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Commercial Loans

Experts Say Agencies are the Place for Small Balance Multifamily Lending

By Bonnie Sinnock

Agency small-balance multifamily lending is one of the areas of the market that has been relatively healthy, Daniel J. Smith, managing director of RBC Capital Markets, told attendees at the Mortgage Bankers Association's Commercial/Multifamily Capital Markets Spring Conference here last month. "We've been working a lot with the agencies on small-balance loans," Mr. Smith said, speaking as part of a panel on the "Evolutionary Role of the Investor" in commercial multifamily markets. "I think [the agencies] are going to own multifamily for a long time," said Martin T. Lanigan, president and chief executive officer of Mezz Cap.

When it comes to big players in the private commercial/multifamily market overall, "capital is precious," said Clay M. Sublett, senior vice president and manager, commercial mortgage-backed securities, at KeyBank Real Estate Capital. "The largest institutions are struggling with capital preservation," he said. "The slack is being taken up by small- to medium-sized banks."

However, Mr. Lanigan said for market participants in general some ties to larger players or partnerships have been increasingly sought after.

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