At a glance
- Within that $136 billion, 23% of the loans and 31% of the balance cannot refinance without an equity infusion.
- The loans covered are Fannie Mae, Freddie Mac and commercial mortgage-backed securities deals maturing between October 2026 and December 2028.
- For an owner, an extension fee is a claim on the borrower that leaves less for the equity, and a 10% fee costs more than three times what 3% did.
Apartment owners with $136 billion of loans maturing through December 2028 will need roughly $6.8 billion of fresh equity to refinance, according to CRED iQ data reported by Multifamily Dive.
Within that $136 billion, 23% of the loans and 31% of the balance cannot refinance without an equity infusion. The loans covered are Fannie Mae, Freddie Mac and commercial mortgage-backed securities deals maturing between October 2026 and December 2028.
For an owner, an extension fee is a claim on the borrower that leaves less for the equity, and a 10% fee costs more than three times what 3% did. Extension requests lenders once priced at 1% to 3% of the loan balance can now draw 10% at many lenders, Maximiliane Leachman, vice chair of CBRE's debt and structured finance group, told Multifamily Dive.
"We're all waiting for the shoe to drop at the end of this year as those borrowers come back for the second time to that debt fund for another modification," Leachman said.
Dollar share needing equity outpaces loan count
Share of maturing loans vs. share of dollar balance that cannot refinance without equity, Oct. 2026-Dec. 2028
Loans
23%
Balance
31%
The balance share is 8 points higher, so larger loans are overrepresented.
We're all waiting for the shoe to drop at the end of this year as those borrowers come back for the second time to that debt fund for another modification.Maximiliane Leachman, vice chair of CBRE's debt and structured finance group
Reported by the Fundraising desk from Multifamily Dive and CRED iQ. Published . Corrections