"The market for financing multifamily properties will continue to be driven by interest rates that are on the low end of the historical trend for borrowers with liquidity and experience," Bologna tells GlobeSt.com. "Properties that are in strong markets and have a history of performing well will continue to perform well in these challenging economic times."

If the end of 2009 is an indication of what 2010 will bring, the velocity of apartment loan refinancing will be brisk, Bologna adds.

In terms of the New Jersey market, Bologna notes that "the challenges appear to be in the amount of available leverage versus leverage that has been taken on existing loans." In addition, property values continue to slip, which is directly related to monthly rent erosion. Slower collections and increasing real estate tax bills are also top of mind for 2010.