A story last week incorrectly stated that ZCM Matched Funding Corp. had been downgraded. Fenway Funding was put on review for downgrade, following the placement of ZCMMF on review for downgrade. ZCMMF is a total return swap counterparty to Fenway. ZCMMF's rating is based on a surety bond from Zurich Insurance Company which Moody's placed on review for downgrade in late February.
The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025.
The bank is following in the footsteps of Goldman Sachs, which made a similar move in April.
The A1A through A1-LCF tranches are expected to offer coupons of 5.84%, while mezzanine and subordinate coupons include 6.58% and 6.64%.
A potential end to the Iran War could lead to economic recovery, suggesting sub-6% rates may be far off as monetary policy discussions take a hawkish tone.
The decline in non-owner occupied acquisitions came as sales fell overall due to high mortgage rates and bad winter weather in the Northeast, BatchData said.
All the loans are interest-only during both their initial and extension terms, but third-party secured overnight financing rate (SOFR) cap agreements provide interest rate protection.
