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Why Tenant Retention Drives Value for Multifamily Investors

With homebuying out of reach for many, more tenants are staying in the rental market longer than in previous cycles. This dynamic offers multifamily investors a strategic opportunity to focus on tenant retention, according to Dr. Sam Chandan, one of the commercial real estate industry’s leading scholars, who recently shared his expert insights on the 2026 Housing Outlook webinar with RentRedi.

Articles

Examining Multifamily Market-Level Conditions and Trends

Normalization was the thread that tied together multifamily real estate narratives in 2025. Asset valuations stabilized, cap rates held steady, and rent growth was balanced. Entering the new year, normalization is still driving the conversation, as shown by newly released data from the Federal Reserve Bank of Atlanta on real estate conditions and associated trends.

Articles

Arbor’s Holiday Drive Supporting LI Youth Exceeds Goal

Arbor Realty Trust recently wrapped up its 18th Annual Holiday Drive, which raised nearly $22,000 for Long Island-based Family & Children’s Association (FCA). As in past years, Arbor extended the impact of the drive by matching all employee contributions dollar-for-dollar.

Articles

Multifamily Households Estimate Hits Record High

The multifamily rental households estimate reached an all-time high of 22.4 million in 2025, following meaningful post-pandemic shifts in affordable housing and rental demand. The commercial real estate pillar maintained its growth, as new inventory and persistent homeownership constraints supported a rising number of multifamily household formations.

Articles

Dr. Chandan’s Guide to Arbor’s Top Multifamily Markets Report

In any multifamily project, site selection is a critical step requiring careful consideration. From New York to Los Angeles and all the major metropolitan areas in between, U.S. metros are ripe for new investment, but narrowing down the optimal location is never easy. In a new video, Dr. Sam Chandan, one of the commercial real estate industry’s leading scholars, shares his expert insight into Arbor Realty Trust’s latest Top Markets for Multifamily Investment Report.

Analysis

Top Articles of 2025: The Rental Housing Market Holds Strong

The U.S. rental housing market remained strong and stable in 2025, spreading through the multifamily and single-family rentals sectors. Here’s a look at this year’s top articles from Arbor Realty Trust, in case you missed them.

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Mezzanine Financing Provides Higher Leverage and More Control

Senior debt, a foundational element of most multifamily property acquisitions and developments, rarely covers the full capital requirement. To bridge the gap between what senior lenders offer and what sponsors need, many borrowers pursue mezzanine financing, which provides greater leverage and more control.

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Home | Our Team | Noah Passage

Noah Passage

Associate, Sales
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Noah Passage provides assistance with originations of various loan products across Arbor’s platform, including Fannie Mae, Freddie Mac, FHA, SFR, Bridge, CMBS, Mezzanine and Preferred Equity transactions. He joined Arbor in 2019 as an Agency Production Associate, and was promoted to Associate, Sales in 2022.

Mr. Passage has more than nine years of real estate industry experience. Prior to Arbor, he served as a Portfolio Analyst at Berkadia for their proprietary lending group. Before joining Berkadia, he monitored the credit performance of a portfolio of Commercial Mortgage-Backed Securities for KBRA. Earlier in his career, he worked in acquisitions for a multifamily owner and operator. Mr. Passage is well-versed in the transaction lifecycle and has extensive experience in underwriting, financial modeling, and credit analysis.

Mr. Passage earned a Bachelor of Business Administration in Finance from Temple University’s Fox School of Business.

[email protected] | 717.468.8781
Conshohocken, PA

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