Total commercial/multifamily mortgage debt outstanding rose to $4.70 trillion at the end of the first quarter, according to new data from the Mortgage Bankers Association (MBA), a $40.1 billion or 0.9% upswing from the previous quarter.
Multifamily mortgage debt alone increased by $23.7 billion, or 1.1%, to $2.10 trillion from the fourth quarter of 2023.
Commercial banks held 38% of commercial/multifamily mortgages during the first quarter, totaling $1.8 trillion. Agency and GSE portfolios and MBS were the second-largest holders of commercial/multifamily mortgages (22%) at $1.01 trillion, while life insurance companies hold $720 billion (15%), and CMBS, CDO and other ABS issues accounted for $604 billion (13%).
“The amount of commercial mortgage debt outstanding increased in the first quarter of 2024, despite slow mortgage originations activity,” said Jamie Woodwell, MBA’s head of commercial real estate research. “Every major capital source increased its holdings of commercial mortgages, as fewer loans than usual were paid off through property sales or refinancings.”
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