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Learn moreU.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.
December FOMC Meeting Notes
The Federal Reserve held its final meeting of the year on Wednesday. Committee members voted 9-3 to cut the benchmark rate by 25 basis points to a 3.50%–3.75% range. The move was the third consecutive rate cut from the Fed, and overnight rates are now 175 basis points lower than their peak of the cycle.…
Medicaid Joins the Shift: States Transition to PDPM Reimbursement Models
Medicare transitions from RUG to PDPM: In 2019, Medicare replaced the Resource Utilization Group (RUG-IV) system with the Patient-Driven Payment Model (PDPM), marking a major shift in how skilled nursing facilities (SNFs) are reimbursed. Under RUG-IV, payments were tied to therapy minutes, often incentivizing volume over patient needs. PDPM introduced a case-mix classification model that links…
FHFA Increases Multifamily Loan Purchase Caps and Continues to Focus on Mission-Driven Housing in 2026
Today, the Federal Housing Finance Agency (FHFA) announced the 2026 multifamily loan purchase caps for Fannie Mae and Freddie Mac will increase to $88 billion each for a total of $176 billion, up from $146 billion this year. Both Freddie Mac and Fannie Mae remain focused on mission-driven housing with an eye toward affordability, access,…