$875 billion in commercial real estate debt comes due this year.
In this episode, Mikey Taylor and Michael Michalov break down the "maturity wall": why loans made during the low-rate years of 2021–2022 are now coming due into a completely different market, why even some stabilized properties are being handed back to banks, and the four moves operators can consider when their loan matures. They also share why moments of fear in the market have historically been when some long-term investors pay the closest attention.
In this episode:
• What is the $875 billion maturity wall and its breaking point?
• How a stabilized property can end up worth less than half
• Why CMBS delinquencies just hit a nine-year high
• The four options an operator can evaluate when a loan comes due
• Why "waiting for the bottom" usually means missing it
• How regulators are handling distressed loans differently than 2008
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