New York, New York – February 4, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, is pleased to announce that its FHA/HUD platform closed $1.78 billion in financing across 76 deals in 2025.
Outpacing competitors by more than 50%, Berkadia ranked as the #1 HUD Multifamily Lender and the #1 New Construction/Sub Rehab Lender in 2025, with $1.3 billion in financing across 41 transactions, including $703.9 million over 18 New Construction/Sub Rehab loans.
In addition, this milestone includes HUD 223(f) refinance transactions totaling $626.9 million and LEAN Healthcare transactions totaling 34 deals worth $392.5 million for over 3,500 beds/units. Following industry-wide headwinds in 2024, both Berkadia and the wider FHA-insured multifamily market have rebounded, and we are regaining our #1 multifamily ranking for 2025, which we previously held for 2023.
“Berkadia FHA/HUD has had a fantastic 2025, with a tremendous trajectory from a HUD multifamily standpoint, and is well-positioned going forward,” said SVP – Head of FHA and Seniors Housing Finance Steve Ervin. “The team is dedicated to simplifying the complexities of FHA financing for clients and providing essential information that HUD borrowers need to succeed, and we continue to see strong demand for HUD-insured solutions across both multifamily and seniors housing.”