Berkadia Commercial Mortgage LLC

Agency

Berkadia is a Ambler, PA-headquartered commercial real estate company jointly owned by Berkshire Hathaway and Jefferies Financial Group. The firm is a top Fannie Mae DUS lender, originating $7.0B in Fannie Mae volume in 2025, and is also an approved Freddie Mac Optigo and FHA/HUD lender.

AgencyType

Ambler, PAHQ

1,358Deals

$30.0BTotal Volume

Active 2026

Key Contacts

berkadia.com

Dan Brendes

OriginationsPrimary

Senior Vice President, Head of GSE Lending

(301) 202-3551 dan.brendes@berkadia.com

David Leopold

OriginationsPrimary

Senior Vice President, Head of Affordable Housing

(301) 202-3547 david.leopold@berkadia.com

Josh Bodin

Originations

Senior Vice President

(240) 507-0858

Steve Ervin

Originations

Senior Vice President

(301) 202-3575

Justin Wheeler

Chief Executive Officer, Berkadia

FHA Lending Activity

1,358

Total Deals

$21.5B

Total Volume

FY2026 Deals

$306.3M

FY2026 Volume

Source: HUD FHA Multifamily Production Reports

FHA Deal Activity

1,312

FHA Endorsements

$15.7M

Avg Deal Size

165

Avg Units

States

Individual FHA-insured initial endorsements, FY2001–FY2026

Top 10 Markets: NC (162) · VA (151) · TX (132) · MI (117) · SC (59) · IL (56) · FL (55) · CA (52) · GA (50) · WI (50)

Programs: 223(f) Purchase/Refi (671) · 223(a)(7) Refi (348) · New Const/Rehab (287) · 241(a) Improvements (6)

8% LIHTC · 2% Tax-Exempt Bonds

Source: HUD FHA Multifamily Production Reports

View all 1,312 FHA deals →

Recent FHA Deals

Dec '25ATLANTA, GANew Const/Rehab

$23.3M

Dec '25CHARLOTTE, NC223(f) Purchase/Refi

$15.0M

Dec '25TARPON SPRINGS, FLNew Const/Rehab

$37.5M

Dec '25FORT WORTH, TXNew Const/Rehab

$40.2M

Dec '25ELGIN, TXNew Const/Rehab

$59.1M

Active loans held →Maturity wall →Rate tracker →

FHA Portfolio

1,258

Active Loans

$14.1B

Outstanding

5.47%

Recent Avg Rate

34 yr

Avg Term

Rates and balances on FHA-insured loans currently held in portfolio, as of February 2026

Recent FHA Rate Comps

DateLocationAmountUnitsProgramTermRate

Feb '26Zion Crossroads, VA$49.7M218221(d)(4)40 yr5%

Feb '26Lafayette, LA$35.4M157223(f)35 yr5.78%

Feb '26Humble, TX$35.7M257223(f)35 yr5.24%

Jan '26Houston, TX$14.0M114223(f)35 yr5.3%

Jan '26San Antonio, TX$32.3M252223(f)35 yr5.24%

Dec '25Atlanta, GA$23.3M218221(d)(4)40 yr5.95%

Dec '25Boise, ID$27.5M191223(f)35 yr5.64%

Dec '25Hartford, CT$7.3M79223(f)30 yr5.75%

Dec '25Rocky Hill, CT$9.7M45223(f)33 yr5.75%

Dec '25Holyoke, MA$12.5M67223(f)33 yr5.75%

Avg rate across last 20 endorsed loans5.47%

Full Portfolio: 4.07% avg rate · range 2.05%–10.5%

19 loans ($5.4M) maturing by 2031

MaturityLocationOutstandingUnitsRate

Mar 2026New Britain, CT$12K1006.85%

Apr 2027Muscle Shoals, AL$56K608.5%

Apr 2027Greensboro, AL$42K508.5%

Jun 2027Camden, AL$66K608.5%

Jun 2027Tomah, WI$84K723.63%

Jan 2028Centreville, AL$40K505%

Feb 2028Florence, SC$290K965.5%

Mar 2028Montgomery, AL$493K1013.65%

Jun 2028Jefferson, WI$170K303.1%

Sep 2028Caruthersville, MO$145K768%

Nov 2028Endicott, NY$2.5M2454.3%

Dec 2028Pensacola, FL$174K516%

Sep 2029Jonesboro, AR$159K508.13%

Feb 2030Los Angeles, CA$246K605.6%

Sep 2030Wilmington, NC$235K3710.5%

Sep 2030Selma, AL$262K806%

Oct 2030Chattanooga, TN$135K1178.5%

Nov 2030Ayden, NC$160K405.1%

Nov 2030West Point, NE$100K248.25%

Top States: NC (146) · TX (116) · VA (91) · MI (78) · FL (75)

Source: HUD Insured Multifamily Mortgages

Fannie Mae DUS Activity

Years in Top 10

$44.5B

Total DUS Volume

$7.0B

2025 Volume

Source: Fannie Mae DUS Lender Rankings

Lending Programs

Visit berkadia.com for current lending programs and rates.

Deal History

Annual volume by program source.

2021

$9.3B127 deals

2022

$8.5B75 deals

2023

$6.5B49 deals

2024

$6.9B29 deals

2025

$8.6B50 deals

Sources: HUD, Fannie Mae