Total commercial and multifamily mortgage debt outstanding rose $28.6 billion or 1.1% in the third quarter compared to the second quarter, reaching a record high of $2.59 trillion, according to the Mortgage Bankers Association (MBA).
The increase is primarily due to the fact that the four major investor groups increased their holdings, the MBA reports.
Multifamily mortgage debt outstanding rose to $940 billion, an increase of $16.0 billion, or 1.7%, compared to the second quarter.
Jamie Woodwell, vice president of commercial real estate research for the MBA, says ‘the quarter-over-quarter increase was the highest since 2008, and the rise in multifamily mortgage debt was the highest since 2007.’
‘Strong originations are more than outpacing the low volume of loans maturing this year,’ he adds.
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