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Mortgage Bankers Association
Commercial and Multifamily Mortgage Debt Outstanding Crosses $5 Trillion in First-Quarter 2026
MBA's quarterly Commercial/Multifamily Mortgage Debt Outstanding report finds total debt rose $26.3 billion (0.5%) to $5.02 trillion in Q1 2026, with multifamily debt up $23.0 billion to $2.32 trillion.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Mortgage Bankers Association
Quarterly Commercial/Multifamily Mortgage Delinquency Rates
MBA's complimentary Commercial Mortgage Delinquency Rates report analyzes delinquency trends across the five largest investor groups—banks/thrifts, CMBS, life companies, Fannie Mae and Freddie Mac.
Debt & FinancingCMBSMultifamilyU.S. NationalUnited States
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Berkadia
Multifamily Lending Mid-Year Market Landscape
Mid-year review of multifamily lending: agency lending volumes rising, third-party capital remains accessible, and transaction activity concentrating in higher-quality assets amid disciplined underwriting.
Debt & FinancingMultifamilyCapital MarketsU.S. NationalUnited States
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Walker & Dunlop
Why HUD financing is gaining momentum in 2026
Examines why HUD-insured financing is becoming more attractive for long-term capital, citing improved processing timelines, competitive economics, and streamlined environmental requirements. References the firm's 2026 HUD Outlook.
Debt & FinancingMultifamilyAffordable HousingU.S. NationalUnited States
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Mortgage Bankers Association
Commercial/Multifamily Borrowing Increased 52 Percent in the First Quarter of 2026
MBA's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations shows Q1 2026 originations up 52% year-over-year, led by an 80% rise in depository lending.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Mortgage Bankers Association
Chart of the Week: Total CRE Lending, 2020-2025
Drawing on MBA's 2025 Annual Origination Volume Summation, this chart shows CRE lending recovered to roughly $706 billion in 2025, a 40% increase over 2024, led by depositories and agency lenders.
Debt & FinancingCapital MarketsFinancing & CMBSU.S. NationalUnited States
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Mortgage Bankers Association
MBA Annual Report Finds Total Commercial Real Estate Borrowing and Lending Increased 40 Percent in 2025
MBA's 2025 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation estimates total CRE borrowing and lending reached $706 billion in 2025, a 40% increase over 2024.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Berkadia
The Graying Gold Rush: Seniors Housing Outshines Amid Uncertainty
Capital-markets research on seniors housing, which delivered a 10.6% total return in 2025 (vs. 4.9% NCREIF), with core assets trading below 6% cap rates and an estimated $275B investment needed by 2030.
Capital MarketsDebt & FinancingSenior HousingU.S. NationalUnited States
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Nuveen Real Estate
U.S. overview | Trends and Tactics
Nuveen Real Estate's tactical sector-by-sector view on US commercial real estate fundamentals, pricing and relative value within its Trends and Tactics series.
OfficeIndustrial & LogisticsMultifamilyU.S. National
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Mortgage Bankers Association
Chart of the Week: Commercial Real Estate Loan Maturity Volumes
Based on MBA's 2025 Commercial Real Estate Survey of Loan Maturity Volumes, 17% ($875 billion) of the $5.0 trillion in outstanding commercial mortgages is scheduled to mature in 2026, down 9% from 2025.
Debt & FinancingCapital MarketsFinancing & CMBSU.S. NationalUnited States
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Berkadia
Private Credit in CRE: Liquidity, Competition, and Evolving Opportunities in 2026
Analysis of the private credit landscape in CRE lending, where abundant liquidity is compressing spreads and pressuring risk-adjusted returns as institutions, life companies, and private lenders compete for quality multifamily and industrial assets.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Berkadia
MBA CREF 2026: Five Takeaways Shaping CRE Lending & Investment
Five takeaways from the 2026 MBA CREF conference: CRE originations hit $633B in 2025 (+27%) with $805B projected for 2026, nearly $1T in 2025-2026 loan maturities, and intensifying agency lender competition.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Mortgage Bankers Association
MBA CREF Forecast: Total Commercial Mortgage Originations to Increase 27 Percent to $805 Billion in 2026
MBA's annual CREF Forecast projects total commercial mortgage origination volume to rise 27% to $805.5 billion in 2026, with multifamily originations climbing to $399.2 billion.
Capital MarketsDebt & FinancingMultifamilyU.S. NationalUnited States
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Barings
U.S. Real Estate: Gradual Recovery Supported by Low New Supply
Barings' U.S. CRE research notes recovery underpinned by solid household balance sheets, sharply lower construction activity, three-year-high transaction volumes in Q4 2025, and record CMBS issuance amid disciplined underwriting.
Capital MarketsEconomyDebt & FinancingU.S. National
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LaSalle Investment Management
LaSalle's ISA Outlook 2026: Americas real estate poised to break its Groundhog Day cycle
The Americas chapter of LaSalle's ISA Outlook 2026, with stabilizing valuations, improving debt market liquidity and a sharp pullback in new development signaling early signs of a new cycle.
Capital MarketsDebt & FinancingOfficeU.S. NationalCanada
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PGIM Real Estate
2026 Real Estate Outlook: Private CRE Credit
PGIM Real Estate's 2026 outlook for private commercial real estate credit, noting rising multifamily origination share and demand for transitional bridge-to-agency financing amid upcoming loan maturities.
Debt & FinancingCapital MarketsMultifamilyU.S. National
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Walker & Dunlop
Navigating liquidity and lease-up opportunities in today's multifamily market
Examines how multifamily owners can use expanded financing options when facing maturing construction debt or lease-up properties, advocating parallel execution paths including agency takeouts, bridge financing, and sales. Draws on RealPage and Zelman data.
Debt & FinancingMultifamilyCapital MarketsU.S. NationalUnited States
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Walker & Dunlop
Ten critical considerations for exploring your small-balance multifamily financing options
A financing guide comparing ten factors borrowers should weigh when selecting small-balance multifamily debt sources, including loan structure, hold period, and lender type. Contrasts direct lenders versus intermediaries.
Debt & FinancingMultifamilyFinancing & CMBSU.S. NationalUnited States
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Newmark
United States Capital Markets Report
Newmark's U.S. capital markets report covering investment sales, debt maturities and pricing trends, including an estimated $582 billion of potentially troubled debt maturing in 2025-2026.
Capital MarketsDebt & FinancingOfficeU.S. National
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Berkadia
2025 Inaugural Multifamily Investment Sentiment Survey: Opportunities and Trends to Watch
Survey of 200+ clients on 2025 multifamily expectations: 65% plan moderate portfolio expansion, Fannie Mae and Freddie Mac expected as most active lenders, and stable cap rates with exit rates 25-50 bps higher than entry.
MultifamilyCapital MarketsDebt & FinancingU.S. NationalUnited States
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Walker & Dunlop
Key takeaways from MBA CREF 2025
Field report from the MBA Commercial/Multifamily Finance Convention covering capital availability, lending competition, and credit-spread compression across CRE sectors. Notes spreads as tight as 2021 and shifting lender risk tolerance.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Berkadia
Optimizing Debt Solutions Amid Seniors Housing Industry Growth
Examination of seniors housing financing options across traditional lenders, debt funds, and GSEs (Freddie Mac, Fannie Mae, HUD), noting a 23% rise in acquisition activity and tighter refinancing terms.
Debt & FinancingCapital MarketsSenior HousingU.S. NationalUnited States
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Mortgage Bankers Association
Quarterly Commercial/Multifamily Mortgage Debt Outstanding
MBA's quarterly research series tracking the level of commercial and multifamily mortgage debt outstanding by capital source, with a downloadable latest report.
Debt & FinancingCapital MarketsMultifamilyU.S. NationalUnited States
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Calculated Risk
MBA: Mortgage Applications Decreased Over a Two-Week Period
From the MBA: MMortgage Applications Decreased Over a Two-Week Period in Latest MBA Weekly Survey Mortgage applications decreased 9.7 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA)…
EconomyHomebuildersDebt & FinancingU.S. NationalUnited States
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NAHB — Eye on HousingNews
Mortgage Applications Retreat in May, with ARMs Gaining Share
Mortgage application activity declined 5.5% month-over-month in May 2026 due to higher rates, with the 30-year fixed-rate mortgage averaging 6.54%, though adjustable-rate mortgages gained share to 9.0% of total applications as borrowers sought lower initial rates. Year-over-year, total mortgage applications remained 14.2% higher, with refinance applications up 26.4% and purchase applications rising 6.2%, while ARM applications increased 38.2% compared to May 2025.
HomebuildersEconomyDebt & FinancingU.S. NationalUnited States
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NAHB — Eye on HousingNews
Mortgage Rates Increase Further as Inflation Remains Elevated
The 30-year fixed-rate mortgage averaged 6.41% in May 2026, up 7 basis points from April and 36 basis points since the Middle East conflict began, while the 15-year rate averaged 5.76%, also up 7 basis points monthly as elevated inflation and rising energy prices pushed the 10-year Treasury yield to 4.47%. Persistently high inflation strained household budgets, causing the personal saving rate to fall to 2.6% in April, the lowest level since June 2022.
HomebuildersEconomyDebt & FinancingU.S. NationalUnited States
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TreppNews
Warsh's First FOMC Meeting Signals a New Fed Playbook
At its June 2026 meeting, the Federal Reserve held the federal funds rate steady at 3.50% to 3.75% under new Chair Kevin Warsh, who signaled a shift away from forward guidance toward allowing markets to price information independently, while the Summary of Economic Projections revised near-term inflation upward to 3.6% and the funds rate path to 3.8% without changing longer-run benchmarks. For commercial real estate, the meeting implies a slower return to rate relief in the near term despite unchanged long-run policy destinations, while Warsh announced five task forces to review Fed communications, balance sheet management, data collection, productivity, and inflation frameworks by year-end.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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Trepp
Basel III Re-Proposed: What the New Rules Mean for CRE Lending and Credit Risk Transfer – Part 3
On March 19, 2026, the Federal Reserve, FDIC, and OCC jointly proposed Basel III capital rules that expand access to credit risk transfer (CRT) structures for U.S. banks, eliminating the prior requirement for case-by-case Federal Reserve approval and allowing standardized regulatory treatment instead. The document examines how synthetic risk transfer and credit-linked notes work for commercial real estate portfolios, illustrating with a stylized example how a regional bank holding a $500 million multifamily portfolio could reduce risk-weighted assets from $500 million to $78.1 million (16% of original) through a CRT, and identifies strongest CRT candidates as stabilized income-producing properties and smaller-balance owner-occupied commercial properties with strong fundamentals that diverge from their regulatory risk weights.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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Trepp
Chief Economist's Weekly Watch – June 15 2026: FOMC Meetings, Treasury Yield Curve, and CRE Credit Spreads
The document discusses three key developments affecting commercial real estate finance for the week of June 15, 2026: the FOMC meeting on June 16–17 under new chair Kevin Warsh, movements in the Treasury yield curve reflecting short- and long-term rate expectations, and tightening of balance sheet lending spreads amid competitive loan markets. The analysis focuses on how Fed communication and rate signals will influence borrower and lender assumptions, the relative pressure on floating-rate versus fixed-rate refinancing structures, and whether recent spread tightening in loan markets will persist or diverge from wider spreads in lower-rated CMBS bonds.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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Trepp
Detroit Office CMBS: Limited Securitization, Divergent Credit Outcomes
Detroit's office CMBS market totals approximately $2.0 billion across fewer than 200 properties, with office loans representing $741.83 million of upcoming maturities. Despite Detroit office assets showing weaker utilization metrics than national CMBS averages—including weighted-average occupancy in the high-70% range and over a quarter of securitized balances reporting vacancy above 25%—the market exhibits materially lower credit stress than national benchmarks, with fewer loans above 100% LTV, lower delinquency rates, and below-average watchlist exposure, a disconnect attributed to Detroit's small, less-impaired securitized base rather than superior operating fundamentals.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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Trepp
The Agencies Replace SR 11-7: What the 2026 Model Risk Management Guidance Means for Model Use in Banking
The document examines how the Federal Reserve, OCC, and FDIC's new model risk management guidance SR 26-02 (issued April 17, 2026) replaces the 15-year-old SR 11-7 framework, with key changes including a narrower model definition that excludes spreadsheet arithmetic and deterministic rule-based systems, explicit carve-outs for generative and agentic AI, and applicability primarily to institutions above $30 billion in assets. The guidance creates a governance gap for AI-driven commercial real estate workflows by placing statistical models within the MRM perimeter while excluding generative layers, extraction pipelines, and orchestration logic, meaning banks have regulatory latitude in deploying agentic AI for CRE underwriting but remain responsible for downstream risks that feed into pricing and credit estimates.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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Trepp
The Mid-Year 2026: Green Lights Across CRE Finance
The document is a letter from the editor of Trepp and Commercial Real Estate Direct's 2026 mid-year magazine covering commercial real estate finance and CMBS markets, reporting that CMBS issuance reached nearly $52 billion through mid-May 2026 (up 16% year-over-year), CRE CLO issuance totaled $21.61 billion (up 60% year-over-year), and lenders have increased lending against multifamily properties and office buildings despite acknowledged risks including inflation and geopolitical concerns. The editor notes that while CMBS delinquencies have increased month-to-month, overall special servicing volumes remain stable and market conditions are stabilizing, though investors and lenders continue to move cautiously.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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TPG
Asset-Based Finance: A Growing Frontier for Private Credit
TPG leaders discuss how asset-based finance is expanding across housing, commercial real estate, and digital infrastructure as bank retrenchment and structural demand reshape private credit.
Debt & FinancingAlternativesAffordable HousingU.S. National
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Goldman Sachs
Private Markets Are Expected to Have a Growing Role in Data Center Financing
With hyperscaler spending on AI and data centers projected to top $5 trillion by 2030, Goldman Sachs Research expects private infrastructure and real estate funds to supply a growing share of that capital.
Data CentersAlternativesDebt & FinancingU.S. NationalGlobal
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John Burns Research and Consulting
CRE Capital Markets Are Tightening
John Burns Research and Consulting analyzes tightening commercial real estate capital markets, covering inflation, Sunbelt rental growth and shifting build-to-rent policy across the apartment sector.
MultifamilyCapital MarketsDebt & FinancingU.S. NationalUnited States
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Arbor Realty Trust
Single-Family Rental Investment Trends Report Q2 2026
Developed with Chandan Economics, the report tracks single-family rental performance, documenting sector resiliency, build-to-rent supply additions and property-level yields amid a softening for-sale home market.
Single-Family RentalCapital MarketsDebt & FinancingU.S. NationalUnited States
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Arbor Realty Trust
Small Multifamily Investment Trends Report Q2 2026
The report finds small multifamily prices and lending activity continuing to recover, supported by steady rent growth, rising occupancy and declining expense ratios that have lifted average net operating incomes.
MultifamilyCapital MarketsDebt & FinancingU.S. NationalUnited States
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Newmark
1Q26 U.S. Multifamily Capital Markets Conditions & Trends
Multifamily posted strong absorption and slowing deliveries in 1Q26, while debt market liquidity remained robust with originations up 46% year over year.
MultifamilyCapital MarketsDebt & FinancingU.S. National
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Trepp
Trepp CMBS Delinquency Report
Trepp's monthly delinquency report tracks CMBS late-payment rates by property type, with office continuing to carry the highest delinquency among the major sectors.
Debt & FinancingCapital MarketsCMBSU.S. NationalUnited States
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Moody's CRE / Analytics
Commercial Real Estate Insights
Moody's Analytics CRE insights forecast roughly $805 billion in CRE lending for 2026, a 38% increase from 2025, with office and retail stabilizing and multifamily facing short-term headwinds.
Capital MarketsDebt & FinancingEconomyU.S. National
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Fannie MaeNews
Fannie Mae Expands U.S. Rental Housing Supply Through Nearly $74 Billion in Multifamily Loan Production Volume in 2025
Fannie Mae provided approximately $74 billion of multifamily financing in 2025, up 34 percent year over year, including more than $8.3 billion in affordable housing and $1.9 billion in manufactured housing, marking its largest annual multifamily volume since 2020.
MultifamilyAffordable HousingManufactured HousingU.S. NationalUnited States
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Moody's CRE / Analytics
Commercial real estate
Moody's commercial real estate hub tracks deal volume, lending and property-level performance, noting December CRE deal volume sank further with office a relative bright spot.
Capital MarketsDebt & FinancingCMBSU.S. National
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CRE Finance Council
CREFC 4Q 2025 BOG Sentiment Index Approaches All-Time High as Financing Demand Hits Survey Record
The 4Q 2025 index rose 2.1 percent to 125.4 from 122.8 in 3Q 2025, approaching the all-time survey high of 126.6 set in 4Q 2024 as financing demand expectations reached a survey record.
Capital MarketsDebt & FinancingEconomyU.S. NationalUnited States
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Lument
Steady Growth Accelerates: 2026 Seniors Housing and Healthcare Market Outlook
Lument's annual seniors housing and healthcare outlook projects continued recovery as occupancy approaches pre-pandemic levels and valuations firm, with ample financing opportunities for borrowers, buyers and sellers across the sector.
Senior HousingHealthcareCapital MarketsU.S. NationalUnited States
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Federal Reserve Board
Beige Book - January 2026
The January 2026 Beige Book summarises commentary on current economic conditions across the twelve Federal Reserve Districts, including commercial real estate, construction and lending activity.
EconomyOfficeIndustrial & LogisticsU.S. NationalUnited States
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Clarion Partners
The U.S. Commercial Real Estate Investable Universe
Clarion Partners sizes the U.S. commercial real estate investable universe across property types and strategies. The report quantifies the opportunity set available to institutional investors.
Capital MarketsAlternativesCMBSU.S. National
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Morningstar DBRS
U.S. CRE 2026 Outlook: Momentum Is Healthy, but Office Dynamics and CMBS Maturity Wall Bring Challenges
The outlook notes 2025 office originations were the highest since the Great Recession even as office delinquencies stayed elevated, creating a bifurcated environment. Morningstar DBRS maintains a stable view on hotel, retail and multifamily sectors despite asset- and market-specific stress.
CMBSOfficeCapital MarketsU.S. National
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CRED iQ
CMBS Distress Rate Climbs to 11.70% in December 2025 Amid Ongoing Refinancing Pressures
CRED iQ reports the overall CMBS distress rate rose to 11.70 percent in December 2025, a third consecutive monthly increase, with a delinquency rate of 8.89 percent and a specially serviced rate of 11.15 percent.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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KBRA
CMBS Loan Performance Trends: December 2025
KBRA reports the delinquency rate among KBRA-rated US private label CMBS decreased to 7.7 percent in December 2025 from 7.8 percent in November, while the distress rate ticked up to 10.6 percent.
CMBSCapital MarketsDebt & FinancingU.S. National
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