MBA: 2022 Commercial/Multifamily Mortgage Maturity Volumes to Increase 12 Percent
SAN DIEGO — The Mortgage Bankers Association said $248.8 billion of the $2.6 trillion (12 percent) of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2022, a 12 percent increase from the $222.5 billion that matured in 2021.
MBA released its 2021 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes here Monday at its 2022 Commercial/Multifamily Finance Convention and Expo.
“A large share of the balance of loans maturing this year and in 2023 are either shorter-term loans included in single-asset single-borrower commercial mortgage-backed securities, or are those made by investor-driven lenders,” said Jamie Woodwell, MBA Vice President of Commercial Real Estate Research. “Part of that concentration stems from the growth of those sectors in recent years. Another factor is that many of the longer-term loans held by life companies or Fannie Mae or Freddie Mac that would have been due have already been refinanced or were part of a property sale.
Woodwell noted there won’t be a year over the next decade that will experience more than a tenth of the $2.6 trillion in overall outstanding balance of mortgages coming due.
The survey said loan maturities vary significantly by investor group. Just $12.5 billion (2 percent) of the outstanding balance of multifamily and health care mortgages held or guaranteed by Fannie Mae, Freddie Mac, FHA and Ginnie Mae will mature in 2022. Life insurance companies will see $36.6 billion (6 percent) of their outstanding mortgage balances mature in 2022; and among loans held in CMBS, $109.6 billion (15 percent) will come due this year. Among commercial mortgages held by investor-driven lenders including mortgage REITs, debt funds and other investors, $90.1 billion (26 percent) will mature.
Dollar figures reported are the unpaid principal balances as of December 31. Because most loans pay down principle, the balances at the time of maturity will generally be lower than those reported here.
The survey covers $2.59 trillion in commercial and multifamily mortgages held or insured by life companies, Fannie Mae, Freddie Mac, FHA, CMBS trusts and other non-bank lenders and investors. Banks and thrifts hold an additional $1.5 trillion in mortgages backed by income-producing properties which are not covered by the survey.
To learn more or to purchase a copy of the report, visit http://www.mba.org/loanmaturityvolumes.
