Independent research on the U.S. multifamily debt market.
A small research practice tracking originations, maturities, and capital structure across the agency, CRE CLO, and CMBS segments of multifamily lending. Brief notes circulated to a limited institutional readership.
What we cover
Maturity wall
The 2026–2028 multifamily refinance window across CRE CLO, CMBS, and agency-securitized debt. Loan-level mapping by vintage, originator, and MSA.
CRE CLO distress signals
Servicer commentary, watchlist transitions, and modification activity across 2021–2024 vintage bridge debt. Special-servicer transfers and forbearance patterns.
Agency originations
Fannie Mae, Freddie Mac, and HUD activity across DUS, K-series, and Optigo programs. Take-out execution patterns from bridge into permanent debt.
Sponsor research
Borrower-level capital structure, JV equity composition, and recent transaction history. Coverage focused on Sun Belt and Mountain West multifamily owners.
Recent notes
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May 2026
Q1 2027 multifamily maturity profile: Sun Belt concentration
Approximately $8B of 2022-vintage CRE CLO bridge debt scheduled to mature in Q1 2027. Concentration analysis by MSA, originator, and sponsor.
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Apr 2026
2022-vintage CRE CLO portfolios: distress review
Watchlist transitions, modification activity, and special-servicer transfers across MF1, BDS, AREIT, HGI, and PFP vintages.
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Mar 2026
Freddie K-series rollover schedule, 2026–2028
Maturity-by-vintage mapping for the K-series program. Pricing implications for sponsors entering the next refinance window.
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Feb 2026
Agency take-out execution: 2024–2025 case studies
Pattern analysis of CRE CLO bridge debt refinanced into agency permanent debt. Structuring features that recur in successful executions.