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Outstanding CRE Mortgage Debt Rose by $40B in Q1 2024
The level of commercial/multifamily mortgage debt outstanding increased by $40.1 billion, or 0.9%, in the first quarter of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
Total commercial/multifamily mortgage debt outstanding rose to $4.70 trillion as Q1 ended. Multifamily mortgage debt alone increased by $23.7 billion (1.1%) to $2.10 trillion from Q4 2023.
“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.”
Commercial banks continue to hold the largest share of commercial/multifamily mortgages at $1.8 trillion, or 38%. Agency and GSE portfolios and MBS are the second-largest holders of commercial/multifamily mortgages (22%) at $1.01 trillion. Life insurance companies hold $720 billion (15%), and CMBS, CDO and other ABS issues hold $604 billion (13%).
- ◦Financing
