{"id":341943,"date":"2026-09-09T16:40:54","date_gmt":"2026-09-09T16:40:54","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/341943\/"},"modified":"2026-09-09T16:40:54","modified_gmt":"2026-09-09T16:40:54","slug":"nycs-cre-loan-maturity-wall-tops-5-9b-led-by-manhattan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/341943\/","title":{"rendered":"NYC\u2019s CRE Loan Maturity Wall Tops $5.9B, Led by Manhattan"},"content":{"rendered":"\n

This story was originally published on CRE Daily<\/a>. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry analysis delivered straight to their inbox with the free CRE Daily newsletter<\/a>. <\/p>\n

Key Takeaways <\/p>\n

NYC has $5.9 billion in commercial mortgages, 274 loans, with stated maturities in the next 12 months, and Manhattan alone accounts for 79% of that volume. <\/p>\n

Office loans make up 39% of the coming-due volume at $2.3 billion, while multifamily leads by loan count with 107 loans spread across all four boroughs. <\/p>\n

Another 166 loans worth $2.5 billion have already passed maturity without being satisfied or discharged, and 13 coming-due loans already carry distress filings, signaling more refinancing stress ahead. <\/p>\n

New York City is facing a loan maturity wall<\/a> of $5.9 billion in commercial mortgages with stated maturities in the next 12 months, according to a new data brief from Circlemark. The debt-tracking firm, which indexes every mortgage recorded across NYC’s four boroughs, found that 274 loans of $1 million or more come due between September 2026 and September 2027, with Manhattan alone accounting for 79% of the volume. <\/p>\n

Reading the Record, Not a Model <\/p>\n

Most maturity-wall estimates rely on models. Those models estimate when unrecorded debt comes due. <\/p>\n

Circlemark takes a different approach. Its figures come from recorded mortgage documents and securitization disclosures in NYC’s ACRIS system. <\/p>\n

The dataset covers 89,021 active liens across Manhattan, Brooklyn, Queens and the Bronx. That makes the $5.9 billion estimate a floor. <\/p>\n

Another 7,445 active NYC loans of $1 million or more have no stated maturity date in any recorded document. As a result, the actual total is almost certainly higher. <\/p>\n

The Details <\/p>\n

Manhattan accounts for $4.68 billion of the coming-due volume. The total spans 169 loans. <\/p>\n

Brooklyn follows with $709.9 million. Manhattan’s total is more than six times larger. <\/p>\n

The median Manhattan loan facing maturity is $19.0 million. The median is $3.5 million in Brooklyn, $6.2 million in Queens and $5.2 million in the Bronx. <\/p>\n

Office debt represents the largest property-type category. The group includes 52 loans worth $2.31 billion. That equals 39% of all coming-due debt. <\/p>\n

Manhattan holds $1.90 billion of that office debt. Multifamily loans are more numerous. They include 107 loans across all four boroughs and total $1.09 billion. <\/p>\n

Banks hold 152 of the 274 loans. Those loans total $2.30 billion. Debt funds hold another 40 loans worth $730 million. <\/p>\n

Story Continues <\/p>\n

The remaining loans belong to life companies, CMBS trusts and other non-bank lenders. <\/p>\n

June 2027 stands out as the largest single maturity month. It accounts for $1.23 billion of the total. Nearly all of that debt comes from Manhattan loans, led by the notes on 245 Park Avenue. <\/p>\n

Zooming Out <\/p>\n

The pattern echoes a broader trend CRE Daily has tracked. Rising refinance risk<\/a> remains concentrated in loans issued during the near-zero-rate era. <\/p>\n

Nationally, the Mortgage Bankers Association expects $875 billion in commercial and multifamily debt to mature in 2026. NYC’s stated maturity wall represents a meaningful share of that total. <\/p>\n

The figure does not include loans with no recorded maturity date. Adding those loans would make NYC’s share even larger. <\/p>\n

\"The<\/a> Source: CIRCLEMARK \"The<\/a> Source: CIRCLEMARK Why It Matters <\/p>\n

The bigger risk may involve debt that has already matured. <\/p>\n

Circlemark counts 166 loans worth $2.48 billion that passed their stated maturity dates during the past year. The records still show no satisfaction or discharge. <\/p>\n

Circlemark says most delinquency headlines miss this layer of debt. Trepp’s August 2026 data supports that concern. The data showed that loans past maturity accounted for 81% of newly delinquent CMBS balances. <\/p>\n

Thirteen of the coming-due loans already carry a distress filing with the recorder. Together, those loans are worth $480.8 million. <\/p>\n

The group includes financing tied to 111 Livingston Street in Brooklyn. It also includes CMBS-disclosed loans against 1384 Broadway and 85 Broad Street in Manhattan. <\/p>\n

CRE Daily has previously reported on how office CMBS loans<\/a> are driving much of this year’s maturity surge in the city. This new dataset reinforces that trend at the individual-loan level. <\/p>\n

What’s Next <\/p>\n

Circlemark says it re-verifies its dataset against public records each week. The firm also says every figure can be traced to a CRFN. <\/p>\n

Office debt still accounts for $2.31 billion of the upcoming maturities. Multifamily debt adds another $1.09 billion. Both categories must clear before September 2027. <\/p>\n

The next few quarters will show how owners respond. Some may refinance. Others may sell. More borrowers may let their loans move into the matured, still-open category. <\/p>\n

The June 2027 spike deserves the closest attention. A handful of large Manhattan loans drive most of that month’s total. <\/p>\n

A 24-month lookback produces an even larger concern. The matured, still-open category grows to 353 loans worth $6.04 billion. <\/p>\n

That increase suggests the resolution gap could keep widening. Lenders and borrowers may struggle to close it quickly enough. <\/p>\n

More from CRE Daily <\/p>\n","protected":false},"excerpt":{"rendered":"This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market…\n","protected":false},"author":2,"featured_media":341944,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[97890,75,84,83,128281,128280,9,24,63],"class_list":["post-341943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-commercial-mortgages","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-maturities","tag-multifamily-loans","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/341943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=341943"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/341943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/341944"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=341943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=341943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=341943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}