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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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.
Supply Shortage Is The Core Problem
- The U.S. faces a housing shortage and supply, not distress, is the core issue to address for affordability.
- Solutions include regulatory incentives and conversions like repurposing office buildings to housing.
Underwrite The Property, Not Just The Borrower
- Evaluate a multifamily property primarily on its NOI and ability to support debt service rather than just personal credit metrics.
- Treat property ownership as operating a business and underwrite based on property performance.