2026 Top Commercial Real Estate Finance 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 10/01/2024 and 09/30/2025.
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 and ACORE Capital) did not participate this year.
To be included in upcoming rankings, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
Capital Markets Strengthen Despite the Noise
Commercial Property Executive unveils its 2026 ranking of the top real estate finance firms. The combined activity of these 20 leading firms reflects a more encouraging capital market environment than the lingering headwinds would suggest.
Between Oct. 1, 2024, and Sept. 30, 2025, our leading firms collectively wrote or arranged more than $285.3 billion in debt and equity financing—nearly $100 billion more than the previous 12-month period. Operating across the capital stack as mortgage bankers, mortgage brokers, commercial banks, private lenders, mortgage REITs and debt funds, these firms arranged approximately $193.2 billion overall as intermediaries and roughly $76 billion as direct lenders in various commercial real estate types.
All but one firm found that most of their financing activity was for multifamily real estate followed by other property types. Here’s a closer look at the top 10 companies shaping the lending landscape.
1. Newmark
Once again, Newmark led the ranking. With a network of 170 global offices, the company employed more than 8,500 professionals during the survey period. Over the 12 months ending Sep. 30, 2025, Newmark arranged more than $72.4 billion in debt and equity placements, acting primarily as an intermediary. The firm achieved a 49.6 percent year-over-year increase in total origination volume.
2. CBRE
With an extensive footprint of 500-plus offices staffed with more than 140,000 professionals across 100 countries, CBRE has a truly global reach. The firm delivered $58.2 billion in financing, largely as an intermediary. The firm also realized a 67.9 percent increase in total originations year-over-year.
3. Walker & Dunlop
Relying on close to 50 offices nationwide, Walker & Dunlop closed financing transactions totaling approximately $37.7 billion. Walker & Dunlop focused more on direct lending and achieved a 41.5 percent increase in total loan originations year over year.
4. Berkadia
Berkadia had a network of 380 mortgage bankers and investment sales advisors operating from more than 70 offices nationwide. The company closed approximately $31.4 billion in financing deals, mostly as an intermediary. Berkadia had a 33.2 percent jump in originations year over year.
5. Northmarq
With 1,000 commercial real estate professionals across close to 60 offices nationwide, Northmarq secured more than $14.2 billion in financing, largely as an intermediary. That represented a 54.3 percent increase year-over-year.
6. Marcus & Millichap Capital Corp.
With a network of 80 offices throughout the U.S. and Canada and more than 200 team members, Marcus & Millichap Capital Corp. arranged approximately $12.2 billion of financing on behalf of its clients. Originations climbed 56.5 percent year over year.
7. Cushman & Wakefield
With a worldwide footprint of 400 offices, Cushman & Wakefield arranged $12.9 billion in loans on behalf of its clients—a 33.0 percent year-over-year increase. Loans were weighted in industrial, closely followed by multifamily and then office, retail, hospitality, data center and self-storage.
8. Dwight & Co.
Dwight Capital works in partnership with affiliate Dwight Mortgage Trust, and last year also launched a C-PACE lending platform. In all, Dwight & Co. provided more than $4.1 billion as a direct lender, representing a remarkable 127.1 percent increase year-over-year—the largest improvement on the ranking.
9. Affinius Capital
Founded in 1982 as USAA’s real estate investment arm, Affinius Capital stepped onto the capital market scene in 2012 through a joint venture with Square Mile Capital. Affinius provided $6.2 billion as a direct lender during the survey period. Affinius’ origination volume increased 59.2 percent year-over-year.
10. Merchants Capital
Merchants Capital, the sole bank-backed lender on our top 10, is active in 47 states and U.S. territories. With six offices, Merchants Capital provided more than $6.8 billion of financing. The company increased its total originations volume by 7.8 percent year-over-year and prioritized multifamily. It was also active in health care real estate financing.
—Agota Felhazi, Senior Associate Editor, Yardi Matrix
Methodology
The 2026 CPE Top Commercial Real Estate Finance 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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