Articles

Why Top Multifamily Lenders Practice Disciplined Underwriting

Every multifamily lender says it underwrites conservatively, but few follow a truly disciplined approach. Arbor Realty Trust’s own record is a case in point, with 19 consecutive years in the Top 10 Fannie Mae Multifamily DUS Lenders, a top-three ranking in Freddie Mac’s Conventional Small program, and an upgraded Commercial Special Servicer rating from Fitch Ratings in January 2026.

Investment

Special Report Fall 2026

Arbor Realty Trust’s Special Report Fall 2026, developed in partnership with Chandan Economics, leverages data-driven research to detail the state of the rental housing market. Amid headwinds, multifamily remained resilient in a selective investment environment favoring disciplined underwriting and market selection. Attractive entry points for well-positioned investors continue to populate the road ahead.

Analysis

U.S. Multifamily Market Snapshot — September 2026

The U.S. multifamily market remains on stable footing in a mixed macroeconomic climate. Rent growth continued to trend upward through the second quarter, while apartment fundamentals remained resilient amid slowing employment growth and elevated vacancies.

Current Reports

Single-Family Rental Investment Trends Report Q3 2026

Arbor’s latest Single-Family Rental Investment Trends Report highlights how this commercial real estate sector performed resiliently in the face of adversity last quarter. Even as policy uncertainty created new headwinds, firm operating fundamentals drove SFR forward.

Articles

Build-to-Rent Activity Remained Elevated Amid Policy Uncertainty

Build-to-rent (BTR) development remained resilient in a complicated operating environment last quarter as production continued to normalize, according to newly released U.S. Census Bureau data. Despite political uncertainty, higher capital costs, and other headwinds, BTR maintained a historically high share of new single-family construction.

Articles

Where Multifamily Permitting is Intensifying and Accelerating

While national multifamily permitting stabilizes, the authorization of new apartment buildings with five or more units has become more heavily concentrated in smaller, rapidly growing metropolitan areas. From Durham, NC, to Fayetteville, AR, and Raleigh, NC, new U.S. Census Bureau data reveal where multifamily permitting was most concentrated and where it was accelerating fastest in the first half of 2026.

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Hilary Burt Furnary

Senior Vice President, Structured Asset Management
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Hilary Burt Furnary has direct oversight and reporting responsibility for one of Arbor’s structured multifamily loan portfolios. She assists with investor reporting, loan modification, workouts, and the loan securitization process.

Ms. Furnary joined Arbor in 2020 and has more than 20 years of experience in commercial real estate. Prior to Arbor, she led the strategic oversight of Castle Lanterra’s value-enhancement asset management across the firm’s portfolio. Earlier in her career, Ms. Furnary held dual concurrent roles at Shamrock Communities as Managing Director of Acquisitions and Asset Management and as the Chief Operating Officer of the vertically integrated property management company associated with Shamrock Communities. Previously, she was part of Avalon Bay’s New York City development group, underwriting new acquisitions and preparing financial analyses for current projects.

Ms. Furnary received a Bachelor of Arts in Art History from Princeton University and a Master of Business Administration in Real Estate from Columbia Business School.

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