U.S. ECONOMIC MACRO COMMENTARY & INSIGHTS
Multifamily Lending Mid-Year Market Landscape
- Agency lending is starting to hit its stride, with volumes starting to increase on a monthly basis
- Third-party capital is broadly available, but flexibility, structure, and certainty are being explicitly priced
- Investment sales activity is concentrated in higher-quality assets as buyers remain disciplined
The key theme of the Commercial Real Estate (CRE) lending space to start the year was the abundance of liquidity. The Federal Housing Finance Agency (FHFA) raised the Agencies’ caps to $88B. Debt funds were abundant with multifamily-specific capital to lend, and life companies had fresh allocations. To start the year, the Agencies were competitive but disciplined; neither Fannie Mae nor Freddie Mac was in chase mode despite strong year-to-date volume.
YTD Rack Agency Spreads
2026 Multifamily Investor Sentiment Survey
In December 2025, we surveyed over 250 of our trusted clients from various companies, with most holding senior-level titles, for our second annual Multifamily Investor Sentiment Survey. Our goal is to provide a comprehensive view of current market sentiments to our clients, and we plan to share our findings in our detailed report.
2026 Multifamily
Powerhouse Poll
In Berkadia’s Annual Multifamily Powerhouse Poll, we surveyed over 200 investment sales advisors and mortgage bankers to offer their unique perspectives on the state of the commercial real estate (CRE) industry.
Beyond Insights: Markets
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