Fannie Mae, Freddie Mac Pumped Out Record $90B In Multifamily Lending Last Year
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Government lenders Fannie Mae and Freddie Mac hit a record with almost $90B in multifamily loans last year, with loans going to all corners of the asset class.
VP of Freddie Mac Multifamily David Brickman says the lender wants to increase the availability of mortgage capital, "especially to the affordable and workforce housing sectors, where demand continues to far outstrip supply."
Freddie Mac, the larger of the two giants, lent out $47.3B in 2015, up from $28.3B the year before, CoStar reports. With recent federal changes to lending caps on the two government-sponsored enterprises, 2016 could be another record-breaking year.
Here's the total breakdown of the loans:
- Multifamily Affordable Housing: (financing for rent-restricted properties and properties receiving other federal and state subsidies) $3B, up 15% from $2.6B in 2014
- Manufactured Housing Communities: $786M, up 58% from $496M in 2014
- Student Housing: $1.5B, up 81% from $831M in 2014
- Structured Transactions - $3.5B, up 133% from $1.5B in 2014
- Senior Housing - $2.7B, up 80% from $1.5B in 2014. [CoStar]