factors are not limited to the data on this page.
—Claire Spadoni, Senior Research Analyst, Yardi Matrix
Read the January 2023 issue of CPE.