Zions Builds Out Agency Multifamily Lending Platform After Basis Acquisition

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Zions Capital Markets is moving quickly to build out the agency multifamily lending business it acquired from Basis Multifamily Finance, naming veteran lender Vince Toye to lead the platform.

Zions, a subsidiary of Zions Bancorporation, said Wednesday that Toye has been appointed managing director and head of agency multifamily lending. He assumed the role Aug. 31 following the closing of Zions’ acquisition of Basis Multifamily Finance I LLC’s agency lending platform.

The transaction brought Zions the Basis agency lending team, capabilities and associated mortgage servicing rights. More importantly, it expands the bank’s commercial real estate finance toolkit through participation in Fannie Mae’s Delegated Underwriting and Servicing program and Freddie Mac’s Optigo Conventional program.

Agency lending fills a strategic gap

Zions already operates commercial real estate capital-markets businesses, including direct lending and a commercial mortgage-backed securities conduit. Adding agency multifamily execution gives the company another way to finance apartment properties and retain relationships across different market and interest-rate environments.

Toye reports to David Auerbach, head of Real Estate Capital Markets. Zions said his mandate includes building the agency business and expanding its servicing capabilities.

Michael MacDonald, head of Zions Capital Markets, said the combination of Toye’s experience and the newly acquired agency capabilities positions the company to offer a broader set of commercial real estate capital solutions.

Toye brings deep GSE and affordable-housing experience

Toye joins Zions from JPMorgan Chase, where he served as managing director and head of Community Development Banking, Agency and Off Balance Sheet Lending. According to Zions, his team produced record results while expanding affordable-housing finance and lending to community development financial institutions.

Before JPMorgan, Toye held senior roles at Wells Fargo, including executive vice president and group head for Community Lending and Investment. He also served as head of production for Wells Fargo Multifamily Capital, where he managed government-sponsored-enterprise originations and the bank’s relationships with Fannie Mae and Freddie Mac.

That background is directly relevant to the platform Zions is trying to scale. Agency multifamily lending is a relationship-intensive business built around underwriting, servicing performance and durable access to the GSE channels. Buying a platform provides infrastructure; retaining and recruiting executives with agency experience determines how effectively that infrastructure can compete.

Banks are repositioning around multifamily finance

The move comes as banks continue to reassess commercial real estate exposure while multifamily borrowers navigate higher interest rates, maturing debt and uneven property performance across markets. Agency lending can provide a different risk and capital profile from holding conventional commercial real estate loans on a bank balance sheet.

Zions Bancorporation reported approximately $89 billion in total assets at the end of 2025 and operates across 11 western states. The company’s decision to expand rather than retreat from multifamily finance is notable at a time when many lenders are being more selective about commercial real estate.

The next test will be production. Zions has acquired the team, servicing rights and agency access. Toye’s job is to turn those assets into a scaled lending franchise capable of competing for multifamily borrowers across the company’s markets and beyond.