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Over $1.5 trillion of commercial real estate loans are maturing in 2023, 2024, and 2025, the bulk of which were financed when base rates were near zero. They now require refinancing in an environment where rates are much higher and commercial real estate markets face economic pressures from employees’ lingering reluctance to return to the office and new needs for space in the post-pandemic landscape. To address this wave of maturing commercial real estate debt, market liquidity must be restored and borrowers’ ability to raise capital in this challenging economic environment must be preserved.
The Roundtable calls for federal regulators to grant flexibility to borrowers who are restructuring loans and transitioning the ownership and financing of assets from a period of low rates and robust markets to a time of higher rates, declining credit capacity, and uncertain economic growth.
The Roundtable has also opposed proposed rules from the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) that could have unintended and unnecessary consequences such as impeding real estate capital formation, undercutting economic growth, and weakening the strength and stability of U.S. real estate capital markets.
The Roundtable continues to engage policymakers on the importance of maintaining liquidity and robust capital formation. Regarding opposition to new proposals:
For more information and recent updates, reference our resources below.
