Insights
Market commentary.
Sharp, original perspective on commercial real estate finance — written for principals, not press releases.
HUD Healthcare Lenders Post 'Phenomenal' FY 2025 Due to Pent-Up Demand
A convergence of stabilizing rates, recovering occupancies and pent-up refinance demand drove a dramatic surge in Section 232 deal volume — and lenders expect the momentum to carry into 2026.
FHA Closes 'Landmark Year' with $8.1B in Firm Commitments Across Senior Living and Care
The Federal Housing Administration issued a record $8.1 billion in firm commitments and closed $6 billion in Section 232 mortgages in FY 2025 — its strongest year on record for the healthcare program.
Fannie Mae, Freddie Mac Financed a Record $152 Billion in Multifamily Loans Last Year
The FHFA's higher 2026 loan-purchase caps and a renewed appetite from sponsors are positioning the agencies to anchor the next multifamily cycle, with $176B of combined capacity on tap.
2025 Freddie Mac Multifamily Production Volume Tops $77 Billion, Up 17% Year Over Year
Freddie Mac Multifamily supported more than 577,000 affordable rental units in 2025 as production climbed 17% — a leading indicator of where pricing and structure are heading in 2026.
HUD Announces New 'Express Lane' for Section 232/223(f) Refinance Applications
The Office of Healthcare Programs is rolling out an Express Lane intended to compress underwriting timelines for qualifying Section 232/223(f) refinances — a meaningful unlock for skilled nursing and seniors housing operators.
Has the CRE Maturity Wall Reached a Turning Point?
Loan extensions fell sharply in 2025, meaning more borrowers are facing real refinancing outcomes rather than 'extend and pretend.' First American breaks down what that means for sponsors heading into 2026 maturities.