Building upon our new issuances and loan volumes projections in last week’s research, our team dug a bit deeper with a focus on the Freddie Mac ecosystem. We wanted to understand the firms behind the new issuances that have hit the market in 2025 YTD.
It has been a robust year of growth thus far for the agency sectors. Freddie and Fannie are projected to add ~$9 billion and ~$10 billion respectively this year vs 2024.
Freddie Mac enjoyed the lowest average interest rate (5.71%) out of all securitized lending sectors so far this year, so we thought that would be the ideal place to start.
Freddie Mac Issuers: Mid-Year Rankings
Berkadia Commercial Mortgage takes the top spot with just over $1billion in new issuances thus far in 2025. JLL Real Estate Capital issued $922.5 million in Freddie Mac Multifamily loans –enough to secure second place in our mid-year rankings.
Not far behind in third place was CBRE Capital Markets with $882.9 million in new Freddie issues in 2025 YTD. Newmark and JP Morgan Chase Bank round out the top five with $684.6 million and $472.8 million respectively.
MSA Perspective
It is a tight race for first place between Dallas and New York City metros, with Dallas inching its way to the top spot with $1.63 billion in 2025 YTD Freddie loan balances. The New York metro is right behind Dallas with $1.56 billion.
The Atlanta metro saw $1.34 billion originations so far this year and are currently in solid control of third place. Los Angeles and Phoenix rounded out the top 5 with $976.0 million and $918.4 million respectively.
Sub Property Type
Garden style apartments dominated all other property types with 70.1% of all new issuances collateralized with assets in this category. Mid-rise at 11.4% was a distant second and high rise rounds out the top 3 at 5%.
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