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Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


CRE Originations Reach Post-Crisis High

Hotels, multifamily lead resurgence

Feb. 4, 2013

By Mortgage Daily staff


The origination of commercial real estate loans during the last three months of 2012 was the highest it's been in five years. A surge from the third quarter was noted for conduit originators and originators of hotel loans. Improved market conditions reportedly have the atmosphere at a CRE convention this week buzzing.

Fourth-quarter 2012 commercial mortgage production climbed 49 percent from the third quarter.

Compared to the fourth-quarter 2011, CRE loan originations have also increased 49 percent.

The data were released by the Mortgage Bankers Association in conjunction with its 23rd Annual Commercial Real Estate Finance/Multifamily Housing Convention & Expo this week in San Diego.

MBS President and Chief Executive Officer David H. Stevens noted in prepared remarks delivered Monday that the convention "halls are alive with sounds of a growing economy."

"Business deals are being made as investors, lenders, originators, servicers and service providers from across the country gather to kick-off the New Year with a renewed partnership and the vision of a growing marketplace," Stevens said. "This is where you come to strengthen your business relationships, network with industry leaders and gain access to new business opportunities.

"This is the place for success."

Using previously reported CRE production data for 2011, fourth-quarter CRE production was an estimated $74.3 billion, jumping from $49.9 billion both three months earlier and a year earlier.

Estimated full-year originations amounted to $228.8 billion, growing from $184.3 billion in 2011.

The trade group predicts that $254 billion in CRE loans will be originated in 2013, an 11 percent increase from 2012.

Fourth-quarter CRE originations through conduits soared 141 percent from the prior period and skyrocketed 228 percent from the same period during the prior year.

At commercial banks, volume was up nearly a third from the third quarter and rose more than two thirds from the fourth-quarter 2011.

Life insurance companies kicked up volume a third over the prior period and lifted business 18 percent on a year-over-year basis.

At Fannie Mae and Freddie Mac, multifamily volume rose 54 percent over the third quarter and was up almost that much from the year earlier period.

Freddie announced that CBRE Capital Markets was its top multifamily seller last year with $6.2 billion in volume. No. 2 Berkadia closed $3.6 billion. After that was Wells Fargo Multifamily Capital and Holliday Fenoglio Fowler, L.P. -- each which generated $2.4 billion. Walker & Dunlop LLC was next with $2.3 billion.

Fannie said that its biggest multifamily seller was Walker & Dunlop LLC. Wells Fargo followed, then Beech Street Capital LLC, CBRE and Berkeley Point Capital LLC.

Agency and non-agency multifamily volume was 48 percent higher than in the third quarter and was up nearly half from the last quarter of 2011. MBA predicts that overall multifamily originations will be $100 billion this year.

Mortgage originations for loans secured by office buildings rose 44 percent from three months earlier and were 78 percent stronger than 12 months earlier.

Loans secured by retail properties had originations that were 22 percent better than the prior quarter and 5 percent more than the same quarter during the prior year.

Industrial loan originations jumped 86 percent for the quarter and were 46 percent stronger on a year-over-year basis.

Hotel loan originations doubled from the third quarter and were 331 percent higher than the fourth-quarter 2011.

Health-care property financing increased 57 percent on a quarter-over-quarter basis but was off by more than a quarter on a year-over-year basis.

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