For the last two years, many lenders, brokers, analyst firms, and other experts have warned about a coming CRE debt maturity wave. JLL has sized this wave and estimates that the total due by the end of 2025 is $1.5 trillion and that about a quarter, or $375 billion, will have a hard time refinancing. About 40% of the properties that need refinancing are multifamily.
Source: https://www.orionprop.com/topfive/landlords-face-1-5t-maturity-wall-before-2026