The level of commercial/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. Total commercial/multifamily mortgage debt outstanding rose to $4.81 trillion at the end of Q1, with nearly half that tally coming to multifamily with $2.16 trillion.
“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 VP 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 continue to hold the largest share (38%) of commercial/multifamily mortgages at $1.8 trillion. Agency and GSE portfolios and MBS come in second at 22%, or $1.07 trillion. Life insurance companies hold $752 billion (16%), and CMBS, CDO and other ABS issues hold $642 billion (13%).
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