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Multifamily Activity Drops as Overall Commercial Mortgage Production Edges Higher

Mortgage News

The Mortgage Bankers Association of America (MBA) reported that third quarter commercial mortgage volume inched up to a new record.

Up a notch from the second quarter’s record of $29.5 billion, third quarter commercial and multifamily production totaled $29.7 billion, according to MBAs Commercial Mortgage Banker Origination Survey. The total is up 45% compared to $20.5 billion during the third quarter last year.

Multifamily lending comprised 41% of the record total with $12.2 billion, the report said. Office lending followed, accounting $6.9 billion of the total, retail lending garnered $5.0 billion, and industrial lending contributed $2.2 billion. The hotel/motel, healthcare and other lending categories made up the rest of the total.

Although multifamily lending was the largest sector, volume decreased 18.5% from the second quarter. On the other hand, industrial lending made up less of the record total, but experienced the biggest jump — 38.1% — excluding the “other” category.

Conduits for commercial mortgage-backed securities funded the largest amount — $9.1 billion, life insurance companies funded $6.6 billion and commercial banks $4.9 billion, the report said. Government-sponsored enterprises Freddie Mac and Fannie Mae collectively funded $5.1 billion and the Federal Housing Administration $1.0 billion. Pension Funds contributed $1.0 billion, jumping 344.8% from the second quarter and more from the prior year, “due to one large transaction relative to a traditionally small lending total for pension funds,” stated the MBA.

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