Episode Details

• The $65B CMBS maturity wall is here. $37 billion has zero extension options. 
• Refinancing pain is real. Borrowers who locked at 3% are now facing 6-7% rates or higher. 
• Equity injections required. Over half of maturing properties need fresh borrower capital just to refinance. 
• Distress is climbing. CMBS distress at 7.86%. Seriously delinquent loans at 7.6%. 
• Office and hotels hit hardest. Lenders are done extending terms and forcing asset-level decisions now. 
• Forced sellers are emerging. Distressed inventory is hitting the market at levels unseen since 2009. 
• The window is opening. Operators with dry powder and clean balance sheets are positioned to move. 

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