- Origination rankings show lenders expanded CRE and multifamily lending in 2025, up 40% from 2024.
- Lending increased across office, multifamily, industrial, and healthcare, while hotel and certain retail lagged.
- Depositories and private credit platforms drove much of the new origination activity, reordering top lender lists.
- MBA’s league tables highlight specialists and intermediaries rising alongside major banks and agency lenders.
Top Lenders Reorder the Map
New origination rankings from the Mortgage Bankers Association for 2025 reveal a more active and diverse commercial lending environment than many anticipated. JLL, JPMorgan Chase & Co., Eastdil Secured, Newmark, and Wells Fargo led overall production, with CBRE, Walker & Dunlop, KeyBank, Berkadia, and Bank of America rounding out the top ten.
According to Globe St, the rankings—based on loan volume by property and lender type—show lenders and intermediaries stepped up activity, especially as CRE capital sources shifted priorities in response to rising rates and market uncertainty. Agency, life company, and private credit originators all played varying roles in moving capital this cycle.
Investor Momentum Builds
Overall CRE and multifamily origination volumes jumped approximately 40% from 2024, with a strong Q4 up 30% year-over-year. Office lending rebounded from historic lows, while industrial, healthcare, and multifamily volumes also rose. Spotlights include:
- Banks returned cautiously, with depository loan production up 74% year-over-year in Q4, led by Eastdil Secured, Wells Fargo, and others.
- Investor-driven originations—especially from debt funds—rose 46%, with JLL, Newmark, and Blackstone connecting borrowers to higher-yield capital.
- Agency multifamily originations remained resilient, with Walker & Dunlop and Berkadia leading for Fannie and Freddie loans.
Niche Players Gain Ground
The origination rankings highlight not only scale but also specialization. Intermediaries and boutiques such as Greystone, Lument, and Dwight Capital dominated FHA/Ginnie Mae production. Top CMBS originators included Wells Fargo, Eastdil Secured, and JPMorgan Chase & Co., while life companies leaned on JLL, New York Life Investments, and Newmark.
For investor-driven lending, JLL and Newmark coexisted with private credit giants like Blackstone and CBRE, mapping deal flow across capital types. The trend reflects a pivot from traditional silos to niche expertise and agile execution, mirroring how debt origination activity has begun stabilizing after a volatile stretch for CRE lending markets.
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Property Type Preferences Emerge
Origination patterns by property type became more pronounced. Office originations soared 95% in Q4 2025, multifamily climbed over 20%, and sectors like industrial and healthcare posted gains. Leaders in CMBS and investor-driven categories focused on transitional office, industrial, and necessity retail, often structuring around risk and spreads. Meanwhile, top FHA and agency lenders funneled stable, government-backed capital into multifamily and affordable housing.
What’s Next
The MBA expects total origination to surpass $800B in 2026, with multifamily approaching $400B. Firms that adapted to 2025’s shifting origination landscape—across multifamily, commercial, and sector specialties—are positioned for continued growth as borrowers and investors seek active lenders in a segmented capital market.
