January 19, 2026

Anticipate 2026 to be a strong rebound year for multifamily construction lending. Lender appetite will pick up and with SOFR ticking down, more deals should pencil this year. New capital will be coming into the space, along with current lenders adding new construction programs. Spreads will tighten and lenders will be more aggressive to win business. Most of the current supply wave will have been delivered, new starts are already down, and lenders are becoming more comfortable financing projects as rent growth and absorption normalize. More