Axonic Capital Debuts $400M Multifamily Loan Securitization

Axonic Capital has completed its first proprietary securitization, GSF-AXMF1 (AXMF1), under the firm’s five-year fixed-rate permanent financing program, marking a significant step in the growth of its multifamily lending platform.

The securitization includes more than $400 million of multifamily loans spanning 47 properties across 22 states. The portfolio carries a weighted average loan-to-value ratio of 68.13% and is projected to generate an 18.5% internal rate of return for the retained position.

The transaction represents a key milestone for Axonic’s multifamily lending strategy, allowing the firm to control the entire lending process from loan origination and underwriting through securitization and long-term financing.

“The successful securitization of the AXMF1 pool represents a significant milestone for the Axonic Multifamily lending program by enabling the firm to deliver a fully integrated process, from origination of the loans to the underwriting and securitization,” the firm said.

Axonic expects the program to continue scaling rapidly. The firm reported a substantial pipeline of opportunities and is targeting more than $2 billion in loan originations during 2026.

“As the multifamily lending space continues to see pullback from banks and government-sponsored enterprises, alternative lenders like Axonic have stepped in to provide the financing needed to push projects forward while finding creative ways to deliver alpha to our investors,” said Jonathan Salter, principal and head of commercial real estate lending at Axonic.

Founded in 2010, Axonic Capital manages approximately $8 billion in assets and specializes in structured credit as well as commercial and residential real estate debt and equity investments.

CBRE, Walker & Dunlop, Greystone and Northmarq served as origination partners for the AXMF1 securitization, and Grant Street Funding served as securitization partner.