KeyBank National Association

Agency

Cleveland, OHkey.com

KeyBank Real Estate Capital is the CRE lending arm of KeyBank (Cleveland, OH), with $14.0B in origination volume in 2024. The firm has originated 141 FHA-insured multifamily loans totaling $2.9B since 2014. KeyBank is also a Fannie Mae DUS and Freddie Mac lender.

AgencyType

Cleveland, OHHQ

141Deals

$14.0BTotal Volume

Active 2026

Key Contacts

key.com

Angela Mago

Originations

Head of Commercial Real Estate, KeyBanc

Matthew Ruark

Originations

Senior Vice President

(913) 317-4237

Christopher Gorman

Chairman and CEO, KeyCorp

Clark Khayat

Chief Financial Officer, KeyCorp

FHA Lending Activity

141

Total Deals

$2.9B

Total Volume

FY2026 Deals

$89.7M

FY2026 Volume

Source: HUD FHA Multifamily Production Reports

FHA Deal Activity

132

FHA Endorsements

$19.1M

Avg Deal Size

170

Avg Units

States

Individual FHA-insured initial endorsements, FY2014–FY2026

Top 10 Markets: MA (14) · OH (13) · OR (10) · MI (10) · UT (9) · TX (8) · FL (7) · CA (6) · CT (6) · TN (5)

Programs: 223(f) Purchase/Refi (97) · New Const/Rehab (23) · 223(a)(7) Refi (9) · 241(a) Improvements (3)

26% LIHTC · 9% Tax-Exempt Bonds

Source: HUD FHA Multifamily Production Reports

View all 132 FHA deals →

Recent FHA Deals

Dec '25Barnstable, MA223(f) Purchase/Refi

$20.9M

Oct '25SAUGERTIES, NY223(f) Purchase/Refi

$6.5M

Sep '25PENDLETON, OR223(f) Purchase/Refi

$30.8M

Sep '25ADEL, GA223(f) Purchase/Refi

$13.4M

Sep '25KNOXVILLE, TN223(f) Purchase/Refi

$56.0M

Active loans held →Maturity wall →Rate tracker →

FHA Portfolio

381

Active Loans

$6.3B

Outstanding

5.38%

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 '26Molalla, OR$29.9M151223(f)35 yr4.33%

Jan '26Celina, TX$43.0M272221(d)(4)40 yr5.8%

Jan '26Columbia, SC$44.9M201221(d)(4)40 yr5.56%

Dec '25Barnstable, MA$20.9M100223(f)35 yr5.25%

Dec '25Concord, NC$17.0M60223(f)35 yr5.23%

Dec '25Hickory, NC$17.8M51223(f)35 yr5.23%

Dec '25Hendersonville, NC$13.1M64223(f)35 yr5.23%

Dec '25Austell, GA$19.8M78223(f)35 yr5.23%

Nov '25Porter, TX$14.0M70223(f)35 yr5.5%

Nov '25The Woodlands, TX$20.1M107223(f)35 yr5.5%

Avg rate across last 20 endorsed loans5.38%

Full Portfolio: 3.8% avg rate · range 1.98%–6.4%

Top States: TX (59) · OH (44) · IN (18) · CA (18) · PA (16)

Source: HUD Insured Multifamily Mortgages

Fannie Mae DUS Activity

Years in Top 10

$23.0B

Total DUS Volume

$2.4B

2025 Volume

Source: Fannie Mae DUS Lender Rankings

Lending Programs

KeyBanc Capital Markets Lending Program

Office

Loan Size: $50K
Term: 6 mo

KeyBank, N.A. Lending Program

Office

Loan Size: $50K
Term: 6 mo

KeyBank National Association Lending Program

Office

Loan Size: $50K
Term: 6 mo

KeyBank Real Estate Capital Lending Program

Office

Loan Size: $50K
Term: 6 mo

Deal History

Annual volume by program source.

2021

$4.2B17 deals

2022

$3.9B16 deals

2023

$3.9B12 deals

2024

$2.5B2 deals

2025

$2.8B12 deals

Sources: Fannie Mae, HUD