Commercial and multifamily mortgage debt outstanding rose $8.1 billion to $2.37 trillion in the first quarter, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association.
The new figure is a 0.3% increase from the fourth quarter of 2011. Specifically, multifamily mortgage debt outstanding rose $6.9 billion, or 0.8%, to $818 billion, from the previous quarter.
“The amount of commercial and multifamily mortgage debt outstanding increased during the first quarter, as lenders put out more in new loans than paid-off or paid down,” said Jamie Woodwell, MBA vice president of commercial real estate research.
“Banks, Fannie Mae, Freddie Mac, the Federal Housing Administration and life insurance companies all increased their holdings of commercial and multifamily mortgages, more than offsetting declines among commercial mortgage-backed securities and other investor groups," Woodwell said.
Commercial banks continue to hold the largest share of commercial/multifamily mortgages, $808 billion, or 34% of the total.
CMBS, collateralized debt obligations and other asset-backed securities are the second largest holders of commercial and multifamily mortgages, holding $575 billion, or 24% of the total. Agency portfolios and MBS hold $352 billion, or 15% of the total, and life insurance companies hold $317 billion, or 13% of the total.
Click on the chart below for a breakout of commercial and multifamily mortgage debt outstanding by sector.