Articles

Video: Dr. Sam Chandan Discusses Investment Opportunities in Multifamily

As the interest rate outlook brightens, unique opportunities for outsized returns abound, Dr. Sam Chandan, Founding Director of the C.H. Chen Institute for Global Real Estate Finance at the NYU Stern School of Business and the Non-Executive Chairman of Chandan Economics, explains in this top-level overview of Arbor’s latest Special Report.

Current Reports

Affordable Housing Trends Report Winter 2024/2025

Continually challenged by low inventory, affordable housing sits at a crossroads following the 2024 election. Incoming leadership plans to introduce market-based principles to an agenda that may also include an expanded Housing Choice Voucher program. Arbor’s Affordable Housing Trends Report Winter 2024/2025, developed in partnership with Chandan Economics, provides insight into a pivotal multifamily sector about to embark in a new direction.

Articles

Investors Upbeat on Multifamily as Rate Cuts Stimulate Deal Activity

The skies surrounding commercial real estate markets are clearing, suggest the Emerging Trends in Real Estate 2025 (ETRE 2025) findings. As pandemic-related structural changes settle into place, cyclical economic trends, such as interest rates, demand, and construction levels, are now the key drivers to watch.

Articles

Annual Build-to-Rent Starts Hit Another High in Q3 2024

As more single-family rental (SFR) operators rely on build-to-rent (BTR) development to supply new inventory, construction starts have steadily risen, reaching another record high in the third quarter of 2024. SFR/BTR construction has eclipsed 92,000 units in the last four quarters — an all-time high and an annual increase of 31.4%.

Articles

LIHTC Program: An Impactful Affordable Housing Financing Resource

As renters face a national shortage of 7 million low-income rental homes, the U.S. Department of Housing and Urban Development’s (HUD) Low-Income Housing Tax Credit (LIHTC) program is pivotal in helping to close the affordability gap for renters. It is the nation’s most significant resource for affordable apartment housing construction, which gives state and local agencies approximately $10 billion in annual budget authority to issue tax credits for affordable housing development.

Articles

FHFA Loan Caps for 2025: What Multifamily Borrowers Need to Know

The Federal Housing Finance Agency (FHFA) announced a $3 billion boost to Fannie Mae and Freddie Mac’s volume cap for loan purchases in 2025 to $146 billion ($73 billion for each agency). This increase in FHFA loan caps for 2025 aligns with industry expectations, given the anticipation of improving market conditions and lending activity expected in a lower interest rate environment. Next year’s cap for the Government-Sponsored Entities (GSEs) is an increase of approximately 4% from the $140 billion limit set for 2024.

Analysis

U.S. Multifamily Market Snapshot — November 2024

The U.S. multifamily market held steady in a more normalized cycle through the first three quarters of 2024, following its skyrocketing recovery from the pandemic-related contraction. Rental demand remained strong, driven by the continued nationwide housing shortage and strong wage growth, while the high levels of new construction seen over the last two years appears to have peaked.

Current Reports

Small Multifamily Investment Trends Report Q4 2024

Small multifamily’s normalization pushed forward last quarter as the Federal Reserve made a long-awaited reduction to the target federal funds rate. Arbor’s Small Multifamily Investment Trends Report Q4 2024, developed in partnership with Chandan Economics, shows signs of stability have multiplied. Robust rental demand, a limited supply of quality affordable housing, and several other promising developments should support the subsector’s strength heading into 2025.

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Home | Senior Team | Ryan Nichols

Ryan Nichols

Senior Vice President, Chief Underwriter, Agency Lending

Ryan Nichols is responsible for overseeing the underwriting pipeline of Fannie Mae and Freddie Mac transactions and is a member of Arbor’s Loan Committee.

Mr. Nichols joined Arbor as a screener in 2010 and later moved to the Underwriting department. During his tenure, he has held many roles with the firm, including VP, Deputy Chief Underwriter, Agency Lending and VP, Small Balance Loan Chief Underwriter. As part of the loan committee, Mr. Nichols reviews underwriting packages to ensure sound underwriting and adherence to agency guidelines. He also works directly with Fannie Mae and Freddie Mac on all preview applications, oversees Arbor’s credit policy on small loans, and is a vital resource to underwriting and sales staff on credit, underwriting and process questions.

Mr. Nichols has a Bachelor of Science in Business Administration from Northeastern University and a Dollinger Master of Real Estate Development from the University of Southern California.