JPMorgan Chase may be the quintessential New York money center bank, but the Big Apple is a rare market where it lags in multifamily lending.

Nationwide, the largest U.S. bank’s apartment loan business is mushrooming, aided by a pullback by Fannie Mae and Freddie Mac. Among banks, JPMorgan is the largest multifamily lender by far, with a portfolio that dwarfs its closest competitor. Yet much of that lending has taken place in Western markets like Los Angeles and San Francisco, since the team responsible was inherited from Washington Mutual, the failed Seattle thrift JPMorgan acquired in 2008.

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