County · MN
Multifamily lenders in St. Louis County, MN
28 lenders made 71 multifamily loans in St. Louis County, MN in 2024 and 2025, $169.4M in all. National Bank of Commerce made the most, with 21. The typical loan was about $500K. The county is part of the Duluth, MN-WI metro area.
- Evidence
- Multifamily loans placed in the county, HMDA
- Data as of
- HMDA 2025
- Page last changed
- November 11, 2026
- Lenders on record
- 28
- HMDA,
- Multifamily loans, 2024-25
- 71
- HMDA,
- Manufactured-home parks excluded
- Dollars
- $169M
- HMDA,
- Typical loan
- $500K
- HMDA,
Cite this
Source: The Lender Report, Multifamily lenders in St. Louis County, MN, https://lender.report/lenders-in/minnesota/st-louis-county/, data as of December 31, 2025.
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| Lender | Kind | Based in | Loans | Dollars | 2025 loans | 2024 loans | Typical loan |
|---|---|---|---|---|---|---|---|
| National Bank of Commerce multifamily record | Bank | Superior, WI | 21 | $19.1M | 13 | 8 | $500K |
| JLL Real Estate Capital, LLC multifamily record | Non-bank | St. Paul, MN | 7 | $49.1M | 3 | 4 | $6.9M |
| Members Cooperative Credit Union multifamily record | Credit union | Duluth, MN | 7 | $2.20M | 3 | 4 | $220K |
| Frandsen Bank & Trust multifamily record | Bank | Lonsdale, MN | 4 | $2.04M | 3 | 1 | $460K |
| Park State Bank multifamily record | Bank | Duluth, MN | 4 | $660K | 2 | 2 | $160K |
| Falcon National Bank multifamily record | Bank | Foley, MN | 2 | $10.9M | 1 | 1 | $9.8M |
| North Shore Bank of Commerce | Bank | Duluth, MN | 2 | $5.84M | 2 | 0 | $5.3M |
| KodaBank multifamily record | Bank | Drayton, ND | 2 | $780K | 0 | 2 | $480K |
| First Bank & Trust multifamily record | Bank | Brookings, SD | 2 | $555K | 0 | 2 | $500K |
| Bell Bank multifamily record | Bank | Fargo, ND | 2 | $300K | 1 | 1 | $180K |
| CBRE Multifamily Capital, Inc. multifamily record | Non-bank | Houston, TX | 1 | $26.0M | 1 | 0 | $26M |
| Walker & Dunlop, LLC multifamily record | Non-bank | Bethesda, MD | 1 | $23.0M | 1 | 0 | $23M |
| State Bank Financial multifamily record | Bank | La Crosse, WI | 1 | $8.10M | 0 | 1 | $8.1M |
| Greystone Servicing Corporation, Inc. multifamily record | Non-bank | Memphis, TN | 1 | $6.20M | 1 | 0 | $6.2M |
| Northmarq Capital Finance, L.L.C. multifamily record | Non-bank | Washington, DC | 1 | $4.50M | 1 | 0 | $4.5M |
| Trustone Financial Credit Union multifamily record | Credit union | Plymouth, MN | 1 | $3.90M | 1 | 0 | $3.9M |
| Farmers State Bank multifamily record | Bank | Waterloo, IA | 1 | $1.20M | 1 | 0 | $1.2M |
| Security Bank & Trust Company multifamily record | Bank | Glencoe, MN | 1 | $1.20M | 1 | 0 | $1.2M |
| Blaze Credit Union multifamily record | Credit union | Falcon Heights, MN | 1 | $1.00M | 0 | 1 | $1M |
| Northern State Bank | Bank | Ashland, WI | 1 | $960K | 1 | 0 | $960K |
| U.S. Bank National Association multifamily record | Bank | Cincinnati, OH | 1 | $960K | 1 | 0 | $960K |
| Royal Credit Union multifamily record | Credit union | Eau Claire, WI | 1 | $380K | 0 | 1 | $380K |
| Superior Savings Bank multifamily record | Savings | Superior, WI | 1 | $380K | 0 | 1 | $380K |
| Bankwest | Bank | Rockford, MN | 1 | $360K | 0 | 1 | $360K |
| Centricity Credit Union | Credit union | Hermantown, MN | 1 | $280K | 1 | 0 | $280K |
| Minnwest Bank multifamily record | Bank | Redwood Falls, MN | 1 | $160K | 1 | 0 | $160K |
| Superior Choice Credit Union | Credit union | Superior, WI | 1 | $85.0K | 0 | 1 | $85K |
| Bravera Bank multifamily record | Bank | Dickinson, ND | 1 | $5.00K | 1 | 0 | $5K |
| Loan size | Loans | Lenders |
|---|---|---|
| Under $1M | 48 | 17 |
| $1M to $2.5M | 7 | 7 |
| $2.5M to $5M | 4 | 4 |
| $5M to $10M | 8 | 6 |
| $10M or more | 4 | 3 |
- Lenders made 71 multifamily loans totaling $169.4M in St. Louis County, MN in 2024 and 2025. HMDA,
- 40 of the loans were made in 2025 and 31 in 2024. HMDA,
- The typical loan in St. Louis County, MN was about $500K, with the middle half between $220K and $1.2M. HMDA,
- 48 of the loans were under $1M, and 12 were $5M or more. HMDA,
- Lenders reported a median rate of 7.00% on 60 loans in St. Louis County, MN, with the middle half between 6.14% and 7.75%. HMDA,
- The median term was 5 years. HMDA,
- The median loan to value was 66%. HMDA,
- 45% of the loans were refinancings and 42% were purchases. HMDA,
- Banks and savings institutions made 48 of the loans, credit unions 12, and non-banks 11. HMDA,
- The five most active lenders made 60.6% of the loans. HMDA,
- The three most active lenders were National Bank of Commerce with 21, JLL Real Estate Capital, LLC with 7, and Members Cooperative Credit Union with 7. HMDA,
- 12 of the 28 lenders are based in Minnesota. The rest are based elsewhere, most often in Wisconsin, North Dakota and District of Columbia. HMDA,
- The most common property size was 5 to 24 units, with 44 loans. HMDA,
- St. Louis County, MN is part of the Duluth, MN-WI metro area, which has its own page. OMB metro list,
How this list is defined
- Measure
- Multifamily loans made in St. Louis County, MN
- Period
- 2024 and 2025
- Formula
- Count, by lender, of HMDA records for multifamily dwellings of 5 or more units placed in the county, manufactured-home parks excluded, for each year in which the public file holds 5 or more such loans in the county.
- 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.
SBA loans are on record by state only, so this page has no SBA figures for the county. The state pages carry them.
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.