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Washington -- The commercial and multifamily mortgage market faces limited exposure to refinance risks stemming from the current credit crunch, according to the Mortgage Bankers Association's Research DataNote. The report notes that relatively few commercial/multifamily mortgages will mature in the next two years.
"There's been a general impression that a large volume of commercial/multifamily mortgages are coming due this year and next," said Jamie Woodwell, senior director of commercial/multifamily research at the MBA. "The reality is that 2008 and 2009 will see a relatively small volume of maturing mortgages, with the majority of CMBS loans not maturing until 2015 or later."
Capturing data from JPMorgan and Wachovia Capital Markets, the DataNote reports there is more than $600 billion of outstanding loans in commercial mortgage-backed securities fixed-rate deals. Of this, only $16 billion is scheduled to mature in 2008 and another $19 billion in ...