Lillestolen, a 12-year veteran of the government-sponsored enterprise (GSE), has worked in multifamily in several different roles. He began his career there as an analyst in the Capital Markets division, later serving in various leadership roles on the production team. Most recently, Lillestolen led the Low Income Housing Tax Credit (LIHTC) Equity and Seniors Housing businesses while also co-leading TAH.
In between stints at Freddie Mac, Lillestolen also served at the National Rural Utilities Cooperative Finance Corporation and Strategic Education, Inc. in analyst, securities and treasurer roles, respectively.
“Peter is a strong, innovative leader, ready to meet the challenges of Multifamily’s mission-critical businesses,” said Steve Johnson, senior vice president for multifamily production and sales, in a statement. “Peter has a proven ability to make strategic, forward-looking decisions and to meet and anticipate the evolving needs of the affordable market. We are grateful for his steady leadership and his drive and passion for Multifamily.”
The company describes Lillestolen’s leadership as “instrumental in helping Freddie Mac exceed its affordable housing goals in 2022,” both in the core retail business and low-income housing areas. He was named a 2023 Rising Star by HousingWire in recognition of that leadership.
When asked as a Rising Star about the traits that have helped him to succeed, Lillestolen attributed the assumption of good faith as a key difference-maker.
“Always assume positive intent,” he said. “This includes treating others with respect and keeping an open mind. One quote I continue to point to that clearly illustrates the importance of treating people with respect and doing things right: ‘It’s always sunny on the moral high ground.’”
Lillestolen earned a Master of Professional Studies in Real Estate Finance from Georgetown University, as well as a Master of Science in Finance from Johns Hopkins University. He earned his bachelor’s degree in finance from James Madison University.