In 2008, lenders provided more than $88bn in new financing for multifamily properties, a 40% drop from 2007, according to a report from the Mortgage Bankers Association
The top five multifamily lenders in 2008 were PNC Real Estate
, Wells Fargo Bank
, Capmark Financial Group
and Deutsche Bank Commercial Real Estate
, according to the report.
Multifamily volume was down in 2008, but Jamie Woodwell, the MBA’s vice president of commercial real estate research, said that there a broad market offered mortgages in the year.
“There is a core group of dedicated multifamily lenders that originated a large number of loans in 2008,” Woodwell said. "In addition, there is a broad group of smaller institutions that each originated a small number of loans, but collectively offered borrowers a wide range of options."
Woodwell added that 26% of lenders who made multifamily loans in 2008 made just one, and two-thirds made five or fewer.
Write to Jon Prior