Berkadia Apartment Loans for Small and Mid-Size Buildings
Programs, agency designations and alternatives, from Berkadia's own materials and the agency rosters as of October 2026.
Berkadia is a Fannie Mae DUS and Small Loan lender, a Freddie Mac Optigo lender tagged for Conventional Small, and a HUD MAP lender. Its Small Loans page offers Fannie Mae and Freddie Mac small loans up to $9 million. That page still names Freddie's Small Balance Loans, which Freddie replaced with Conventional Small on April 15, 2026.
Who Berkadia is
Berkadia describes itself as a commercial real estate company serving multifamily and commercial property clients. Its about page says it was formed in 2009 as a joint venture between Berkshire Hathaway and Leucadia National Corporation, now Jefferies Financial Group, with roots in GMAC Commercial Mortgage, established in 1994. In a February 2026 release Berkadia stated $35 billion of total loan origination volume across more than 1,600 loans in 2025.
apartment.loans is not affiliated with Berkadia. Facts on this page come from Berkadia's public materials and agency lender rosters, as of October 2026.
What Berkadia publicly offers for 5+ unit loans
Berkadia's Small Loans page offers Fannie Mae Small Loans and Freddie Mac Optigo Small Balance Loans for multifamily loans up to $9 million. It reports $694 million of origination volume across 212 Fannie Mae and Freddie Mac small loans in 2024 and 2025 combined, which works out to an average of about $3.3 million per loan.
As of October 29, 2026, the page still names Freddie Mac Small Balance Loans. Freddie retired that program on April 15, 2026 and replaced it with Conventional Small, which Freddie describes as generally $2 million to $10 million, up to 80% LTV with a minimum 1.25x DSCR, for buildings of 50 units or fewer. Berkadia carries the Conventional Small designation on Freddie's Optigo roster, so the page appears not yet updated rather than describing a different product. On the Fannie side, Fannie Mae Small Loans go up to $9 million. For larger loans, Berkadia's approvals cover Fannie DUS, Freddie Conventional, Targeted Affordable and HUD programs.
We did not find a Berkadia-published small-loan term sheet with leverage, DSCR or term limits, so this page does not state them. The program limits above are Fannie's and Freddie's.
Agency designations
| Roster | Listed as | Status, October 2026 |
|---|---|---|
| Fannie Mae DUS | Berkadia Commercial Mortgage, LLC | DUS lender |
| Fannie Mae Small Loans | Berkadia Commercial Mortgage, LLC | On the Small Loan lender list |
| Freddie Mac Optigo | Berkadia Commercial Mortgage LLC | Conventional, Conventional Small, Seniors Housing, Targeted Affordable Housing |
| HUD MAP | Berkadia Commercial Mortgage | Approved MAP lender, also Section 232/LEAN |
Rosters: Fannie Mae DUS lenders, Freddie Mac Optigo lenders, and HUD's Approved MAP Lenders list.
How to get a quote from Berkadia
The Small Loans page asks you to submit your information through a "Get a Quote" form to reach one of its small loan specialists. We found no self-serve rate or quote tool. Have your rent roll, trailing-12 operating statement, current loan payoff and a short description of the building ready, and if a quote references Small Balance Loans, ask whether it is quoting Freddie's Conventional Small product.
Going direct vs comparing several lenders
Going direct gets you Berkadia's read of your building and its pricing. A marketplace sends the same loan request to several lenders and shows their terms side by side. apartment.loans, run by Janover Capital LLC, works that way: one request, several lenders' terms, across agency, bank, HUD and bridge options. Janover is not a lender. Either way, line the quotes up on the same numbers in the term sheet comparison. More: direct lender vs loan marketplace.
Alternatives to compare
- Other agency small-loan lenders: Walker & Dunlop, Arbor, Greystone and Lument publish Fannie Small Loan or Freddie Conventional Small terms. See small balance lenders compared.
- Loans between $9 million and $10 million: above Fannie's Small Loan limit but inside Freddie's Conventional Small range. See the Optigo roster.
- Bank and credit union loans: see Fannie Small Loans vs bank loans.
- HUD 223(f): see HUD 223(f) loans.
- Bridge debt for unstabilized buildings: see apartment bridge loans.
Frequently asked questions
Does Berkadia do small apartment loans?
Yes. Berkadia's Small Loans page offers Fannie Mae and Freddie Mac small loans for multifamily properties up to $9 million, and reports $694 million across 212 such loans in 2024 and 2025 combined. Berkadia is on Fannie's Small Loan lender list and carries Freddie's Conventional Small designation, as of October 2026.
Does Berkadia still offer Freddie Mac SBL loans?
Berkadia's Small Loans page still named Freddie Mac Optigo Small Balance Loans on October 29, 2026. Freddie Mac retired SBL on April 15, 2026 and replaced it with Conventional Small, and Berkadia holds the Conventional Small designation on Freddie's Optigo roster. If a Berkadia quote mentions SBL, ask which current Freddie product it is quoting.
Is Berkadia a HUD lender?
Yes. Berkadia Commercial Mortgage appears on HUD's Approved MAP Lenders list dated September 16, 2026, marked as also approved for Section 232 and LEAN. MAP approval is what allows a lender to originate FHA-insured apartment loans such as HUD 223(f) refinances and purchases.
What is the largest small loan Berkadia does?
Its Small Loans page describes its small loan offering as up to $9 million, which matches Fannie Mae's Small Loan limit. Freddie's Conventional Small range runs generally to $10 million, and loans above the small-loan ranges fall under Berkadia's standard Fannie DUS and Freddie Conventional approvals.
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