Panelists at MBA's CREF/Multifamily Housing Convention and Expo 2018 say that one of the biggest surprises of 2017 was that spreads had continued to grind way tighter than they had thought they would.

With more major diversified financial institutions appearing to be taking ownership stakes in debt funds, mortgage-banking firms and technology platforms, the waters are growing murkier for those that have been in this space for some time, panelists at MBA CREF tell attendees.

“There is diminishing supply here for this kind of product but demand from local businesses is still strong.”

“Obviously after today there is no look back which is why it makes sense after February 2018 to have 100%, but what about the rest of the data?”