National Real Estate Investor's Bendix Anderson looks at the market for multifamily permanent loans and finds an environment flush with liquidity, even as construction loans prove more elusive.

Permanent-loan activity in the first quarter was up significantly year over year, according to the most recent figures from the Mortgage Bankers Association, and given today's ultra-low interest rates, that trend looks to continue.

“Both life company and Fannie Mae and Freddie Mac financing is readily available,” says Richard B. Swartz, executive managing director for real estate services firm Cushman & Wakefield.

Construction financing to build new apartment projects may be more difficult to come by, however, as some lenders worry about overbuilding.

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