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Lending Volume Picks Up, Skews Toward Multifamily and Industrial

The commercial real estate lending landscape in the final weeks of 2020 has “vastly improved” compared to the onset of the pandemic, Marcus & Millichap says in a special report. However, for some lenders the market has tilted toward multifamily and industrial, while lending for office and retail has become more selective.

“Assumptions surrounding operating expenses, vacancies, market concession rates and supply trends are being closely examined by lenders, leading some to shift their focus to more pandemic-resilient investments,” according to Marcus & Millichap. “Apartments and industrial properties have been able to draw greater interest with banks and non-agency lenders remaining active originators, most often funding five- to seven-year loans with rates in the upper-2% to mid-3% range.”

The report notes that evolving e-commerce trends, challenges in the single-family home market and limited capital expenditure requirements have helped to ensure financing remains available at favorable terms for both asset classes.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 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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