A new report from Gray Capital predicts that the rising wall of multifamily CMBS loan maturities over the next few years is expected to peak in October 2025 at $5.4B.
That prediction is much higher than the previous estimation for October 2025 of around $3B and is 25% higher than the previous peak maturity month of October 2023, the report states. This indicates that some of the 2023 loans were extended.
The report, using CoStar data on CMBS debt, compares today’s estimated level of loan maturities through 2026 with where those estimates stood last year, and it shows several other “prominent spikes” where the dollar value has increased significantly. In addition to October 2025, expected maturities also rose notably in August 2026 and October 2026.
Source: Extend-And-Pretend Has Grown The Multifamily Wall Of Maturities By 25%
