Who provides each layer
Names here come only from lists the institutions publish themselves. Being on a list doesn't mean a lender will quote your deal; it means it's in that business.
Senior debt
Banks, life insurance companies, CMBS conduit lenders, debt funds and mortgage REITs all make senior loans. For apartments, the agencies lend through approved lenders, and both agencies publish the list. Fannie Mae and Freddie Mac don't lend to you directly; one of these firms originates the loan and sells it to them.
Fannie Mae DUS lenders
Source: Fannie Mae, DUS Lenders page (read 2026-10-24)
- Arbor Commercial Funding I, LLC
- Bellwether Enterprise Real Estate Capital, LLC
- Berkadia Commercial Mortgage, LLC
- Capital One, National Association
- CBRE Multifamily Capital, Inc.
- Citi Community Capital
- Colliers Debt and Structured Finance
- Fifth Third Bank, National Association
- Grandbridge Real Estate Capital, LLC
- Greystone Servicing Company LLC
- JLL Real Estate Capital, LLC
- JPMorgan Chase
- KeyBank National Association
- Lument
- M&T Realty Capital Corporation
- National Cooperative Bank (cooperative properties)
- Newmark
- NewPoint Real Estate Capital LLC
- Northmarq
- PGIM Real Estate
- PNC Real Estate
- Regions Real Estate Capital Markets
- Walker & Dunlop, LLC
- Wells Fargo Multifamily Capital
- Zions Capital Markets
Freddie Mac Optigo lenders
Source: Freddie Mac, Optigo Lender Directory (read 2026-10-24)
- Arbor Agency Lending LLC
- Berkadia Commercial Mortgage LLC
- BWE
- Capital One N.A.
- CBRE Capital Markets Inc.
- Citibank N.A.
- CPC Mortgage Company LLC
- Grandbridge Real Estate Capital LLC
- Greystone Servicing Company LLC
- JLL Real Estate Capital LLC
- JPMorgan Chase Bank N.A.
- KeyBank N.A.
- Lument Capital
- M&T Realty Capital Corporation
- Merchants Capital Corp.
- Newmark
- NewPoint Real Estate Capital LLC
- Northmarq Capital LLC
- PGIM Real Estate
- Pinnacle Financial Partners
- PNC Bank N.A.
- Ready Capital
- Regions Bank
- Walker & Dunlop LLC
- Wells Fargo Bank N.A.
- Zions Capital Markets
Mezzanine debt and preferred equity
Debt funds, mortgage REITs, insurance company investment arms and private equity real estate funds. Public mortgage REITs are the easiest to see because they report their books every quarter:
Public mortgage REITs that hold mezzanine or preferred equity
Source: Each company’s Form 10-Q for the quarter ended June 30, 2026
- Arbor Realty Trust (mezzanine loans, preferred equity)
- Ares Commercial Real Estate (subordinated debt and preferred equity)
- KKR Real Estate Finance Trust (senior loans, mezzanine loans, preferred equity)
- Ladder Capital (mezzanine loans)
- Starwood Property Trust (mezzanine loans, subordinated mortgages)
Behind an agency loan the field narrows. Fannie Mae allows mezzanine only from a DUS lender's approved affiliate or a source it approves case by case, and Freddie Mac lets its Optigo lenders invest preferred equity in their own borrowers if Freddie approves the structure.
JV and common equity
Institutional investors, family offices, non-traded funds and individual accredited investors through syndications. Raising from investors is a securities offering; the JV equity page covers Rule 506(b) and 506(c).
Need the debt for your deal?
Send the senior or mezzanine request to Janover Capital. A person there reads it and replies.