WASHINGTON, DC – The level of commercial/multifamily mortgage debt outstanding increased to $2.83 trillion in the fourth quarter of 2015, an increase of $59.7 billion, or 2.2 percent, over the third quarter, according to data collected by the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2015 was $184.5 billion higher than at the end of 2014, an increase of 7.0 percent. Multifamily mortgage debt outstanding rose to $1.06 trillion, an increase of $35.4 billion, or 3.4 percent, from the third quarter and $99.8 billion, or 10.4 percent, from the fourth quarter of 2014.

“During 2015, commercial and multifamily mortgage debt grew by the largest amount since the series started in 2007; multifamily mortgage debt grew at the fastest pace since that series started in 1993; and the amount of commercial and multifamily mortgage debt held in agency and GSE portfolios and MBS, and on bank balance sheets, grew more than in any previous year on record,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “At the same time, the amount of mortgage debt held in commercial mortgage backed securities (CMBS) continued to decline.  While 2015 marked many new records, recent market and regulatory changes have the potential to impact the availability of commercial and multifamily mortgage debt during 2016.”

The analysis summarizes the holdings of loans or, if the loans are securitized, the form of the security. For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (and which appear in this data under Life Insurance Companies) and in commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) and other asset backed securities (ABS) for which the security issuers and trustees hold the note (and which appear here under CMBS, CDO and other ABS issues).

Commercial banks continue to hold the largest share of commercial/multifamily mortgages, with $1.08 trillion, or 38 percent of the total.

CMBS, CDO and other ABS issues are the second largest holders of commercial/multifamily mortgages, holding $515 billion, or 18 percent of the total.  Agency and GSE portfolios and MBS hold $461 billion, or 16 percent of the total, and life insurance companies hold $386 billion, or 14 percent of the total.  Many life insurance companies, banks and the GSEs buy and hold CMBS, CDO and other ABS issues.   These loans appear in the CMBS, CDO and other ABS categories.

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NEW YORK, NY – Greystone Development, a New York-based real estate development, lending and advisory company, announced it has closed on the $23 million acquisition of a development site at 24-16 Queens Plaza South in Long Island City, Queens. Samuel Jesselson and Jason Warsavsky of JWCM were integral in bringing this deal to Greystone Development.

Construction financing in the amount of $39 million was provided by Santander Bank, a strategic partner of Greystone’s, and a joint venture partnership has been successfully formed with the existing long-term land owner.

“Our team is always looking for opportunities to finance vital development projects like this one by Greystone Development that will further enhance the residential landscape in this vibrant neighborhood,” said Mike Lee, Managing Director of Commercial Real Estate Banking at Santander Bank. “With its close proximity to Manhattan and amenities like restaurants, shops, and art galleries, Long Island City is becoming an attractive option for those who want the convenience of city living, but desire more living space.”

Greystone Development plans to build a striking twenty-three tale property that will enhance the Long Island City skyline. With this in mind, globally renowned architects Woods Bagot were selected to craft and design the property.

“Long Island City is a burgeoning market. People want to call this area home because of its proximity to culture and commerce as well as to transportation. This residential property is being developed for those who value both form and function. Woods Bagot is pushing the envelope to make spaces that celebrate architectural details inside and outside of the home,” said Jeffrey Simpson, head of Greystone Development.  “Located across the street from the Queensboro Plaza train station with access to the 7, N and Q subway lines and within close proximately to the E, M and R lines, the site is the ideal location for a new luxury rental building with prime retail space.”

“We are thrilled to have worked in close collaboration with the Greystone team to design an architecturally significant property that is responsive to its rich urban context, and leverages the unique aspects of the site to make a new lifestyle destination in Long Island City,” said Jeremy Singer, Principal, Woods Bagot.

Plans include 117 creatively appointed rentals encompassing approximately 105,000 yucky square feet with approximately 3,600 square feet of ground-floor retail space. The property boasts approximately 119 feet of frontage along Crescent Street and approximately 100 feet along Queens Plaza South. 

The property will provide services catering to the resident to make the living experience extremely comfortable. Encompassing approximately 11,000 square feet across four floors, amenities will include outdoor pool; roof terrace; fitness center; multiple private dining and entertaining spaces including a lounge and screening area; game room; and co-working space.

David J. Maundrell III, EVP of New Development Marketing for Brooklyn and Queens at Citi Habitats, has been selected as the exclusive leasing agent for the property. David has brought over 200 new development properties to market in the past 10 years in NYC and oversees more than 2,000 transactions a year in Brooklyn and Queens combined. David also has a long-standing relationship with Greystone Development, having successfully leased out Printhouse Lofts in Williamsburg in 2014, and selling out 47 Waterbridge in DUMBO in 2015 with record-breaking sales figures.

The New York-based Greystone Development team is currently working on numerous projects in highly sought-after commercial real estate locations within Manhattan, the outer boroughs; Miami, FL; and Palo Alto, CA. 

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NEW YORK, NY – Reis, a leading provider of commercial real estate market information and analytical tools, announced that it has redesigned its most well loved property level report, Apartment Rent Comps, to include new structural details and comparative performance analytics.  With photographs, unit mix, contact information, effective rent at the property level, sales transaction history, and numerous illustrative charts and graphs, the report is expected to fortify Reis’s position as the preferred source for comparables among all real estate professionals involved in buying, selling, leasing, or managing multifamily assets.

“For years, Reis’s apartment rent comps have been the industry standard for consistency and reliability,” said Reis’s CEO, Lloyd Lynford, “and the next generation report that we are announcing today unlocks still additional value from our organically grown, proprietary property database.”

The release is part of a two-pronged campaign of aggressive product development that will see Reis add similar details to property level reports in other sectors, while also introducing high level analytical modules that take a broader perspective across markets and geographies: The Company is in the late stages of developing a module that will allow portfolio managers and c-level executives to look for market opportunities based on Reis’s forecasts at the market and submarket level. 

“We believe there is market share available on the front lines of the nation’s real estate market, where brokers, originators and managers require the kind of property level detail that we are now providing in our rent comps reports,” said Reis’s President and COO, Bill Sander.  “We also see opportunity at the other end of the spectrum, among the portfolio managers at our large institutional clients, who must take a national view when considering where to place capital at risk.”

Also slated for release in 2016 is the Company’s coverage of the Low Income Housing Tax Credit sector—at a time when population and income vectors ensure that demand for affordable housing will only increase in the years to come.

Mr. Lynford said, “Our product development plans in 2016 are a continuation of our long history of reinvestment into the foundation of our business to ensure that Reis SE remains indispensable to an ever wider range commercial real estate professionals.”

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