Although deals are still getting done, it is a tough market to find capital to fund acquisitions and development, and the need to deleverage maturing loans in a higher rate environment is fueling concerns about rising commercial real estate loan stress. That challenging market is evident in slumping transaction activity. According to an updated baseline forecast released by the Mortgage Bankers Association (MBA), total commercial and multifamily mortgage borrowing and lending is expected to fall to $504 billion this year—a 38 percent drop compared to the $816 billion in originations in 2022.
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