“While still below 2021’s record originations activity, the market showed renewed momentum,” Booker said. “With an estimated $957 billion in CRE mortgage maturities coming due this year, demand for refinancing and new capital will be key drivers of market activity.”

NCUA data showed all credit unions produced $3.19 billion in commercial real estate loans in 2024, up 4.8% from 2023.

Alliant Credit Union of Chicago ($19.5 billion in assets, 901,055 members) was the credit union industry's third-largest producer of commercial real estate in 2024, originating $525.7 million in 2024, up 29% from 2023.

Its first-quarter Call Report wasn’t available at the time of this reporting, but the credit union reported “a strong quarter,” despite a slight drop from 2023’s first quarter. Alliant closed eight transactions nationwide, totaling $133 million in commitments in this year’s first quarter, down from $137.6 million in originations a year earlier.

“These deals reflect Alliant’s strategic focus on financing high-quality properties and partnering with experienced borrowers and lenders to navigate an evolving market,” Alliant’s news release said.

Alliant also held the fourth-largest balance of commercial loans on Dec. 31: $2.2 billion, up 3.9% from a year earlier. Multi-family loans rose 13.8% to $1 billion, while other loans fell 3.3% to $1.2 billion. The delinquency rate was 0.73% Dec. 31, down from 1.21% a year earlier.

Alliant’s first-quarter deals included:

• Its largest note-on-note construction loan in its history with Trez Capital, secured by a $58 million commitment.
• A note-on-note loan to the Lightstone Group on an apartment complex nearing completion.
• A $16.1 million refinancing for a multi-tenant industrial building in Chicago, which allows the sponsors to have flexibility to sell the asset after their hold period in a few years.
• A $15.5 million refinancing for student housing in Tallahassee, Fla., which allowed for an interest-only period with flexible exit options.
• A $12.3 million note-on-note loan to a national bridge lender where the underlying loan provided for the completion and lease-up of a multifamily property in San Diego.
• A $12.2 million refinancing of a multifamily property in Fort Lauderdale, Fla., which allowed the sponsor to convert large footprint units by adding additional bedrooms.
• An $11 million note-on-note loan to a Northeast-focused lender allowing for the renovation and lease-up of a multifamily property in Poughkeepsie, N.Y.

“Alliant’s commercial real estate expertise is both deep and expansive,” Alliant EVP Charles Krawitz said. “We have demonstrated the ability to offer creative financing solutions time and time again and appreciate the trust the industry has placed in us.”

The Top 10 commercial real estate producers among credit unions originated $4.78 billion in commercial real estate loans in 2024, up 6.6% from 2023. They were:

1. Mountain America Federal Credit Union of Salt Lake City ($20.2 billion, 1.3 million members), which produced $667.7 million in commercial real estate loans in 2024, up 31% from 2023.
2. Golden 1 Credit Union of Sacramento, Calif. ($19.6 billion, 1.1 million members), which produced $530.9 million in commercial real estate loans in 2024, up 110% from 2023.
3. Alliant Credit Union, Chicago ($19.5 billion, 901,055 members), which produced $525.7 million in commercial real estate loans in 2024, up 29% from 2023.
4. Everwise Credit Union of South Bend, Ind. ($5.2 billion, 296,844 members), which produced $523.2 million in commercial real estate loans in 2024, down 19% from 2023.
5. Landmark Credit Union of Milwaukee, Wis. ($6.8 billion, 396,842 members), which produced $512.3 million in commercial real estate loans in 2024, up 60% from 2023.
6. Community First Credit Union of Appleton, Wis. ($6 billion, 159,598 members), which produced $510.9 million in commercial real estate loans in 2024, up 40% from 2023.
7. GreenState Credit Union of North Liberty, Iowa ($10.6 billion, 451,126 members), which produced $433 million in commercial real estate loans in 2024, down 34% from 2023.
8. Lake Michigan Credit Union of Grand Rapids, Mich. ($14.5 billion, 499,044 members), which produced $375.6 million in commercial real estate loans in 2024, down 42% from 2023.
9. America First Federal Credit Union of Riverdale, Utah ($21.7 billion, 1.5 million members), which produced $369.7 million in commercial real estate loans in 2024, down 11% from 2023.
10. Idaho Central Credit Union of Chubbuck, Idaho ($12.1 billion, 671,689 members), which produced $328.1 million in commercial real estate loans in 2024, up 26% from 2023.