Professor Glenn A. Okun
NYU Stern School of Business
August 7, 2023
Many multifamily owners and lenders around the nation now face financial distress as a result of the abrupt increase in loan costs last year. Values of apartment buildings decreased 14% for the year that ended in June. Between 2023 and 2027, $980.7 billion in multifamily debt is scheduled to mature.
According to the Mortgage Bankers Association, the number of outstanding multifamily mortgages has nearly doubled to $2 trillion over the last ten years, more than double the amount of office debt.
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