During 2023, 2,520 multifamily lenders provided a combined total of $246.2 billion in new mortgages for apartment buildings with five or more units during 2023, according to data from the Mortgage Bankers Association (MBA). This represents a 49% decline from 2022 levels.
During 2023, 51% of the active lenders made five or fewer multifamily loans. The top five multifamily lenders in 2023 by dollar volume were Berkadia, Walker & Dunlop, JP Morgan Chase & Company, CBRE, and Greystone.
By dollar volume, the investors receiving the greatest share (42%) of the loans were the government-sponsored enterprises Fannie Mae and Freddie Mac.
“Multifamily lending fell by roughly half in 2023 as sales transactions declined and far fewer property owners sought to refinance their loans,” said Jamie Woodwell, MBA’s head of commercial real estate research. “The analysis shows that even with the drop in activity, the multifamily lending market remains broad and deep, with more than 2,500 different lenders making more than 36,000 mortgage loans backed by multifamily properties in amounts ranging from tens of thousands of dollars to hundreds of millions.”
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Drop the prices!!!!