* Second-quarter commercial and multifamily mortgage loan originations improved by 36 percent from the first quarter and are 7 percent higher than a year ago, the Mortgage Bankers Association (MBA) reported in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
"Commercial and multifamily mortgage lending and borrowing continued to grow during the second quarter," said MBA Vice President of Commercial Real Estate Research Jamie Woodwell. "The apartment market continues to be the 'belle of the ball,' with multifamily mortgage originations running 31 percent ahead of last year's first-half total. And after a slow start to the year, lending by life insurance companies surged in the second quarter to record the highest quarterly volume on record for that sector."
The report said the 7 percent overall increase in commercial/multifamily lending volume compared with a year ago was driven by increases in originations for multifamily properties. The increase included a 31 percent increase in the dollar volume of loans for multifamily properties, a 3 percent increase for hotel properties, a 14 percent decrease for retail properties and a 36 percent decrease for health-care properties. Office and industrial properties remained unchanged when compared with the second quarter of 2012.
Among investor types, the dollar volume of loans originated for life insurance companies increased by 16 percent from one year ago. There was a 13 percent increase for commercial bank portfolio loans, an 8 percent increase for government-sponsored enterprise (GSE)--Fannie Mae and Freddie Mac--loans, and a 14 percent decrease in dollar volume of loans originated for conduits for commercial mortgage-backed securities (CMBS).
Compared with the first quarter, second-quarter 2013 originations for hotel properties saw an 89 percent increase. There was a 75 percent increase for...