Real Wealth Show: Real Estate Investing Podcast Multifamily Lending Explained: Liquidity, Financing & Rates with Sharon Karaffa
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Dec 18, 2025 In this engaging discussion, Sharon Karaffa, President of Multifamily Debt & Structured Finance at Newmark, shares insights into the multifamily lending landscape. She clarifies the distinction between commercial and residential loans, emphasizing the importance of cash flow and property operations. Sharon also addresses current liquidity, the risks associated with loan maturities, and the role of FHA in supporting affordable housing. Additionally, she discusses the implications of potential privatization for pricing and encourages investors to consult lenders before diving into multifamily investments.
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Multifamily Market Has Strong Liquidity
- The multifamily lending market currently has abundant liquidity from agencies, debt funds, life companies, and banks.
- Fannie Mae and Freddie Mac account for about 40% of market volume, supporting strong capital availability.
Agency Production Caps Are Rising
- FHFA set production caps for Fannie and Freddie and those caps are increasing, expanding next-year capacity.
- Higher agency caps suggest continued strong lending availability into 2026.
Maturities Look Like A Trickle, Not A Wall
- The feared 'wall of maturities' has shown up more as a trickle, with limited widespread distress so far.
- Much of the at-risk debt is concentrated in CMBS and some bank loans, not across the whole market.