Commercial mortgage maturities remain one of the biggest risks in commercial real estate in 2026.
A property can be fundamentally healthy and still face pressure if its loan matures at the wrong time. Higher interest rates, lower property values, stricter underwriting and weaker income can make refinancing harder. When the math does not work, owners may need to bring in new equity, negotiate an extension, sell the asset or restructure the debt.
The Mortgage Bankers Association reported that 17%, or $875 billion, of $5.0 trillion in outstanding commercial mortgages held by lenders and investors is scheduled to mature in 2026. That is down from $957 billion scheduled to mature in 2025, but still a very large refinancing wave.
Key takeaways
- MBA reported $875 billion in commercial and multifamily mortgage maturities scheduled for 2026.
- That equals 17% of $5.0 trillion in outstanding commercial mortgages held by lenders and investors.
- The 2026 maturity total is down 9% from the $957 billion scheduled for 2025.
- Maturity risk varies by property type and lender type.
- MBA said 30% of hotel/motel loans, 23% of industrial loans and 17% of office loans mature in 2026.
- Multifamily has a lower 2026 maturity share at 13%.
- Refinancing risk depends on income, value, interest rate, lender flexibility and asset quality.
What is a commercial mortgage maturity?
A commercial mortgage maturity is the date when a commercial real estate loan comes due.
Unlike a fully amortizing home mortgage, many commercial loans have shorter terms and may require refinancing, sale or payoff at maturity. A property owner may make monthly payments for several years and then face a large balance due at the end of the loan term.
If capital markets are healthy and the property is performing well, refinancing may be routine. If rates are higher, values are lower or net operating income is weaker, maturity can become a major problem.
Why the 2026 maturity wall matters
Commercial real estate loans originated in a lower-rate environment may be maturing into a more expensive one.
MBA’s report noted that commercial mortgage maturities remain elevated even though the scheduled 2026 volume is lower than the 2025 total. MBA also said the variation across investor types and property sectors underscores the importance of asset quality, capital structure and lender flexibility as borrowers navigate refinancing decisions.
That is the heart of the issue. A borrower with a well-leased property, conservative leverage and growing income may refinance successfully. A borrower with high vacancy, falling rents or a loan that was underwritten aggressively several years ago may not.
Which property types face the most maturity exposure?
MBA said maturity volumes vary significantly by property type.
According to MBA’s reported data, 30% of loans backed by hotel and motel properties are scheduled to mature in 2026. Industrial property loans have a 23% maturity share. Office property loans have a 17% share, while multifamily-backed mortgages have a 13% maturity share.
That does not mean hotels are automatically the riskiest or multifamily is automatically safe. It means the size of the near-term maturity exposure differs across sectors.
Office remains a focus because many office properties also face higher vacancy and lower investor confidence. Multifamily may have stronger long-term demand, but some properties financed at peak pricing may still face refinancing pressure.
Lender type matters too
Maturity exposure also varies by lender channel.
MBA reported that $396 billion, or 21%, of outstanding mortgage balances serviced by depositories is scheduled to mature in 2026. It also reported $200 billion, or 25%, in CMBS, CLOs or other ABS, and $163 billion, or 29%, of mortgages held by credit companies, warehouse lenders and other lenders. By contrast, only $39 billion, or 4%, of multifamily and health care mortgages held or guaranteed by Fannie Mae, Freddie Mac, FHA and Ginnie Mae is scheduled to mature in 2026.
That matters because different lenders have different flexibility, capital rules and refinancing appetites.
What borrowers can do
Borrowers with upcoming maturities should not wait until the final months.
A practical borrower checklist includes reviewing loan maturity date, updating property financials, calculating current debt service coverage, updating rent roll and occupancy data, estimating current property value, comparing refinance terms early, identifying possible equity needs, reviewing extension options, considering sale timing and communicating with lenders before default risk rises.
Owners should also stress-test the property at higher interest rates and lower proceeds. A refinance that worked at one rate may not work at another.
What this means for investors
The maturity wall can create both risk and opportunity.
Owners who cannot refinance may become motivated sellers. Lenders may push for resolution. Well-capitalized buyers may find opportunities when a property’s debt problem is worse than the property’s operating problem.
But investors should be careful. A maturing loan is not enough reason to buy. The property still needs sound income, realistic capital needs and a workable exit strategy.
FAQ
What are commercial mortgage maturities? Commercial mortgage maturities are the dates when commercial real estate loans come due and must be refinanced, repaid, sold or restructured.
How much commercial mortgage debt matures in 2026? MBA reported that $875 billion, or 17% of $5.0 trillion in outstanding commercial mortgages, is scheduled to mature in 2026.
Is the 2026 maturity wall larger than 2025? No. MBA said the 2026 scheduled maturity total is down 9% from the $957 billion scheduled to mature in 2025.
Which property types have the highest 2026 maturity share? MBA reported that 30% of hotel/motel loans and 23% of industrial loans are scheduled to mature in 2026.
Why do maturing loans create risk? They create risk because borrowers may have to refinance at higher rates, lower values or stricter loan terms.
Sources with clickable URLs
- [MBA Newslink — 17% of Commercial and Multifamily Mortgage Balances to Mature in 2026](https://newslink.mba.org/mba-newslinks/2026/february/mba-newslink-tuesday-feb-10-2026/17-of-commercial-and-multifamily-mortgage-balances-to-mature-in-2026/)
- [MBA — Commercial/Multifamily Research](https://www.mba.org/news-and-research/research-and-economics/commercial-multifamily-research)
- [MBA — Commercial and Multifamily Mortgage Debt Outstanding Crosses $5 Trillion](https://www.mba.org/news-and-research/newsroom/news/2026/06/18/commercial-and-multifamily-mortgage-debt-outstanding-crosses–5-trillion-in-first-quarter-2026)
- [CBRE — U.S. Real Estate Market Outlook 2026: Capital Markets](https://www.cbre.com/insights/books/us-real-estate-market-outlook-2026/capital-markets)
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