Multifamily Loans Led the Pack in 2024
Total commercial real estate mortgage borrowing and lending is estimated to have totaled $498 billion in 2024, a 16 percent increase from the $429 billion in 2023, and a 39 percent decrease from $816 billion in 2022. This is according to the Mortgage Bankers Association’s 2024 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.
MBA’s survey tracked $411 billion of loans closed by dedicated commercial mortgage bankers in 2024—a 34 percent increase from the $306 billion reported in 2023. Activity from smaller and mid-sized depositories is estimated from other data sources to arrive at the $498 billion estimate for the total market.
Among different property types, multifamily properties saw the highest volume last year, with an estimated $326 billion of total lending and $219 billion directly tracked by dedicated mortgage bankers. First liens accounted for 92 percent of the mortgage bankers’ dollar volume closed.
Dedicated mortgage banking firms reported closing $411 billion of CRE loans in their own names and serving as intermediaries on $303 billion. Firms reported serving as investment sales brokers for $247 billion of deals.