Kevin Palmer Named on Commercial Observer’s 2024 Power 50 List
For the past eight years, Commercial Observer has put together its Power 50 list of the top professionals in commercial real estate finance. This year, Kevin Palmer, Freddie Mac's SVP and head of Multifamily, placed 23 on the prestigious list.
Commercial Observer considers several factors when compiling its annual Power 50 list, including loan origination volumes. Like last year, the publication put together its list based on an even broader definition of influence. Given the current state of the commercial real estate market, Commercial Observer honored those who successfully served their borrowers and partners, navigated a turbulent market, and, crucially, were open for business when other lenders left the market.
Kevin’s recognition reflects Freddie Mac’s 2023 Multifamily financial performance and industry-leading role as a counter-cyclical provider of market liquidity. In 2023, Freddie Mac delivered more than $49 billion in financing and Low-Income Tax Credit (LIHTC) equity investments. With more than $883 million in LIHTC equity investments made in 2023, we’ve now committed more than $4 billion in LIHTC equity since 2018, ensuring nearly 30,000 units of affordable housing were created or preserved.
"I look back on it and feel very proud," Kevin said to Commercial Observer. "We did $49 billion in value. And although our volume was down 30%, the overall market was down 46%, so our percentage of the overall market increased quite a bit, and that shows the counter-cyclical role we play in the market.”
In addition, in 2023 Freddie Mac met all of our Multifamily mission-driven affordable housing targets, supporting approximately 423,000 low-income and affordable rental units across the United States. Our targeted affordable housing team had its second biggest year on record, financing 600 loans, totaling $11 billion, to support more than 90,000 units in 40 states across numerous low-income communities, including in Washington, D.C. and Puerto Rico.
In support of affordable rental housing renovation and preservation, in 2023 Freddie Mac Multifamily funded a record $2.6 billion in forward conversions, which supported more than 21,000 newly constructed or rehabilitated affordable units. We issued another $2.3 billion for future rehabilitation and conversions, which will support more than 22,000 units.
In 2023, Kevin Palmer played a pivotal role in helping Freddie Mac Multifamily deliver on our mission as a steady, sound and consistent issuer in the rental housing market, underscoring our countercyclical role to provide liquidity and stability in the face of headwinds.
“We were focused on continuing to fulfill our mission of being that constant provider of liquidity,” Kevin said. “But we also wanted to properly understand the risks that were inherent in the business cycle we’re going through.”
For a full list of winners, visit the Commercial Observer. If you are searching for a career that drives the multifamily market forward, search our open opportunities today.
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