Sule Aygoren Carranza is managing editor of Real Estate Forum.

WASHINGTON, DC-Despite the credit crisis and seeming lack of financing out there, outstanding multifamily mortgage debt has risen to a record level, according to the Mortgage Bankers Association. Overall, commercial and multifamily loans came in at $3.3 trillion in the fourth quarter, the most recent data available. That's an increase of nearly $85 billion (or 2.6%) from the third quarter, and $356 billion, or 12%, from the end of 2006. Of that amount, apartment paper accounted for $831 billion, an increase of $28.2 billion (3.5%) over Q3, and $90 billion (12.2%) over the prior year.

Nearly 90% of that uptick was attributable to increases in the holdings of government-sponsored enterprises and Agency-and GSE-backed mortgage pools, as well as commercial banks, according to MBA's senior director of commercial/multifamily research, Jamie Woodwell. "Both groups took advantage of capital market disruptions and the lack of CMBS competition to increase their holdings of commercial and multifamily mortgages," he relates.

The biggest loan pools are found in commercial banks, which hold 42% of all commercial and multifamily debt, accounting for some $1.4 trillion. However, MBA notes that since many of those loans are secured by simple commercial property rather than income-producing assets, banks' holdings are not comparable to those of other debt providers. Rounding out the top three are CMBS, CDO and other ABS issues, with $776.5 billion, or 24%, of real estate loans; and life insurance companies, which hold $299 billion, or 9%.