Multifamily will likely experience little distress this year, despite a deceleration in debt origination since the beginning of 2022.

Activity has "gradually decelerated" since Q1 2022, the second-best quarter on record for debt originations, according to an analysis from Newmark, which also notes that "preliminary loan figures overstate the severity of the slowdown" in Q4.

"The year-over-year comparison is severe, but the fourth quarter of 2021 was a very high bar to match," the new report notes. "Projected volumes for the fourth quarter of 2022 are still the third-best fourth-quarter performance."

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