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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Home | Senior Team | Michelle Grullon

Michelle Grullon

Senior Vice President, Operational Compliance and Servicing/Asset Management Reporting

Michelle Grullon manages Arbor’s front-end Operational Compliance Department, ensuring the company meets regulatory, investor, rating agency, and borrower standards through effective compliance, quality control, and risk management programs. She is responsible for front-end quality control, regulatory training, vendor management, fraud and suspicious activity reporting, and the maintenance of corporate policies, procedures, and business continuity plans.

Ms. Grullon has more than 30 years of experience in mortgage lending, including 16 years in the multifamily industry. She was Manager, Operational Compliance at Arbor from 2008 to 2010 and then rejoined the Operational Compliance Department in 2012. Since then, Ms. Grullon has served Arbor in key roles, including overseeing the administration and communication of policies and procedures relating to the firm’s multifamily and commercial business operations. Previously, she held several residential mortgage operational compliance positions, including at Morgan Stanley and Bank of America.

Ms. Grullon received a Bachelor of Science in Finance from Fordham University.

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