“Commercial real estate lending rebounded to $498 billion in 2024, up 16% from the prior year and driven largely by multifamily activity and continued strength from dedicated mortgage banking firms, which closed $411 billion in loans.”
–Reggie Booker, MBA’s Associate Vice President of Commercial Real Estate Research
Total commercial real estate mortgage borrowing and lending is estimated to have totaled $498 billion in 2024, a 16% increase from the $429 billion in 2023, and a 39% decrease from $816 billion in 2022, according to MBA’s 2024 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.
MBA sent the Department of Housing and Urban Development a letter urging the agency to consider some updates to its FHA Multifamily Accelerated Processing program to lower housing costs and boost housing supply.
Commercial/multifamily industry news from Northmarq, Affinius and JLL.
Realtor.com released its March Rent Report, finding that despite the 20th consecutive month of year-over-year rent declines, almost all major metro areas still have higher rent than pre-pandemic.
Privately-owned housing starts for March were at a seasonally adjusted annual rate of 1,324,000, the Census Bureau reported. That’s 11.4% below February’s revised estimate of 1,494,000.
More than eight in 10 Americans consider homeownership to be part of the American Dream, up from 78% last year and 74% in 2023, according to Bankrate, New York.
The Mortgage Bankers Association (MBA) announced that Judith Ricks has joined the association as Associate Vice President, Commercial Real Estate Research. In this role, Ricks will develop and oversee MBA’s extensive research and analysis that covers commercial real estate finance (CREF) markets.
Berkadia, Ambler, Pa., secured a $31.5 million bridge loan for sponsor Midtown Capital to complete The Astoria, a 149-unit apartment community in Salt Lake City, Utah.
Commercial and multifamily developments and activities from MBA important to your business and our industry.
