2025 Top Commercial Mortgage Banking and Brokerage Firms
Find out which firms made CPE’s annual ranking of 20 industry leaders.
You can also read our other Mortgage Banking Firms rankings.
Includes all originations, both as an intermediary and a direct lender, between 10/01/2023 and 09/30/2024.
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 mortgage lenders, several notable firms (among them JLL, Bank of America, KeyBank and ACORE Capital) did not participate this year.
To be included in upcoming rankings, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
Debt Leaders Weather Challenging Conditions
Commercial Property Executive has put together its 2025 ranking of the top 20 commercial mortgage banking and brokerage firms. After a sluggish start, borrowing and lending activity gained some traction moving into the second half of the past year. In total, the included lenders worked on providing more than $196 billion during the 12 months ending in September 2024. Below, we’re offering a more expanded view of the top 10 commercial lenders.
1. Newmark
Newmark secured the top spot. Globally, the firm, thorough its corporate offices and partnerships, maintains roughly 170 locations staffed by more than 8,000 experts. Newmark provided loans totaling more than $48.4 billion during the 12 months ending in September 2024. The leading commercial real estate advisory and service firm provided most of the loans as an intermediary. Newmark also increased its originations volume by an impressive 79.6 percent year-over-year, no small feat considering overall market conditions.
2. CBRE
CBRE landed the second spot, with a widespread presence of more than 500 offices, including 140,000 professionals in more than 100 countries. The global giant was also one of two leading firms offering a comprehensive list of financing options, from debt, equity, hybrid to others. Overall, CBRE provided $34.7 billion as a direct lender, as well as an intermediary.
3. Walker & Dunlop
With more than eight decades of experience and maintaining more than 40 locations in the U.S. and internationally, Walker & Dunlop rounded out the top three. The leading commercial real estate finance and advisory services firm remained most active in the multifamily sector and provided more than $26.6 billion during the surveyed timeframe.
4. Berkadia
As a top Fannie Mae, Freddie Mac and HUD lender with approximately 3,000 employees, Berkadia took fourth place. The industry leader has closed nearly $23.6 billion in financing during the 12 months ending in September 2024. Despite turbulence in the market, Berkadia increased its origination volume 6 percent year-over-year.
5. Greystone
Drawing on more than three decades of industry experience, Greystone is now pushed forward by its more than 1,100 CRE experts. Rounding out our top five, the finance firm was also a top Fannie Mae, Freddie Mac and HUD lender. Overall, the company’s volume of origination came to $11.4 billion for the surveyed period.
6. Northmarq
Northmarq with 1,000 commercial real estate professionals in more than 50 offices across the U.S. placed sixth in our 2025 ranking of the top commercial mortgage banking and brokerage firms. Despite a challenging year Northmarq originated roughly $9.2 billion during the 12 months ending in September.
7. Cushman & Wakefield
Totaling 52,000 professionals across 400 offices in 60 countries, Cushman & Wakefield scored seventh place. The global commercial real estate services firm was most active in the industrial sector. Overall, Cushman & Wakefield provided $8 billion during the surveyed period.
8. Marcus & Millichap
For the surveyed period, Marcus and Millichap reported more than 1,700 investment sales and financing experts across more than 80 offices throughout the U. S. and Canada. Placed eight, Marcus & Millichap Capital Corp. was present in all the parent company’s offices with more than 200 team members. Overall, the financial arm provided approximately $7.3 billion in loans during the 12 months ending in September.
9. Merchants Capital
Merchants Capital, with six offices and present in 47 U.S. states and territories, came in ninth in our 2025 ranking of the top commercial mortgage banking and brokerage firms. Despite the general headwinds, the bank-backed financial services provider increased its origination volume by 7.9 percent year-over-year. Overall, Merchants Capital provided $6.3 billion during the timeframe.
10. Arbor Realty Trust Inc.
Arbor Realty Trust Inc. rounded out our top ten. The nationwide REIT and direct lender offered a wide variety of financing solutions, from agency-backed loans to preferred equity products. Overall, Arbor provided more than $5.5 billion during the 12 months ending in September.
—Agota Felhazi, Senior Associate Editor, Yardi Matrix
Methodology
The 2025 CPE Top 20 Commercial Mortgage Banking and Brokerage Firms ranking utilized self-reported data for all companies. 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.
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