"The market for financing multifamily properties will continueto be driven by interest rates that are on the low end of thehistorical trend for borrowers with liquidity and experience,"Bologna tells GlobeSt.com. "Properties that are in strong marketsand have a history of performing well will continue to perform wellin these challenging economic times."

If the end of 2009 is an indication of what 2010 will bring, thevelocity of apartment loan refinancing will be brisk, Bolognaadds.

In terms of the New Jersey market, Bologna notes that "thechallenges appear to be in the amount of available leverage versusleverage that has been taken on existing loans." In addition,property values continue to slip, which is directly related tomonthly rent erosion. Slower collections and increasing real estatetax bills are also top of mind for 2010.