2026 Citigroup (Commercial Real Estate) Top Funding Report

The Blue Chip Conference – Whales Division

Explore the benefits of Citigroup for your commercial real estate financing needs

Website: https://www.citi.com/small-business-banking/commercial-mortgage

🏀 2026 SEASON (CURRENT)

Lender Name	Total Points	Deals Logged	Volume Drafted	Primary Asest Focus	Most Common Loan Term	Primary Loan Type	Top States	Pace Score	Wins	Losses
Bank OZK	98	6	$85,100,000	Condo (3), Multifamily, Industrial	Construction loan (5)	Construction (5)	Florida (2), Pennsylvania, New York, California	0.33	2	TBD
European Investment Bank	85	4	$925,520,000	Industrial/Biorefinery, Shore Power Infrastructure, EV Charging Infrastructure, Wind Farm	15 years (1)	Construction (2)	Italy, Netherlands, Estonia, Spain	0.27	TBD	TBD
Mitsubishi UFJ Financial Group (MUFG) - Commercial RE	265	13	$3,930,177,778	Solar (4), Geothermal (2), BESS/Storage (2)	Construction-to-term / Non-recourse senior secured	Construction (8)	Louisiana (3), Utah (2), Chile, Japan, Spain, India	0.87	1	TBD
Wells Fargo - Commercial RE	571	31	$9,943,313,154	Office (7), Industrial (5), Multifamily (5), Mixed-Use (3), Hotel/Casino, Data Centers, Energy/LNG, Retail	5-year fixed-rate (3); 2-year floating-rate (2), floating-rate (2), construction loan (2)	Refinance (10), CMBS for Refinance (8), Construction (4), Acquisition (3), Bridge for Refinance (2), CMBS for Acquisition, Credit Facility, Growth Capital, Expansion/Refinance	New York (15), Illinois (3), Florida (2), Texas (2), California (2)	1.41	1	1
Bank of Montreal (BMO) - Commercial RE	171	9	$1,329,000,000	Industrial (5), Multifamily (2), Data Centers, Retail	2-year floating-rate (2); construction loan (1), fund-level revolving (1)	Acquisition (4), Refinance (3), Construction, Credit Facility	Georgia (3), Florida (2), Virginia, New Jersey, Nevada, Texas	0.56	1	TBD
Deutsche Bank - Commercial RE	224	11	$2,614,366,667	Office (5), Multifamily, Energy/LNG Facility, Hotel, Life Sciences, Mixed-Use	5-year fixed-rate (2); 2-year floating-rate (1), construction financing (1), CMBS conduit (1)	Refinance (5), Construction (2), CMBS Refinance (3)	New York (5), California, Colorado, Florida, Georgia, Ireland	0.5	1	TBD
First Citizens Bank - CRE	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
JP Morgan - Commercial RE	445	21	$7,075,349,206	Office (6), Industrial (3), Multifamily (2), Mixed-Use (2), Energy/Geothermal (2), Retail (2)	5-year, fixed-rate (2); 2-year floating-rate + extensions (2); 3-year floating-rate (2)	Refinance (6), CMBS for Refinance (5), Acquisition (4), Construction (3), Bridge for Refinance, Senior + Mezzanine Loan	New York (6), California (3), Texas (3), Massachusetts (2), Florida, Pennsylvania	0.95	3	TBD
Sumitomo Mitsui Banking Corporation (SMBC) - Commercial RE	147	10	$1,313,373,610	Solar Energy (3), Energy/Geothermal (2), Data Center, Energy Storage/BESS, HVDC Transmission, Multifamily, Solar/Wind/BESS Hybrid	Non-recourse senior secured (2); Construction-to-term loan (2)	Commercial Real Estate (6), Construction (3), Refinance	Louisiana (2), Canada, India, Japan, New York, Philippines	0.45	1	1
BNP Paribas	68	5	$503,526,207	Solar PV/BESS Hybrid (3), Industrial, Retail/Mall	2-year floating-rate + extensions (2)	Commercial Real Estate (3), CMBS for Refinance (2)	Spain (2), California, Florida, Georgia, Italy	0.23	TBD	TBD
Citigroup - Commercial RE	209	18	$3,597,071,762	Office (4), Industrial (3), Hotel (3), Data Center (2), Multifamily (2), Retail (2)	5-year, fixed-rate (5); 2-year floating-rate + extensions (2)	CMBS for Refinance (8), Refinance (6), Acquisition	Florida (6), New York (4), Georgia (3), Texas (3), Ohio, Virginia	0.73	1	TBD
Morgan Stanley - Commercial RE	204	13	$4,221,909,333	Office (3), Data Center (3), Industrial (2), Retail (2), Hotel, Mixed-Use, Self-Storage	5-year, fixed-rate (2); 2-year floating-rate + extensions (2)	Refinance (7), CMBS for Refinance (5), Commercial Real Estate	New York (3), Georgia (2), Virginia (2), California, Ireland, Massachusetts	0.59	3	TBD
Santander Bank - Commercial RE	155	9	$1,213,816,078	Solar PV/BESS Hybrid (5), Energy Storage/BESS (2), Multifamily (2)	Construction-to-term (2)	Construction (5), Commercial Real Estate (4)	California, Connecticut, Florida, Idaho, Peru, Portugal	0.41	1	1
Truist Bank - Commercial RE	72	5	$264,300,000	Multifamily (4)	Construction loan	Construction (2), Acquisition, Refinance	Maryland, New York (2), Texas, Washington D.C.	0.5	1	1
Bank of America - Commercial RE	324	16	$4,150,516,206	Office (6), Industrial (3), Energy/Geothermal (2), Retail (2), Data Center, Healthcare	2-year floating-rate (3); 5-year, fixed-rate (2)	CMBS for Refinance (5), Refinance (5), Construction (4), Acquisition (2)	New York (5), California (2), Florida (2), Texas (2), Louisiana, Virginia	0.73	3	TBD
Goldman Sachs - Commercial RE	445	22	$4,641,650,000	Office (8), Data Center (2), Retail (2), Hotel (2), Mixed-Use (2), Energy/LNG, Energy Storage, Industrial, Multifamily, Self-Storage	5-year, fixed-rate (3); 2-year floating-rate + extensions (2)	Refinance (9), CMBS for Refinance (7), Construction (3), Bridge for Refinance, Commercial Real Estate	New York (4), California (4), Virginia (2), Florida (2), Louisiana, Massachusetts	1	2	1
ING Groep NV - Commercial RE	175	9	$1,940,152,000	Solar Energy (6), Energy Storage/BESS, Data Center, Office	Non-recourse senior secured (2)	Construction (5), Commercial Real Estate (3), Refinance	Louisiana (2), California, Idaho, Italy, New York, Philippines	0.41	1	TBD
KeyBank	65	4	$415,200,000	Multifamily (2), Industrial/Outdoor Storage, Senior Living	Fixed-rate (2 stated)	Refinance (2), Bridge for Refinance, HUD Refinance	North Carolina, Texas	18	TBD	TBD
Natixis - Commercial RE	126	6	$1,746,766,667	Solar PV/BESS Hybrid (3), Energy/LNG, Energy Storage/BESS, Retail	Construction-to-term (2)	Construction (4), Commercial Real Estate, Refinance	Spain (2), California, Louisiana, New York, Texas	0.27	TBD	TBD
Barclays - Commercial RE	133	7	$1,277,711,110	Energy/Geothermal (2), Office (2), Data Center, Energy/LNG, Self-Storage	5-year, fixed-rate (2); Construction-to-term (2)	Refinance (4), Construction (2), Commercial Real Estate	California (2), Georgia, Illinois, Louisiana, Pennsylvania, Texas	0.32	1
ACORE Capital	34	2	$235,000,000	Industrial, Multifamily	2-year floating-rate; 3×1-year extensions	Refinance (2)	Washington, Multi-State (15 states)	0.11	TBD	TBD
Affinius Capital	178	10	$1,255,828,000	Multifamily (6), Industrial (2), Development Site	Floating-rate, matures 2029 (1); Senior loan (1)	Refinance (8), Acquisition, Construction	New York (4), Pennsylvania (2), Florida (2), Georgia, California, United Kingdom	0.56	1	TBD
Barings	86	4	$1,018,100,000	Office (2), Mixed-Use (2)	Construction financing (1)	Construction (2), Refinance, Acquisition	Tennessee (2), Illinois, California, New York	0.22	TBD	1
Brookfield	37	2	$369,000,000	Multifamily (2)	Three-year bridge (only stated term)	Refinance, Bridge	New York (2)	0.11	TBD	TBD
S3 Capital	62	4	$460,750,000	Mixed-Use (3), Multifamily	TBD	Construction (3), Refinance	Florida, New York, New Jersey, South Carolina	0.22	TBD	TBD
Berkadia	27	2	$110,942,000	Multifamily (2)	Freddie Mac	Acquisition (2)	Virginia, Wisconsin	0.5	TBD	TBD
Dwight Capital/Dwight Mortgage Trust	201	13	$908,000,000	Multifamily (11), Mixed-Use (2)	HUD 221(d)(4) (1), HUD 223(f) (1), HUD 241(a) (1), 35-year fixed (1), 5-year IO (1)	Refinance (6), Bridge for refinance (4), Construction (3)	Florida (3), New York (3), Texas (2), New Jersey (2), California, Utah	0.72	2	TBD
Greystone	92	6	$482,374,222	Multifamily (6)	24-month bridge with extension options (2)	Bridge for Refinance (2), Refinance (2), Acquisition, Construction/Rehabilitation	Illinois (2), North Carolina (2), New York, Mississippi	0.38	4	TBD
Madison Realty Capital	135	8	$1,037,900,000	Condominium (3), Multifamily (2), Mixed-Use (2)	Construction loan, expected completion 2028 (1)	Construction (5), Bridge for refinance, Condominium Inventory Loan, Acquisition	Florida (3), New Jersey (2), New York (2), Virginia, Tennessee, Multiple	0.44	1	TBD
Nuveen	158	10	$1,191,945,000	Hotel (3), Multifamily (3), Office/Life Sciences (2)	30 years (1), 5-year floating-rate (1)	C-PACE for construction (4), Construction (3), Refinance (2), Acquisition	Nevada (2), Texas (2), Pennsylvania (2), Washington D.C. (2), Florida, Arizona	0.56	1	1
Blackstone - Commercial RE	58	2	$13,603,500,000	Industrial (3), Office (2), Multifamily	Floating-rate 3-year (1), Bridge (1)	Refinance (5), Acquisition/Construction, Bridge for acquisition	Multi-State/Industrial (3), Florida (2), Washington (2), Michigan, Australia	0.39	TBD	TBD
Corebridge	12	2	$115,000,000	Self Storage, Multifamily	5 years (2)	Acquisition, Refinance	Multiple, New York	0.11	TBD	TBD
MonticelloAM	69	5	$638,800,000	Skilled Nursing Facility (6), Healthcare/Senior Housing (2), Multifamily	36-month initial (3); others vary	Bridge for acquisition (5), Bridge for refinance (3), Bridge Acquisition	Washington (2), Florida (2), Illinois (2), Pennsylvania, New York, South Carolina	0.5	3	TBD
Peachtree Group	124	10	$431,900,000	Hotel (5), Retail (2), Industrial	3-year bridge (2), C-PACE long-term fixed (1), 3-year floating-rate (1)	Construction (3), C-PACE (3), Bridge (2), Bridge for refinance, C-PACE Refinance	Texas (2), North Carolina (2), South Carolina, Florida, Utah, Georgia	0.56	1	TBD
Tyko Capital	55	2	$770,000,000	Condominium (2)	Construction loan, completion Q4 2028 (1)	Construction (2)	Florida (2)	0.11	TBD	TBD
Apollo Global Management	187	7	$3,454,800,000	Mixed-Use/Conversion (2), Industrial (2), Hotel	Multi-year (1), 36-month SOFR floating (1)	Construction (3), Acquisition (2), Refinance (2)	New York (3), Florida, North Carolina, Germany (2), United Kingdom, Netherlands, Spain	0.39	2	1
Ares Real Estate Management	182	8	$2,198,817,000	Industrial (2+), Multifamily (2), Mixed-Use (2)	Fixed-rate long-tenor (1), Through 2031 (1)	Acquisition (4), Refinance, Construction, C-PACE, Growth Financing	Florida (2), New York (2), Illinois, California, Washington D.C., United Kingdom	0.44	TBD	TBD
New York Life	61	4	$290,700,000	Multifamily (2), Office, Retail	Construction loan (1), 5-year interest-only (1)	Refinance (2), Construction, Acquisition	New York (2), Washington, Texas, California	0.22	TBD	TBD
PGIM Real Estate	161	8	$3,524,935,000	Industrial (4), Data Center, Multifamily	3-year with extensions (1), 7-year fixed (1), Floating-rate (1)	Acquisition (4), Refinance (3), Revolving Credit Facility	California (2), Texas (2), Illinois, Massachusetts, Florida, Germany	0.44	2	1
Starwood Property Trust	34	2	$202,000,000	Multifamily, Industrial	TBD	Refinance, Acquisition	Illinois, Tennessee	0.11	TBD	TBD
Deutsche Bank - Growth Cap	41	2	$3,015,000,000	TBD	Revolving credit facility	Acquisition, Working Capital	Spain, Switzerland	0.5	TBD	1
HSBC	67	3	$2,003,000,000	TBD	MIGA-guaranteed; Climate-linked conditions, 95% covered buyer credit guarantee, Put option arrangement with exit path in three years with certain returns	Growth Capital	Chile, France, Sweden	0.6	TBD	TBD
JP Morgan - Growth Cap	175	11	$6,068,250,000	TBD	4-year loan with 2 6-month extension, SOFR plus 77.5 bps & 15 bps facility fee, Term loan (3 year loan with 1-yr extension & SOFR plus 85 bps), 2 years with three 1-year extension options, Revolving facility due February 2030 with two six-month extension options, 7-year Term Loan, 5-year revolving credit facility	Revolving Credit Facility (2), Senior Secured Revolver (3), Acquisition Credit Facility, Unsecured Term Loan (2)	New York (2), Texas (2), New Jersey, Illinois (2), California (2), Canada	1.375	2	1
Natixis - Growth Cap	15	1	$1,500,000,000	TBD	Three-year construction warehouse revolving credit facility with $500M accordion	Construction Warehouse Revolving Credit Facility	Texas	0.2	TBD	TBD
PNC Bank	102	7	$4,250,000,000	TBD	4-year loan with 2 6-month extension-SOFR plus 77.5 bps & 15 bps facility fee, Term loan (3 year loan with 1-yr extension-SOFR plus 85 bps), 5 years-matures 1/15/2031-SOFR + 1.15% to 1.65% depending on leverage, Three-year construction warehouse revolving credit facility with $500M accordion	Revolving Credit Facility, Five-Year Unsecured Term Loan, Unsecured Term Loan (5), Construction Warehouse Revolving Credit Facility	New York, Washington, Illinois (2), Texas, Florida, California	1.4	1	TBD
Bank of America - Growth Cap	49	3	$4,938,250,000	TBD	4-year loan, 4-year loan with an option for two 6-month extensions or one 12-month extension, SOFR plus 77.5 bps, 15 bps facility fee, Term Loan: Initial maturity January 31, 2029 with two 1-year extensions, SOFR plus 85 bps, Three-year construction warehouse revolving credit facility with $500M accordion	Revolving Credit Facility; Unsecured Term Loan, Construction Warehouse Revolving Credit Facility	Canada, New York, Texas	0.6	TBD	TBD
Barclays - Growth Cap	57	3	$3,550,000,000	TBD	N/A	Senior Secured Green Revolving Loan and Letter of Credit Facility, Senior Secured Corporate Credit Facility	Pennsylvania, Texas, Spain	0.75	TBD	TBD
Goldman Sachs - Growth Cap	82	4	$2,950,000,000	TBD	6% interest rate with AMD guarantee	Acquisition, Senior Secured Credit Facility, Loan with Equipment Guarantee	Spain, Nebraska, Connecticut, California	0.5	TBD	TBD
Santander Bank - Growth Cap	79	4	$5,150,000,000	TBD	MIGA-guaranteed; Climate-linked conditions, Long-term optimisation agreement with guaranteed minimum income level providing downside protection, Three-year construction warehouse revolving credit facility with $500M accordion	Senior Secured Corporate Credit Facility, Acquisition, Construction Warehouse Revolving Credit Facility	Pennsylvania, Chile, Spain, Texas	0.8	1	TBD
Sumitomo Mitsui Banking Corporation (SMBC) - GC	79	4	$1,712,400,000	TBD	Senior Secured Green Revolving Loan and Letter of Credit Facility, 3-year availability period; 5-year tenor; partial guarantee from EIFO, Put option arrangement with exit path in three years with certain returns, 5-year Revolving Credit Facility	Senior Secured Green Revolving Loan (2) and Letter of Credit Facility, Senior Secured Corporate Credit Facility	Texas, Denmark, Sweden, Louisiana	0.5	1	1
Citigroup - Growth Cap	95	5	$7,191,250,000	TBD	5-year loan, 4-year loan (secured to unsecured), 95% covered buyer credit guarantee, 5-year Interest at base rate, Term SOFR, EURIBOR	Acquisition (2), Growth Capital (2), Senior Secured Revolving Credit Facility	Canada, Spain, Florida, France, Texas	0.71	1	TBD
Huntington Bank - Growth Cap	69	5	$1,220,000,000	TBD	5 years, matures 1/15/2031; SOFR + 1.15% to 1.65% depending on leverage, Revolving facility with two six-month extension options (2)	Five-Year Unsecured Term Loan, Commercial Aircraft Engine Acquisition Facility, Unsecured Credit Facility (Revolver + Term Loans) (2), Revolving Credit Facility (2)	Washington, Illinois, California, Florida, Colorado	0.833	1	TBD
Morgan Stanley - Growth Cap	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Mitsubishi UFJ Financial Group (MUFJ) - Growth Cap	12	1	$150,000,000	TBD	5-year loan	Debt Financing	Florida	0.2	TBD	TBD
Truist Bank - Growth Cap	34	2	$1,050,000,000	TBD	2 years with three 1-year extension options, 4 years revolving credit facility with two six-month extension options (Pricing grid based on leverage ratio plus SOFR, 10-15 bps lower than prior debt)	Acquisition Credit Facility, Unsecured Credit Facility (Revolver + Term Loans)	New Jersey, Florida	0.4	TBD	TBD
Bank of Montreal (BMO) - Growth Cap	31	2	$2,618,250,000	TBD	Term loan under Softwood Lumber Program	Growth Capital (2)	Canada (2)	0.4	TBD	TBD
Canadian Imperial Bank of Commerce (CIBC)	49	3	$4,165,425,000	TBD	4-year loan (secured to unsecured), Three-year construction warehouse revolving credit facility with $500M accordion, Initial 3-year term with consecutive 1-year extension (prime rate + .75%)	Acquisition, Construction Warehouse Revolving Credit Facility, Growth Capital	Canada (2), Texas	0.42	1	1
ING Groep NV - Growth Cap	68	4	$3,403,000,000	TBD	Three-year construction warehouse revolving credit facility with $500M accordion, 95% covered buyer credit guarantee	Senior Secured Corporate Credit Facility, Senior Secured Green Revolving Loan and Letter of Credit Facility, Construction Warehouse Revolving Credit Facility, Growth Capital	Pennsylvania, Texas (2), France	0.8	1	TBD
Royal Bank of Canada	80	5	$5,093,250,000	TBD	4-year loan (secured to unsecured), 3-year loan with two one-year extension options; SOFR plus 85 bps; interest-only payments, Three-year construction warehouse revolving credit facility with $500M accordion, 2-year loan with potential 90-month extension	Acquisition, Refinance & Growth Capital, Construction Warehouse Revolving Credit Facility, Senior Secured Credit Facilities	Illinois, Canada (2), Texas, New York, Louisiana	0.625	2	TBD
Wells Fargo - Growth Cap	113	7	$6,313,250,000	TBD	4-year loan (secured to unsecured), 3-year loan with two one-year extension options; SOFR plus 85 bps; interest-only payments, with one-year extension option; SOFR plus 85 bps; interest-only payments, Three-year construction warehouse revolving credit facility with $500M accordion, Revolving facility with two six-month extension options	Acquisition, Refinance (2), Growth Capital (2), Construction Warehouse Revolving Credit Facility, Unsecured Credit Facility (Revolver + Term Loans)	Illinois (2), Canada, New York, Texas, California	1.4	1	TBD
Blue Owl Capital	24	1	$1,400,000,000	TBD	TBD	Delayed-Draw Term Loan	Germany	0.16	TBD	TBD
Comvest Partners	19	1	$130,000,000	TBD	TBD	Senior Secured Credit Facility	California	0.125	TBD	TBD
MidCap Financial	16	2	0	TBD	Revolver with accordion feature; term loan; delayed draw term loan	Senior Secured Credit Facility (Revolver), Senior Secured Credit Facility (Revolver + Term Loan + DDTL)	Colorado, California	0.4	1	TBD
Mountain Ridge Capital	8	1	$15,000,000	TBD	Revolving facility maximizing availability against working capital assets	Senior Secured Credit Facility	Midwest	0.25	TBD	TBD
SLR Credit Solutions	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Blackstone - Growth Cap	29	1	$600,000,000	TBD	TBD	Growth Capital	India	0.14	TBD	TBD
Hercules Capital	12	1	$25,000,000	TBD	4-year loan with three tranches up to $75M milestone-based, final $25M at Hercules discretion	Growth Capital	California	0.25	TBD	TBD
Monroe Capital	74	7	$100,000,000	TBD	Prime plus 3.75% (currently 10.50%); 60-month term with amortization at month 36 (or month 48 if milestones met)	Senior Secured Term Loan (6), Debt Financing + Equity Co-Investment	Delaware, New York, Michigan, Illinois, Florida (2), Iowa	0.875	4	TBD
SG Credit Partners	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Stellus Capital Management	16	2	Undisclosed	TBD	TBD	Senior Debt Financing and Equity Co-Investment (2)	Viriginia, Tennessee	0.4	1	TBD
HPS Investment Partners	29	1	$500,000,000	TBD	Four-year secured term loan, SOFR + 675 basis points	Secured Term Loan	New York	0.2	1	TBD
NXT Capital	24	2	Undisclosed	TBD	TBD	Senior Credit Facility	Pennsylvania (2)	0.25	TBD	TBD
Siena Lending Group - GC	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Trinity Capital	27	2	$83,915,000	TBD	Commitment structure	TBD	United Kingdom	0.25	TBD	TBD
Wingspire Capital	36	3	$120,000,000	TBD	N/A	Senior Secured Revolving Credit Facility	Florida	0.66	1	1
Ares Management - Growth Cap	67	2	$4,000,000,000	TBD	TBD	M&A, Debt Facility	New Jersey, Colorado	0.33	1	TBD
Encina Private Credit	15	1	$75,000,000	Consumer lease-to-own contracts	Senior credit facility secured by diversified pool of small balance lease-to-own contracts	Senior Credit Facility	TBD	0.25	TBD	TBD
Great Rock Capital - GC	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
KKR	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Whitehawk Capital Partners	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Advantage Business Capital	8	1	$1,000,000	Invoices	TBD	Invoice Factoring Facility	TBD	0.16	TBD	TBD
First Citizens Bank - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Gibraltar Business Capital	8	1	0	TBD	TBD	Senior Secured Facility	TBD	0.25	TBD	TBD
nFusion Capital	24	3	$13,000,000	Accounts receivable and inventory, Inventory	TBD	Asset-Based Lending Facility (2), Factoring Line	Colorado, California, Arizona	0.42	3	TBD
Culain Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
First Business Bank	32	4	$12,200,000	Vehicle inventory, Accounts Receivable	Factoring facility	Credit Facility, Inventory Floorplan, Factoring Facility (2)	Hawaii, Pennsylvania, Virginia	0.57	1	TBD
Great Rock Capital - ABL	49	3	$340,000,000	Accounts receivable and best-in-class machinery and equipment (2)	TBD	Senior Secured Revolver (3)	Pennsylvania	0.5	TBD	TBD
Rosenthal Capital Group	16	2	$4,000,000	Accounts receivable (2)	TBD	Recourse Factoring Facility (2)	California, Michigan	0.25	TBD	TBD
Ares Commercial Finance	12	1	$175,000,000	Accounts receivable; Machinery & equipment	TBD	Senior Secured Revolving Credit Facility	TBD	0.16	TBD	TBD
Sallyport Commercial Finance	8	1	$2,000,000	Accounts receivable	TBD	Accounts Receivable Facility	Canada	0.5	TBD	TBD
SLR Healthcare ABL	8	1	$7,000,000	TBD	TBD	Asset-Based Revolving Line of Credit	Northeast	0	TBD	TBD
Utica Equipment Finance	8	1	$11,000,000	Heavy equipment (trucks, trailers, dozers, excavators, graders, loaders, turf-farm machinery)	TBD	Capital Lease	Mid-Atlantic	0.25	TBD	TBD
Amerisource Business Capital	16	2	$9,000,000	Accounts receivable (2), commercial real estate	A/R Only Facility, Asset-Based Lending Facility	Asset-Based Lending Facility, A/R Only Facility	Midwest US, Texas	0.5	TBD	TBD
King Trade Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
MidCap Business Credit	24	3	$31,000,000	Accounts receivable (2), inventory (2), machinery and equipment, Distributor of specialty chemicals and materials	Working capital revolver and machinery/equipment term loan	Working Capital Revolver (2), Machinery and Equipment Term Loan, Asset-Based Credit Facility	TBD	0.75	TBD	TBD
White Oak Commercial Finance	15	1	$35,000,000	Various assets across UK and U.S. platforms (multi-currency facility)	$20M uncommitted accordion feature; structured in USD, GBP, EUR	ABL Revolver Facility	Texas	0.125	TBD	TBD
Loeb Equipment	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Prestige Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
JPalmer Collective	32	4	$15,000,000	Inventory (2)	Line of credit with flexible structure	Line of Credit (2), Debt Facility, Working Capital Facility (Asset-Based)	California, Oregon, New York, Georgia	0.8	1	TBD
Austin Financial Services	8	1	$10,000,000	TBD	TBD	TBD	TBD	0.2	0	1
eCapital	40	5	$31,500,000	Accounts receivable (2), Freight receivables (2)	ABL facility with advances against accounts receivable and inventory	A/R Financing Facility (3), Freight Factoring Facility (2)	Canada, Massachusetts	1	1	TBD
Porter Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Siena Lending Group - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Gateway Trade Funding	15	2	$500,000	Purchase orders (letter of credit-backed), Inventory	Letter of credit-backed	Purchase Order Facility (2)	TBD	0.33	TBD	TBD
Republic Business Credit	47	6	$23,000,000	Accounts receivable (3)	Ledgered line of credit, Includes $10 million accordion feature, Accordion up to $6M with $2M inventory lending option after 6 months upon meeting performance thresholds	Ledgered Line of Credit, Factoring Facility (3), Asset-Based Loan (2)	Northeast US, Southwest US, Midwest US, California, West Coast	0.75	2	TBD
SLR Business Credit	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
TAB Bank	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Alpine Ridge Funding	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Celtic Capital	23	3	$4,320,700	Accounts receivable (3)	AR Line (2), Equipment Loan (2)	Accounts Receivable Line of Credit (2), Equipment Loan	Pacific, South-Central US, California	0.375	TBD	TBD
Clarus Capital	8	1	$10,000,000	Essential use assets (medical transportation vehicles)	Loan facility for sponsor-backed company	Loan Facility	TBD	0.25	TBD	TBD
Gordon Brothers	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Assembled Brands	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
MidCap Financial - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Southstar Capital	75	10	$14,500,000	Invoices (4), Accounts receivable (5)	Accounts receivable (3), Flexible structure; potential payment assurance arrangements	Accounts Receivable Facility (7), Invoice Factoring Facility (3)	SouthEast US (2), Midwest, Indiana	1.25	3	TBD
Wintrust Equipment Finance	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
The Hedaya Capital Group	24	3	$11,000,000	Accounts receivable (2)	Factoring facility	Factoring Facility (3)	Texas, New Jersey, New York	0.42	1	TBD
Sigma Funding	15	2	$2,600,000	Accounts receivable (2)	TBD	Accounts Receivable Funding Facility (2)	California, Florida	0.28	TBD	TBD
Capteris	12	1	$25,000,000	New and existing assets acquired over past year	TBD	Lease Facility	TBD	0.5	TBD	TBD
Baker Garrington	38	5	$5,750,000	Accounts receivable (4)	Factoring facility	Factoring Facility (5)	Colorado, Oklahoma, Indiana, Louisiana, Texas	0.625	TBD	TBD

Tale of the Tape (YTD 2025)

Total Points: 329
Deals Logged: 25
Volume Drafted: $12.1 Billion*
Primary Asset Focus: Office (5) | Multifamily (5) | Hotel (3)
Most Common Loan Term: Five-year (7), Three-year (2), Two-year (2), 6-year, Specific Term Details (Fixed-rate (4), Interest-only (4), Three one-year extension options (2), Floating-rate, Nonrecourse, 8.75%)
Primary Loan Type: Refinance (9) | CMBS (6) | Construction (4)
Top States: New York (14), Arizona (2), California (3), Florida (4), Washington (2), Virginia
Win-Loss-Draw: 1-5-6

Week	Opponent	Result	Score & Top Deal	Top Deal Source
12	Deutsche Bank	Loss	0-21 ($2.08B Windfarm Development, Germany)
11	Mitsubishi UFJ Financial Group (MUFG): Commercial Real Estate	Draw	0-0 (No Decisive Deal)
10	Goldman Sachs	Loss	10-21 ($520M Refi Wash DC/Atlanta GA)
9	Truist Bank: Commercial Real Estate	Win	14-10 ($152.9M Acquisition Loan Palm Beach Gardens, FL)	Link to Deal
8	Santander Bank: Commercial Real Estate	Loss	0-10 ($370M 10-yar Construction Term Loan South Carolina)
7	Morgan Stanley: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
6	Deutsche Bank	Loss	7-14 ($380M Multiple Cities, TX/OK/CO/FL/MO)
5	Mitsubishi UFJ Financial Group (MUFG): Commercial Real Estate	Draw	0-0 (No Decisive Deal)
4	Goldman Sachs: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
3	Truist Bank: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
2	Santander Bank: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
1	Morgan Stanley: Commercial Real Estate	Loss	0-14 ($930M Reno/Phoenix/Denver/Baltimore/Las Vegas, NV/AZ/CO/MD)

*Indicates a syndicated loan. Per “The Lead Arranger & The Syndicate Rule”, scoring is based on the lender’s specific allocation or lead arranger status. See The Rulebook for details.

LENDER OVERVIEW

Headquarters: New York, NY
Founded: 1812
Ownership: Public Company (NYSE: C)
Primary Focus: Corporate CRE, CMBS, Affordable Housing (Citi Community Capital), Data Centers
Typical Deal Size: ~$484 Million

2025 PERFORMANCE SUMMARY

Citigroup finished the 2025 Lender Draft season with a 1-5-6 record, demonstrating minimal market activity based on a win percentage of 8.3%.

However, this statistical classification belies their actual market impact. While their “win” rate appears low, the data reveals a heavy reliance on “Draws” (6), which in this context represents massive club deals where Citigroup serves as a co-lead or participant rather than a sole lender. The volume tells the true story: deploying $12.1 billion across only 25 deals indicates they are not competing for volume in the middle market but are selectively hunting “elephant” transactions alongside peers like Goldman Sachs and Wells Fargo.

The disparity between a low win rate and massive capital deployment confirms Citigroup’s role as a “Market Maker” rather than a competitive bidder. Their activity clusters significantly around quarter-ends (June and December), aligning execution with institutional reporting cycles.

DEAL FLOW ANALYSIS

Forensic analysis of Citigroup’s verified 2025 deal history reveals a bifurcated strategy: massive institutional syndications and targeted community development lending.

Deal Size Range: The spread is immense, ranging from a $19.5M retail acquisition in Vista, CA, to participating in a $2.8B portfolio acquisition for Blackstone.
Geographic Focus: Overwhelmingly concentrated in New York (14 of 25 deals), specifically Manhattan, Brooklyn, and Queens. Secondary concentrations exist in Florida (Miami/Boca Raton) and data center hubs (Virginia/Arizona).
Industry Patterns: A “Who’s Who” of institutional capital. Borrowers include Blackstone (multiple deals), Vornado, Brookfield, and RXR. Conversely, they support specific affordable developers like BFC Partners and Tishman Speyer’s TS Communities.
Loan Structures: Heavy utilization of CMBS for permanent financing (9 deals marked as CMBS/Conduit). Construction financing is almost exclusively reserved for Affordable Housing projects (e.g., $250M BFC Partners deal).
Deal Purposes: Primarily Refinance (9 deals) to clear balance sheets, followed closely by CMBS exits. Notably, they funded huge Acquisitions (5 deals), including the $850M Manhattan office tower for Blackstone.
Asset Types: They remain committed to Office (5 deals) despite market headwinds. Data Centers and Hotels are significant growth verticals.
Transaction Velocity: Activity is highly clustered. June 4W saw three deals closing simultaneously ($735M, $462M, $250M). December saw a similar surge with four distinct closings.

Strategic Insight

The Office Contrarian: While regional banks and debt funds red-lined the office sector in 2025, Citigroup doubled down. By funding the $850M Blackstone acquisition (May 4W) and the $1.04B RXR extension (May 2W), Citigroup has positioned itself as the “Lender of Last Resort” for premier office sponsors. This suggests a strategic bet that premium NYC office assets are mispriced and that maintaining relationships with giants like Blackstone is worth the sector risk.

IDEAL BORROWER PROFILE

The ideal borrower for Citigroup, based on verified 2025 activity, is a top-tier REIT or Institutional Fund seeking $250M+ in liquidity for stabilized Class-A assets in New York City or Gateway Markets.

FOR BORROWERS

CMBS Dependency: A third of their volume is CMBS-linked. If you want a balance sheet hold, you must be a “Whale” client; otherwise, expect to be securitized.
Action: If seeking construction financing, explicitly structure your capital stack to include Low-Income Housing Tax Credits (LIHTC) or tax abatements (like NYC 421-a). Citi Community Capital will fund these when the main bank declines market-rate construction.
Timing: Submit packages in early April or early October. The data shows massive closing clusters in late June and December, indicating their credit committees operate on strict quarterly quotas.

FOR BROKERS

Retail is Not Dead Here: Unlike competitors fleeing retail, Citigroup funded a $2.8B portfolio (Feb 4W) and a $19.5M strip center (Dec 1W). They are a viable outlet for grocery-anchored retail.
Action: On deals exceeding $400M, bring Citigroup in as the Lead Arranger but proactively suggest syndication partners. They are more likely to issue a term sheet if they know the risk is distributed (e.g., “We have interest from Wells for a participant role”).
Strategy: For small-balance deals (<$20M), do not pitch Citigroup unless it is a strategic relationship play or grocery-anchored retail (like the Vista, CA deal). Otherwise, your deal will die in their institutional pipeline.

FOR RIVAL LENDERS

Geographic Myopia: 56% of their deal count is in New York. They are structurally underweight in high-growth markets like Texas and the Carolinas compared to their peers.
Action: Target borrowers in Citigroup’s portfolio with loan needs between $20M and $100M. Citi views these as “nuisance” sizes (e.g., the $48M Queens hotel refi), likely resulting in poor service and slow draws for the borrower.
Defense: When competing against a Citigroup term sheet, highlight the syndication risk. Remind the borrower: “Citi needs approval from three other banks to close this $500M loan; we are holding the whole position on our balance sheet today.”

FOR ANALYSTS & FUNDS

NYC Office “Extend and Pretend”: The $1.04B extension for RXR suggests Citigroup is choosing to restructure large office loans rather than force sales, effectively setting a floor for NYC office valuations.
Observation: Monitor Citigroup’s Data Center volume in Q1 2026. Their heavy activity here suggests they view power/digital infrastructure as the new “Core” asset class replacing malls/office.
Strategy: Their heavy concentration in NYC Multifamily Construction (via Community Capital) suggests they are bullish on NYC rental demand despite regulatory headwinds. Look for mezzanine opportunities behind their senior affordable loans, as they typically require gap financing.