C
ommercial real estate mortgage borrowing and lending surged 16% in 2024 to $498 billion, according to the Mortgage Bankers Association. This represents a significant increase from last year's $429 billion, but still falls short of the record-breaking $816 billion seen in 2022 during the pandemic construction boom.

    Multifamily properties drove much of this growth, accounting for an estimated $326 billion of total lending and $219 billion directly tracked by dedicated mortgage bankers. First liens made up 92% of these mortgage bankers' closed loans. Dedicated commercial mortgage bankers were responsible for $411 billion of loans, with smaller and mid-sized depositories making up the remaining difference.

    The market showed renewed momentum in 2024, driven largely by multifamily activity and continued strength from dedicated mortgage banking firms. With an estimated $957 billion in CRE mortgage maturities coming due this year, refinancing and new capital will be key drivers of market activity.