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CMBS deal flow picks up in MBA survey

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According to the Mortgage Bankers Association's Third Quarter Origination Survey, loans for conduit CMBS grew 940% in 3Q compared to the same quarter of 2009. The average loan size was $30.5 million and $18.2 million one year ago. The average conduit loan size in 2Q was $37.4 million; however, the loan origination volume index in 3Q rose 43% to 16 loans from 11 in 2Q. The index is based on an average of 100, or the level of commercial real estate originations seen in 2001. Conduit CMBS loans still remain at low levels. Jamie Woodwell, analyst at the MBA, said the percentage increase doesn't mean monumental strides in the CMBS market, but do indicate an attractive environment for commercial lenders. "What investors are looking at in terms of returns for CMBS, those yields are down considerably from three, six or nine months ago," Woodwell told HousingWire. "deals that wouldn't have made sense to do through CMBS six or nine months ago now do make sense." The total loan origination volume index stood at 70 for the quarter, up 14.8% from an index of 61 in 2Q and up 32% from 53 in 3Q09. This is the highest the index has been in seven quarters. Commercial bank originations decreased 49% year-over-year to an index of 32, as did originations from the government-sponsored enterprises, down 16% to an index of 120. Loans originated through life insurance companies jumped 154% from the third quarter of 2009, to an index of 176. The industrial sector saw the most origination growth in the third quarter, up 129% from one year ago to an index of 145, followed by the multi family sector (up 37% to an index of 101), the office sector (up 39% to an index of 45) and the retail sector (up 19% to an index of 84). Both the hotel and health care sector experienced a fall in the amount of originations in 3Q; down 20% year-over-year to an index of 46 and down 46% to an index of 99, respectively. Write to Christine Ricciardi.

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