According to the Mortgage Bankers Association (MBA), multifamily lenders issued a total of $246.2 billion in new mortgages for apartment buildings with five or more units in 2023, which marks a significant decrease of 49% compared to the previous year. The MBA’s annual report on the multifamily lending market also revealed that only 51% of active lenders made five or fewer loans throughout the year.
Jamie Woodwell, head of commercial real estate research at MBA, stated that this decline can be attributed to a decrease in sales transactions and property owners seeking refinancing options. However, despite this drop in activity, there are still over 2,500 different lenders actively participating in the multifamily lending market. In fact, these lenders provided more than 36
