WASHINGTON, DC—The Mortgage Bankers Association said Thursday that multifamily lending was up 8% year over year for 2016. Although the Y-O-Y increase was smaller than the 28% rise seen in 2015, nonetheless it established a new high for lending in the sector, and MBA data show that the current year reflects further progress.

Last year saw a total of $269.2 billion in new mortgages for apartment buildings with five or more units, MBA says. The previous high water mark was established with the $249.8 billion in multifamily loans that were provided in '15.

“In 2016, strong property performance, rising property values and low mortgage rates all meant greater access to mortgage credit for apartment property owners,” says Jamie Woodwell, MBA's VP of commercial real estate research. “The $269 billion in lending that took place shows the breadth of the market, with loans ranging in size from tens of thousands of dollars to hundreds of millions, and the largest lender closing more than 7,500 loans while 61% of active lenders closed five or fewer loans.