October 25, 2015 J.P. Morgan takes Big Apple, Windy City
J.P. Morgan was a leading lender in the first half of this year in both New York and Chicago (though note that data for the Windy City exclude multifamily).
J.P. Morgan issued $3.2 billion for 696 loans in New York in the first half of this year, sharing the stage with New York Community Bank, which beat it out in dollar amounts, issuing $3.73 billion for 472 loans in the same period.
Both banks focused on multifamily lending much more than did other top lenders, with 576 of J.P. Morgan’s loans and 407 of NYCB’s loans going toward multifamily properties — three to five times as much as other lenders like Citibank, Capital One and Bank of America. Just eight of Deutsche Bank’s New York loans during this period went toward multifamily.
In Chicago, J.P. Morgan was the top lender in terms of number of loans (40 loans, excluding multifamily) and the No. 3 lender in terms of loan amounts, issuing $251.97 million in loans. The top lender was Wells Fargo, with $1.19 billion.