I truly believe there has never been a more exciting time to work in Affordable. With a renewed focus and increased commitment from local, state, and federal legislation, the GSEs, and private companies alike, we’re seeing tremendous opportunity in the market. After a record year in 2020, with over $2.46 billion in Affordable Housing transactions, we expect 2021 to be another record setting year.
2020 was a tremendous growth year for us. We expanded our platform with the addition of 23 seasoned Affordable financing experts. Our strategy for growing the team was to prioritize Affordable technical expertise and deep industry knowledge. The exceptional group of mortgage bankers and investment sales advisors that joined the platform benefit from the best-in-class resources and technology that Berkadia offers. We are already seeing the results of this investment as evidenced by our first quarter success.
Berkadia has completed more than $645 million in Affordable Housing transactions in the first three months of the year. At the close of the first quarter, we had over $550 million in Affordable lending volume—including Fannie Mae, Freddie Mac, HUD, Banks, Life Co’s, and Berkadia bridge loans—and nearly $100 million in Affordable investment sales volume, a growth of 416% and 1,290%, respectively from Q1 2020.
The Affordable team now has 76 employees across 3 lines of business: mortgage banking, investment sales, and tax credit syndication. This business model allows us to deliver comprehensive capital solutions to clients for the entire life-cycle of their assets. The vision to create this unique integrated delivery model began back in 2019, came to fruition in 2020, and will be the key to our continued success and the success of our clients in 2021.
We are looking forward to capitalizing on the opportunities ahead with a best-in-class team.
-David Leopold, SVP & Head of Affordable Housing