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Multifamily and hospitality drive CMBS refinance risk in October

Trepp said October hard maturities total $76.6 billion for 2026, with 39% of loans due later in the year.

Reported · Written up by our desk · Commercial

Refinancing risk for hard maturities in commercial mortgage backed securities has shifted away from office and toward multifamily and hospitality in October, according to Trepp as summarized by ConnectCRE.

ConnectCRE reported the move reflects two large single-asset single-borrower loans that are severely impaired, with a combined 66.79% share of the severely impaired balance, including a national multifamily portfolio and a Honolulu resort, both showing debt yields below 6.0%.

The outlet added that office still leads by share of October hard maturities at 27.03%, followed by retail at 22.6% and multifamily at 18.66%.

Across 2026, ConnectCRE said total hard maturities come to $76.6 billion, exceeding the prior two years, with a back loaded schedule where 39% of loans are due in the final part of the year.

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