In early 2024, despite fewer new loans issued, the total debt in the US commercial and multifamily mortgage market surged significantly, reaching $4.7 trillion. This increase was mainly due to challenges in refinancing existing loans and delays in loan repayments rather than an increase in new lending. Banks and CMBS issuers saw the largest increases in mortgage holdings, followed by agencies/GSEs and life insurers. Conversely, state and local retirement funds decreased their holdings. The multifamily sector notably contributed to this growth, highlighting the pivotal role of GSEs and banks in financing multifamily properties amidst current market conditions.
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CRE Mortgage Debt Spikes Despite Fewer Originations
