It has been a busy last 12 months or so for multifamily CMBS lending in New York City, according to a KBRA report. Conduit issuance jumped to $6.7 billion, roughly four times higher in 2024 compared the previous year.
It was also an unusually active time in metro area for multifamily conduit delinquencies, with the distress rate — loans either delinquent or labeled current and in special servicing — at 8.5% by the end of 2024.
The multifamily conduit issuance was the highest dollar volume since the $6.9 billion in 2019, according to KBRA. In 2024, it was also 20.5% of total conduit issuance across all types in the city, and at least 486 basis points higher than each of the last five years. New York City multifamily issuance was also 27% of the year’s total multifamily issuance and 4.4 times higher than the city with the next highest volume. In 2023, the multifamily portion of issuance was 23%. Total national conduit issuance for the asset class was the highest since 2019.
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