**CRE Mortgage Debt Rises in Q1 Despite Lower Origination Volume**
The level of commercial and multifamily mortgage debt outstanding increased by $46.8 billion, or 1.0%, in the first quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. By the end of Q1, total commercial and multifamily mortgage debt had risen to $4.81 trillion. Of that total, multifamily mortgage debt accounted for $2.16 trillion—nearly half of the overall figure.
“Despite lower origination volumes, the overall level of commercial and multifamily mortgage debt rose in the first quarter of 2025,” said Reggie Booker, MBA’s Associate Vice President of Commercial Real Estate Research. “This increase reflects the extended duration of outstanding loans and the continued appetite for real estate investment across key investor groups.”
Commercial banks remain the largest holders of commercial/multifamily mortgages, representing 38% of the market with $1.8 trillion. Agency and GSE portfolios and mortgage-backed securities (MBS) follow at 22%, or $1.07 trillion. Life insurance companies account for $752 billion (16%), while CMBS, CDOs, and other ABS issuers hold $642 billion (13%).
