Commercial / Multi-Family Mortgage Debt

The level of commercial/multi-family mortgage debt outstanding increased by $44.3 billion in the first quarter of 2018 as all four major investor groups increased their holdings. That is a 1.4 percent increase over the fourth quarter of 2017, according to MBA’s latest Commercial/Multifamily Mortgage Debt Outstanding report.

Total commercial/multi-family debt outstanding rose to $3.21 trillion at the end of the first quarter, while multi-family mortgage debt outstanding rose to $1.3 trillion, an increase of $19.3 billion from the fourth quarter of 2017.

During the first three months of 2018, commercial and multi-family mortgage debt outstanding increased more than during any other first quarter since before the Great Recession. Interestingly, this year’s increase was driven by the CMBS market, which added $6 billion of mortgages to its balances. This is a sharp contrast to the $21 billion decline over the same period in 2017. For the first time since 2007, CMBS has seen three straight quarters of increase.

To learn more, download MBA’s Commercial/Multifamily Mortgage Debt Outstanding report, free of charge.

Jamie Woodwell
Vice President, Commercial Real Estate Research
Mortgage Bankers Association

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