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National  + Finance  |  June 22, 2026
Paul Bubny
By: Paul Bubny

CRE/Multifamily Mortgage Debt Outstanding Crosses $5-Trillion Threshold

The level of commercial/multifamily mortgage debt outstanding increased by $26.3 billion in the first quarter of 2026, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. The tally has now crossed the $5-trillion threshold.

“Commercial and multifamily mortgage debt outstanding surpassed $5 trillion in the first quarter of 2026, a milestone that speaks to the resiliency and depth of commercial markets,” said Reggie Booker, MBA’s associate VP of commercial research. “Multifamily continued to drive growth, with debt outstanding rising to $2.32 trillion as agencies, GSEs, and banks steadily expanded their holdings. Despite the modest pullback in CMBS, the overall picture is one of a market that continues to move forward.”

The four largest lending sources are: banks and thrifts; federal agency and GSE portfolios and MBS; life insurance companies; and CMBS, collateralized debt obligations and other ABS issues. Commercial banks continued to hold the largest share at $1.9 trillion, followed by agency/GSE portfolios at $1.2 trillion.

Read More News Stories About: Mortgage Bankers Association
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Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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