Credit union multi-family loans were $41.1 billion on Dec. 31, up13.8% from a year earlier and up 4.3% from Sept. 30 — growth rates more than double that of banks and others. Other commercial real estate at credit unions rose 9.7% to $122.8 billion over the year.

The MBA’s fourth-quarter report on commercial real estate portfolios released March 18 showed banks and investors held $4.79 trillion Dec. 31, up 3.7% from a year earlier and up 1.1% from Sept. 30.

Multifamily loans were $2.16 trillion at year’s end, up 5.4% from a year earlier and up 1.8% from Sept. 30. “For the 10th consecutive quarter, multifamily debt outstanding increased at a faster rate than the overall CRE market,” MBA Chief Economist Mike Fratantoni said.

Commercial banks and thrifts continued to hold the largest share (38%) of commercial real estate loans at $1.8 trillion. However, their portfolios grew only 1%, accounting for 10.5% of the year’s $172 billion increase. Life insurance companies’ portfolios grew the fastest, accounting for 39% of the year’s gain.

Fratantoni said almost $1 trillion in commercial real estate loans are set to mature in 2025, and economic challenges and interest rates might cause delinquencies to rise further if borrowers are unable to refinance.

Among credit unions, the delinquency rate for commercial real estate was 0.77% on Dec. 31, up from 0.49% a year earlier, but down from 0.82% on Sept. 30. For multifamily loans, it was 0.45% on Dec. 31, up from 0.23% a year earlier and 0.37% on Sept. 30.

Credit unions’ commercial delinquency rates are still lower than their overall 0.97% rate on Dec. 31, up from 0.83% a year earlier and 0.91% on Sept. 30.

Among commercial lenders that report delinquencies after 60 days, the MBA's Commercial Delinquency Report released March 20 showed life insurance companies’ rate fell 3 basis points from Sept. 30, Fannie Mae rose 1 bps to 0.57% and Freddie Mac rose 1 bps to 0.40%. Banks and others showed increases by different measures.

“Even with certain market challenges such as low occupancy rates and the uncertain impact of return-to-office mandates in the office market, and oversupply in the multifamily property market, delinquency rates remain relatively low from a historical perspective,” Fratantoni said.

Credit unions’ 10 largest commercial real estate lenders on Dec. 31 held $21 billion in commercial real estate loans on Dec. 31, up 9.5% from a year earlier. Multi-family loans rose 9.1% to $7.9 billion, while other commercial real estate rose 9.7% to $13.1 billion. The 60-day-plus delinquency rate was 1.39% Dec. 31, up from 0.90% a year earlier. The 10 were:

1. BECU of Tukwila, Wash., in the Seattle area ($29.4 billion in assets, 1.5 million members) held $3.3 billion in commercial real estate loans on Dec. 31, up 3% from a year earlier. Multi-family loans fell 1% to $2 billion, while other loans rose 9.6% to $1.3 billion. The delinquency rate was zero Dec. 31, unchanged from a year earlier.
2. GreenState Credit Union of North Liberty, Iowa ($10.6 billion in assets, 451,126 members) held $2.9 billion in commercial real estate loans on Dec. 31, down -0.2% from a year earlier. Multi-family loans fell 2.6% to $1 billion, while other loans rose 1% to $2 billion. The delinquency rate was 4.69% Dec. 31, up from 2.23% a year earlier.
3. Bellco Credit Union of Denver ($8.6 billion in assets, 384,776 members) held $2.5 billion in commercial real estate loans on Dec. 31, up 3.9% from a year earlier. Multi-family loans rose 9.7% to $1.4 billion, while other loans fell 3.1% to $1 billion. The delinquency rate was 0.35% Dec. 31, down from 0.36% a year earlier.
4. Alliant Credit Union of Chicago ($19.5 billion in assets, 901,055 members) held $2.2 billion in commercial real estate loans on Dec. 31, up 3.9% from a year earlier. Multi-family loans rose 13.8% to $1 billion, while other loans fell 3.3% to $1.2 billion. The delinquency rate was 0.73% Dec. 31, down from 1.21% a year earlier.
5. Mountain America Federal Credit Union of Salt Lake City ($20.2 billion in assets, 1.3 million members) held $2.1 billion in commercial real estate loans on Dec. 31, up 16% from a year earlier. Multi-family loans rose 25% to $370.8 million, while other loans rose 15% to $1.7 billion. The delinquency rate was 0.49% Dec. 31, up from 0.09% a year earlier.
6. FourLeaf Federal Credit Union (formerly Bethpage) of Bethpage, N.Y. ($13.4 billion in assets, 484,638 members) held $1.8 billion in commercial real estate loans on Dec. 31, up 6.7% from a year earlier. Multi-family loans rose 27% to $649.1 million, while other loans fell 2% to $1.1 billion. The delinquency rate was 4.74% Dec. 31, up from 4.03% a year earlier.
7. Lake Michigan Credit Union of Grand Rapids, Mich. ($14.5 billion in assets, 499,044 members) held $1.6 billion in commercial real estate loans on Dec. 31, up 11% from a year earlier. Multi-family loans rose 28% to $204.5 million, while other loans rose 9% to $1.4 billion. The delinquency rate was 0.21% Dec. 31, up from zero a year earlier.
8. Landmark Credit Union of Milwaukee, Wis. ($6.8 billion in assets, 396,842 members) held $1.6 billion in commercial real estate loans on Dec. 31, up 33% from a year earlier. Multi-family loans rose 16% to $749.9 million, while other loans rose 51% to $882.8 million. The delinquency rate was zero Dec. 31, unchanged from a year earlier.
9. Wings Financial Credit Union of Minneapolis-St. Paul ($9.4 billion in assets, 371,746 members) held $1.6 billion in commercial real estate loans on Dec. 31, up 22.6% from a year earlier. Multi-family loans rose 38% to $441.4 million, while other loans rose 17% to $1.1 billion. The delinquency rate was 1.00% Dec. 31, up from zero a year earlier.
10. America First Federal Credit Union of Riverdale, Utah ($21.7 billion in assets, 1.5 million members) held $1.5 billion in commercial real estate loans on Dec. 31, up 25% from a year earlier. Multi-family loans fell 16% to $122.4 million, while other loans rose 30% to $1.3 billion. The delinquency rate was 0.99% Dec. 31, up from 0.39% a year earlier.