Axonic Capital Closes $400 Million Multifamily Securitization Spanning 22 States
NEW YORK — Axonic Capital, a New York-based alternative investment management firm, has closed its first proprietary multifamily securitization, designated GSF-AXMF1, under its 5-year fixed-rate permanent financing program, the firm announced June 17.
The securitization totals more than $400 million across 47 loans in 22 states, with a weighted average loan-to-value ratio of 68.13% and a projected internal rate of return of 18.5% to the retained position.
Program Scale and Pipeline
The close of AXMF1 brings Axonic Capital's proprietary securitization program to more than $900 million in closed and committed assets, according to the firm. Axonic said the program maintains a significant pipeline and is targeting more than $2.0 billion in originations this year.
The firm said the increasing scale of the program positions it to hold a wider range of debt instruments spanning the full real estate lifecycle.
Integrated Origination-to-Securitization Process
Axonic Capital described the AXMF1 close as a milestone for its multifamily lending program, citing the firm's ability to deliver a fully integrated process from loan origination through underwriting and securitization. The firm said this structure allows it to offer a stabilized multifamily product that it characterizes as more efficient than traditional financing sources from a borrower's perspective.
"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. "Our team nimbly adapted to a volatile rate environment and quickly evolving multifamily lending market to provide borrowers with bespoke, value additive lending solutions, allowing us to assemble this diversified, high-quality pool of assets."
Salter also said the AXMF1 portfolio reflects the firm's investment thesis, which focuses on stabilized Class B multifamily assets backed by experienced sponsors with demonstrated operational track records, and that the securitization's close demonstrates strong momentum in Axonic's multifamily permanent financing program.
Origination and Securitization Partners
CBRE, Walker & Dunlop, Greystone, and NorthMarq served as origination partners for the AXMF1 securitization. Grant Street Funding served as the securitization partner.
About Axonic Capital
Founded in 2010, Axonic Capital manages approximately $8 billion in assets under management. The firm specializes in structured credit and commercial and residential real estate debt and equity. Its capital base includes private limited partnerships, separate accounts, insurance company mandates, and publicly listed fund structures.
Sources: Axonic Capital, June 17, 2026