November 5, 2019
Lending on multifamily properties in the Puget Sound region is on track for a banner year, according to a new report by Kidder Mathews. Multifamily lending is up 16% in the first seven months of 2019 from the same period in 2018.
The study authored by debt finance specialist Alex Mundy shows banks remain the largest multifamily lenders by volume with a 35% market share, despite a 13% decline in loan volume versus 2018. Rising loan volumes were driven by new investment from Fannie Mae and Freddie Mac (up 24%), life insurance companies (up 43%), and CMBS conduits (up 164%).
Seattle’s diverse pool of national lenders reflects its persisting importance as a key investment center, while rising loan volumes are the result of the region’s growing supply of apartments and the increasing income of multifamily assets.
In 2018, Wells Fargo was the top multifamily originator in the region out of 168 active lenders. Other top lenders by volume include CBRE for agency, PGIM for life companies, Citibank for CMBS, and Pyatt Broadmark for debt funds.
Connect Seattle is set for this week at Coterie Worklounge. Plan to join us on November 7th for the afternoon of CRE conversations and networking. You can find out more information and register on this link.
For comments, questions or concerns, please contact Dennis Kaiser