U.S. Commercial Real Estate Debt Restructuring, CMBS Refinancing Walls, and Special Servicing Workouts
The U.S. commercial real estate (CRE) capital markets are confronting an historic wave of maturing debt. Over $1.5 trillion in commercial mortgage-backed securities (CMBS), bank-held debt, and private mezzanine loans are reaching maturity, hitting the market during elevated interest rate benchmarks and compressed capitalization rates. As legacy 10-year loans originated during low-rate cycles face mandatory…