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Outstanding CRE Mortgage Debt Rises by $37B in Q3
Commercial/multifamily mortgage debt outstanding increased by 0.8% to $37.1 billion in the third quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
Total commercial/multifamily mortgage debt outstanding rose to $4.63 trillion at the end of Q3. Multifamily mortgage debt alone increased 1.3% over the quarter to $2.05 trillion.
“The level of commercial mortgage debt outstanding has continued to increase despite a continued pullback in borrowing,” said Jamie Woodwell, MBA’s head of commercial real estate research. “A decline in sales transaction and refinance volumes has meant less new debt being extended, but it also means that fewer loans are paying off than in many earlier periods. The result is that debt levels continue to rise, but at a pace that is roughly half of what was seen last year.”
The four largest investor groups are: banks and thrifts; federal agency and GSE portfolios and MBS; life insurance companies; and CMBS, CDO and other ABS issues.
- ◦Financing
