Commercial and multifamily mortgage bankers closed $399.8 billion in loans in 2014, the Mortgage Bankers Association said today in a report.

Commercial mortgage-backed securities issuers led investor groups for which loans originated in 2014, responsible for $106.3 billion. Commercial banks saw the second-highest volume, $102.5 billion, followed by life insurance companies and pension funds, Fannie Mae, Freddie Mac, real estate investment trusts (REITs), mortgage REITs and investment funds.

By property type, multifamily properties had the highest origination volume, $150.3 billion, followed by office buildings, retail properties, hotel/motel, industrial and health care.

First liens accounted for 97 percent of the total dollar volume closed.

The reported dollar volume of commercial and multifamily mortgages closed in 2014 was 12 percent higher than 2013’s figure. Among repeat participants in a survey on which the report was based, the dollar volume of closed loans rose by 6 percent.