Metro area · MN
Lenders in Duluth, MN-WI
36 lenders made 99 multifamily loans in the Duluth, MN-WI metro area in 2024 and 2025, $223.8M in all. National Bank of Commerce made the most, with 28. The typical loan was about $540K.
- Evidence
- Multifamily loans placed in the metro area, HMDA
- Data as of
- HMDA 2025
- Page last changed
- November 11, 2026
- Lenders on record
- 36
- HMDA,
- Multifamily loans, 2024-25
- 99
- HMDA,
- Manufactured-home parks excluded
- Dollars
- $224M
- HMDA,
- Typical loan
- $540K
- HMDA,
Cite this
Source: The Lender Report, Lenders in Duluth, MN-WI, https://lender.report/lenders-in/duluth-mn-wi/, data as of December 31, 2025.
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This page lists who has made multifamily loans here. Loan Comps shows who has made a loan like yours, with the loans to prove it.
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| Lender | Kind | Based in | Loans | Dollars | 2025 loans | 2024 loans |
|---|---|---|---|---|---|---|
| National Bank of Commerce multifamily record | Bank | Superior, WI | 28 | $37.1M | 17 | 11 |
| JLL Real Estate Capital, LLC multifamily record | Non-bank | St. Paul, MN | 9 | $61.4M | 3 | 6 |
| Members Cooperative Credit Union multifamily record | Credit union | Duluth, MN | 9 | $4.94M | 5 | 4 |
| Frandsen Bank & Trust multifamily record | Bank | Lonsdale, MN | 6 | $3.20M | 4 | 2 |
| Superior Savings Bank multifamily record | Savings | Superior, WI | 5 | $1.96M | 1 | 4 |
| Park State Bank multifamily record | Bank | Duluth, MN | 4 | $660K | 2 | 2 |
| North Shore Bank of Commerce | Bank | Duluth, MN | 3 | $6.56M | 3 | 0 |
| Bell Bank multifamily record | Bank | Fargo, ND | 3 | $2.30M | 2 | 1 |
| Falcon National Bank multifamily record | Bank | Foley, MN | 2 | $10.9M | 1 | 1 |
| Security Bank & Trust Company multifamily record | Bank | Glencoe, MN | 2 | $1.74M | 1 | 1 |
| KodaBank multifamily record | Bank | Drayton, ND | 2 | $780K | 0 | 2 |
| First Bank & Trust multifamily record | Bank | Brookings, SD | 2 | $555K | 0 | 2 |
| CBRE Multifamily Capital, Inc. multifamily record | Non-bank | Houston, TX | 1 | $26.0M | 1 | 0 |
| Walker & Dunlop, LLC multifamily record | Non-bank | Bethesda, MD | 1 | $23.0M | 1 | 0 |
| Citibank, National Association multifamily record | Bank | Sioux Falls, SD | 1 | $10.0M | 0 | 1 |
| County | Loans | Dollars | Lenders |
|---|---|---|---|
| St. Louis County, MN | 71 | $170M | 28 |
| Douglas County, WI | 18 | $34.7M | 10 |
| Carlton County, MN | 10 | $19.6M | 8 |
A county is listed for a year only when the public file holds 5 or more multifamily loans there that year.
| Loan size | Loans |
|---|---|
| Under $1M | 65 |
| $1M to $2.5M | 12 |
| $2.5M to $5M | 6 |
| $5M to $10M | 11 |
| $10M or more | 5 |
- Lenders made 99 multifamily loans totaling $223.8M in Duluth, MN-WI in 2024 and 2025. HMDA,
- 54 of the loans were made in 2025 and 45 in 2024. HMDA,
- The typical loan in Duluth, MN-WI was about $540K, with the middle half between $240K and $2M. HMDA,
- 65 of the loans were under $1M, and 16 were $5M or more. HMDA,
- Lenders reported a median rate of 7.00% on 78 loans in Duluth, MN-WI, with the middle half between 6.36% and 7.75%. HMDA,
- The median term was 5 years. HMDA,
- The median loan to value was 67%. HMDA,
- 46% of the loans were refinancings and 40% were purchases. HMDA,
- Banks and savings institutions made 71 of the loans, credit unions 15, and non-banks 13. HMDA,
- The five most active lenders made 57.6% of the loans. HMDA,
- The three most active lenders were National Bank of Commerce with 28, JLL Real Estate Capital, LLC with 9, and Members Cooperative Credit Union with 9. HMDA,
- 16 of the 36 lenders are based in Minnesota. The rest are based elsewhere, most often in Wisconsin, North Dakota and South Dakota. HMDA,
- The most common property size was 5 to 24 units, with 64 loans. HMDA,
- 3 counties in the metro area have loans on record, and St. Louis County, MN has the most, with 71. HMDA,
How this list is defined
- Measure
- Multifamily loans made in the Duluth, MN-WI metro area
- Period
- 2024 and 2025
- Formula
- Count, by lender, of HMDA records for multifamily dwellings of 5 or more units placed in the metro area, manufactured-home parks excluded, for each year in which the public file holds 5 or more such loans there.
- Order
- Largest first by loans recorded in the place, then dollars, then name. Payment is not part of the order.
- As of
- 2025
- Source
- HMDA
- Changelog
- : First published, with the data built on this date.
What we don't know
- Whether any of these lenders is taking new loans today.
- What they charge or require beyond the rate and term that HMDA reports.
- Loans on office, retail, industrial or hotel property. HMDA covers dwelling-secured loans only.
A metro area or county is named for a year only when the public file holds 5 or more multifamily loans there that year, so a small place is never exposed by a count.
HMDA covers dwelling-secured loans. Amounts are the midpoints of $10,000 bands, and each loan has a year, never a date.
Lenders that merged or stopped filing are left out.
Source and date appear beside each figure. Banks report balances, not loans made. Loans made come only from HMDA and SBA files. We do not audit filings and can make errors joining them. Report a problem
Figures come from public records and show the source and date beside them. Public records can be late, incomplete or wrong. A past loan does not mean a lender will make the same kind of loan today. Confirm anything important with the lender.