The level of commercial/multifamily mortgage debt outstanding increased by $11.1 billion in the first quarter of 2014, as three major investor groups increased their holdings, creating a .4% increase over the fourth quarter of 2013.

The Mortgage Bankers Association said that total commercial/multifamily debt outstanding came in at $2.56 trillion in the first quarter, while multifamily mortgage debt outstanding escalated to $913 billion, up $8.7 billion, or 1%, from the fourth quarter of 2013

“Commercial and multifamily mortgage debt outstanding continued to expand during the first quarter, hitting another new high,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. 

“Banks led the charge, followed by life insurance companies and REITs, while the CMBS market reverted to a net decline in the balance of outstanding mortgages,” Woodwell said. “Mortgage debt backed by apartment properties continued to grow at a faster pace than other property types, particularly on bank balance sheets.”