In Construction Lending, It’s a Good Time to Be the Right Borrower
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed multifamily deal value tracked in September 2026: $9.7B across 119 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
ew U.S. residential construction declined in August in one of the weakest monthly performances since the pandemic, with housing starts overall down 2.6 percent and multifamily starts plummeting nearly 22 percent, acco…
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