A new report from Morgan Stanley estimates that about $1.5 trillion in US CRE debt will come due before the end of 2025—and the lending window for refinancing has been slammed shut.
"Refinancing risks are front and center. The maturity wall is front-loaded. So are the associated risks," the report said.
The investment bank is projecting that office and retail property valuations may drop as much as 40% from peak to trough, increasing the risk of defaults, Bloomberg reported.
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