Government-backed enterprises Fannie Mae and Freddie Mac currently hold 50% of the multifamily market, a significant drop from the 80% share they owned at the height of the liquidity market.

To help fill the void, insurance companies and pension funds are literally in a sprint to bring money into the market and price their capital in an effort to secure cream-of-the-crop deals, according to John Levy, founder of real estate investment banking firm John B. Levy & Co.

The competition is a big plus for borrowers. “This is one of those times when you ought to back up the truck and take all you can get. Whether you’re looking at ten- or seven-year money, or even fixed-rate money, it’s going at 4.5% to 5%. Could it go lower? Who knows? But this isn’t one of those times to wait for 4.5% to edge down to 4.375%,” says Levy.

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