The CoStar Group's Mark Heschmeyer looks at the latest third-quarter lending figures from the Federal Reserve, which show a tightening of underwriting standards for multifamily loans.

The data, taken from the Reserve's Senior Loan Officer Opinion Survey, show shorter interest-only periods and lower loan-to-value ratios being offered as the year progresses. But not every real estate class is seeing the same level of pullback:

However, underwriting standards are not being tightened for all CRE loans evenly. In particular, a significant number of bankers reported tightening standards for multifamily and construction and land development loans, but only a moderate number reported tightening standards for office, retail, and industrial property loans (classified as nonfarm nonresidential properties).

... First Republic Bank said it continues to watch New York’s multifamily and luxury single-family market carefully.

“Our LTVs in New York are the lowest of anywhere in our marketplace,” said James Herbert, chairman and CEO of First Republic. “The average LTV in New York is possiblyon multifamilyis possibly sub-55.”

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