According to National Real Estate Investor, the multifamily market is attracting “non-traditional” lenders, especially life insurance companies. That’s in part because it seems to be a healthy segment — and also because other investors are still skittish about the market.

As the market has recovered, the share of debt financing by the GSEs has declined to about 50 percent, he says. Insurance companies, meanwhile, have grown to account for nine percent of multifamily lending in the first half of 2011, up from 1 percent in 2009.

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