The $1.8 Trillion Multifamily Debt Reckoning

Podcast: Commercial Real Estate Investment Conference Podcast (CREIC) · Commercial Real Estate Investment Conference

Opublikowano: 2026-09-24

The full multifamily debt math is out, and it runs deeper than the 2026 snapshot. $1.8 trillion in apartment debt matures over the next decade, with $757 billion coming due through 2028. Landlords who locked in around 3% in 2020 and 2021 are now facing refinance quotes at roughly double the rate. The distress data confirms it- multifamily CMBS delinquencies at 7.1%, apartment values more than 20% below their 2022 peak, and one analysis suggesting nearly half of apartment properties could struggle to refinance at sustainable terms. Even Blackstone defaulted in June on a $90 million loan tied to a 490-unit North Dallas property. By September...