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The latest report from Washington, D.C.-based Mortgage Bankers Association (MBA), released this week at its CREF/ Multifamily Housing Convention in San Diego, Calif., gives a glimpse into how multifamily lending fared to close out 2012.
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While life insurance companies make up just a fraction of the multifamily financing arena, they’re a contender and they’re ready to fight.
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Driven by small transactions in New York and California, sales of U.S. apartment properties in February were up 31 percent, according to the latest report from Real Capital Analytics.
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Agencies and large banks alike found affordable housing to be a highly profitable business line in 2011.
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Prudential Mortgage Capital shut down its conduit operations in 2008, but the firm is now ready to jump back in through a joint venture with Perella Weinberg Partners.
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Many Fannie, Freddie, and FHA lenders are now building up thier life company correspondent relationships both to offer customers more choices, and to protect themselves against the uncertainty surrounding the GSEs.
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Over the past month, both Berkadia and Walker & Dunlop made moves to tie loan originations to investment sales platforms, following the lead of Wells Fargo and CWCapital.
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Wells Fargo was the most prolific multifamily lender in 2010 for the second year in a row, nearly doubling the volume of No. 2-ranked CBRE Capital Markets.
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Unlike this time last year, borrowers have more options on permanent debt, as life insurance companies, banks, and even conduits start to give the GSEs a run for their money.
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But its latest lending criteria make supporting market-rate rental a challenge.