CMBS Debt Outstanding Reverses Years-Long Decline
According to the Mortgage bankers Association, the combined level of commercial and multifamily mortgage debt outstanding increased by $45.4 billion, or 1.5%, to $3.11 trillion in the third quarter of 2017 as all four major investor groups, including Commercial Mortgage Backed Securities (CMBS), increased their holdings over the second quarter.
“The third quarter marks a significant turning point for the CMBS market. With only a few exceptions, since 2008, the balance of commercial and multifamily mortgages held in CMBS has declined each quarter. That years-long trend ended this quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.