Multifamily special servicing rates hit 5.71% in August, according to Trepp. That's still lower than the office rate of 11.91%, but it's still a nearly nine-year high. The new transfer balance to special servicing was 16%.

All numbers, but that doesn't say where things are going. To get a more comprehensive sense, Mark Silverman, Locke Lord partner, and CMBS special servicer team leader offered some insight. "Between 2013 and 2017, there was a lot of lending and a lot of folks took advantage," he told GlobeSt.com. "It's distressing. It's a significant number. The main concern we have on the multifamily side is poor timing."

Interest rates, leverage, and non-recourse made it hard to refuse in that pre-pandemic window. Then inflation rose, the Federal Reserve drove up interest rates to slow the economy, and many multifamily owners got closer to a maturity date. And that's without increased overall costs of repairs, maintenance, insurance, and utilities.