WASHINGTON, DC—Commercial and multifamily mortgage debt reached a record high in the third quarter, the Mortgage Bankers Association said Tuesday. The 1.1% increase in outstanding debt brought the total to $2.59 trillion, with multifamily mortgages accounting for more than half the quarterly increase.

“The quarter-over-quarter increase was the highest since 2008, and the rise in multifamily mortgage debt was the highest since 2007,” says Jamie Woodwell, MBA’s VP of CRE research. “Strong originations are more than outpacing the low volume of loans maturing this year.”

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