Genesis Capital closed a $375 million securitization of U.S. multifamily loans. The deal is the first multifamily-only securitization Genesis has closed since Rithm Capital acquired the firm in 2021.
Multifamily loan originations represent 40 percent of Genesis’ total origination volume, according to Rithm Capital. Genesis’ multifamily loan originations rose from $160 million in the first quarter of 2024 to $637 million in the second quarter of 2026, the firm said. I read that ramp as the reason this securitization matters.
The commercial mortgage-backed securitization, NRMLT 2026-RTL1, is collateralized by a pool of 55 loans originated by Genesis for different multifamily developments and existing projects. Performance Trust Capital Partners served as lead bookrunner, and other bookrunners included Barclays, Deutsche Bank, Goldman Sachs, Nomura and Wells Fargo.
Sanjeev Khanna, managing director at Rithm Capital, said in a statement that the securitization structure allows Genesis Capital to work with multifamily investors on various financing needs. Khanna added, “This transaction reflects the strength of our owner-operator model, connecting Genesis’ origination capabilities directly to the capital markets.”
My read: this deal may be an early sign that non-bank lenders can still find a market for multifamily credit.
What I’d watch next is whether Genesis can repeat this securitization and at what spread.