Multifamily lending experienced a significant decrease last year, according to a recent report from the Mortgage Bankers Association (MBA).

In 2009, 2,725 different multifamily lenders provided a total of $52.5 billion in new financing for apartment buildings with five or more units. That is a 40 percent decline from 2008 levels, according to the MBA report. Three-quarters of the active lenders made five or fewer loans over the course 2009.

"The multifamily lending market remained incredibly diverse in 2009, both in terms of the range of loans made and the extent of institutions lending," said Jamie Woodwell, MBA’s vice president of commercial real estate research. "2009 saw borrowing volumes drop 40 percent from the previous year, but 2,725 firms remained active in making loans backed by apartment buildings. The depth and breadth of the market provided loans of virtually all sizes."