Multifamily lending jumps in 2011

Apartment lending rose last year.

A report from the Mortgage Bankers Association explained that property management companies received a heightened level of lending for multifamily properties last year.

Overall, more than $110 billion in new mortgages for apartment complexes with at least five units were taken out in 2011, the report explained. This was approximately 60 percent higher than the total approved in 2010. Of the more than 2,600 lenders during 2011, more than 70 percent loaned out fewer than six loans throughout last year.

"The $110 billion of borrowing and lending backed by multifamily apartment buildings in 2011 was more than double the amount of just two years earlier," said Jamie Woodwell, vice president of commercial real estate research for MBA. "The growth is a testament to the improvements in both the underlying multifamily property markets and the broader capital markets."

The report explained that there were a group of multifamily lenders that led the way during in last year's figures. Wells Fargo Bank N.A., led the way, while JP Morgan Chase and CBRE Capital Markets rounded out the top three spots. PNC Real Estate was fourth in total dollar volume, while Berkadia finished fifth.

Share
Disclaimer: All data and information provided on this site is for informational purposes only. Zoliath.com makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, opinions or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.