Marcus & Millichap Capital Apartment Loans for Small and Mid-Size Buildings
How MMCC works, how it reaches agency programs, and alternatives, from Marcus & Millichap's filings and the agency rosters as of October 2026.
Marcus & Millichap Capital Corp. (MMCC) is a financial intermediary, not a lender: its parent's annual report says it earns fees placing loans with banks, credit unions, agencies, conduits and debt funds. MMCC is not on Fannie Mae, Freddie Mac or HUD rosters itself; its agency access runs through an alliance with M&T Realty Capital Corporation.
Who Marcus & Millichap Capital is
Marcus & Millichap Capital Corp. (MMCC) is the financing arm of Marcus & Millichap, Inc., the public commercial real estate brokerage. Its parent's fiscal 2025 annual report describes MMCC as a financial intermediary that earns fees from capital placement, working with banks, credit unions, Fannie Mae, Freddie Mac, FHA, conduits and debt funds. It does not describe MMCC as a lender. Marcus & Millichap reported $11.9 billion of financing volume across 1,659 transactions for fiscal 2025, and $6.7 billion across 878 transactions for the first half of 2026.
apartment.loans is not affiliated with Marcus & Millichap Capital. Facts on this page come from Marcus & Millichap Capital's public materials and agency lender rosters, as of October 2026.
What MMCC publicly offers for 5+ unit loans
MMCC's financing page lists acquisition financing, refinancing, recapitalizations, workouts, note-on-note financing, loan assumptions and loan sales, and states that it closed with 422 capital sources in 2025. Because MMCC places loans rather than funding them, the terms you receive are set by whichever lender takes the loan. The page does not describe a small-balance program, publish a loan size range, or post program term sheets.
That makes MMCC a different kind of comparison from the agency lenders on our other company pages. An agency lender quotes you its own execution of a Fannie or Freddie program. An intermediary takes your loan to several capital sources, which can include agency lenders, banks, credit unions, CMBS conduits and debt funds.
Agency designations and the M&T alliance
MMCC itself is not on Fannie Mae's DUS or Small Loan lists, Freddie Mac's Optigo roster or HUD's MAP list, as of October 2026. Its parent's 10-K describes a strategic alliance, formed in 2021, with M&T Realty Capital Corporation, which holds the Fannie Mae DUS agreement: MMCC provides loan opportunities to M&T and may share in loss-sharing obligations on those loans. MMCC's site also has an Agency Alliance page.
| Roster | MMCC | M&T Realty Capital Corporation |
|---|---|---|
| Fannie Mae DUS | Not listed | DUS lender |
| Fannie Mae Small Loans | Not listed | Not on the Small Loan lender list |
| Freddie Mac Optigo | Not listed | Conventional, Conventional Small, Seniors Housing, Targeted Affordable Housing |
| HUD MAP | Not listed | Approved MAP lender |
For a borrower, the practical point is that an agency loan arranged through MMCC's alliance is made by M&T Realty Capital under M&T's approvals. If you want a Fannie Mae Small Loan specifically, note that M&T is not on Fannie's Small Loan list; its Freddie Conventional Small designation covers loans of generally $2 million to $10 million. Rosters: Fannie Mae DUS lenders and Freddie Mac Optigo lenders.
How to request financing from MMCC
MMCC's financing page offers a contact form and a directory for finding a financing originator. We found no online quote tool. When you engage any intermediary, ask in writing how it is paid (by you, the lender, or both), which capital sources it will show your loan to, and whether it has an affiliation or alliance with any of them.
Intermediary, marketplace or direct lender
MMCC and apartment.loans both sit between you and lenders, so the comparison here is closer than with a direct lender. apartment.loans, run by Janover Capital LLC, is a marketplace: you submit one loan request and see several lenders' terms at once, across agency, bank, HUD and bridge options. Janover is not a lender. Going directly to an agency lender gets you that lender's execution only. Whichever route you choose, line up the term sheets in the term sheet comparison. More: direct lender vs loan marketplace.
Alternatives to compare
- Agency lenders directly: Walker & Dunlop, Arbor, Berkadia, Greystone, Lument and Northmarq hold their own approvals. See small balance lenders compared.
- Fannie Mae Small Loan lenders: 12 approved lenders. See the DUS lender list.
- Loan types: bank loans, CMBS, HUD 223(f), bridge loans.
Frequently asked questions
Is Marcus & Millichap Capital a lender?
No. Marcus & Millichap's fiscal 2025 annual report describes Marcus & Millichap Capital Corp. as a financial intermediary that earns fees from placing financing with banks, credit unions, Fannie Mae, Freddie Mac, FHA, conduits and debt funds. The lender on a loan MMCC arranges is the capital source that funds it.
Can Marcus & Millichap Capital get me a Fannie Mae or Freddie Mac loan?
MMCC is not itself an approved Fannie Mae, Freddie Mac or HUD MAP lender. Its parent's 10-K describes a 2021 alliance with M&T Realty Capital Corporation, which holds the Fannie Mae DUS agreement and is also a Freddie Mac Optigo and HUD MAP lender. Agency loans through that alliance are made by M&T under its approvals.
How much financing does Marcus & Millichap arrange?
Marcus & Millichap reported $11.9 billion of financing volume across 1,659 transactions for fiscal 2025, up from $9.1 billion across 1,249 in fiscal 2024, and $6.7 billion across 878 transactions in the first half of 2026. Those figures cover all property types and loan sizes, not apartment loans alone.
What is the difference between a broker and a marketplace?
Both arrange loans without funding them. A broker or intermediary typically works your loan through its originators and chosen capital sources. A marketplace like apartment.loans takes one loan request and shows you several lenders' terms side by side. With either, ask how they are paid and which lenders will see your loan before you sign an engagement letter.
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