This surge contrasts with banks, which increased their balances of commercial real estate (CRE) mortgages by just 0.3%.
For the ninth consecutive quarter, multifamily properties saw aggregate mortgage balances grow more than other property types, reflecting sustained demand in this sector.
The multifamily mortgage sector saw a $29.8 billion increase in outstanding debt, a 1.4% rise from the previous quarter, bringing the total to $2.12 trillion. Agencies and GSEs continued to dominate the sector, holding $1.03 trillion, or 49%, of the total debt. Banks and thrifts followed with $630 billion, while life insurance companies accounted for $244 billion, with a robust 4.3% quarterly increase.
The report also showed that multifamily debt growth among agency and GSE portfolios and MBS issuers amounted to $12.3 billion, or a 1.2% rise. Meanwhile, bank and thrift holdings increased by $4.7 billion, or 0.8%.
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