Lenders continue to extend loans into the future, with $384 billion worth carrying over into 2025. That surpasses the total of loans extended in 2024, which was $270 billion, according to Mortgage Bankers Association data.
Extensions now account for 40% of debt maturing this year, said Colliers' research director for capital markets, Aaron Jodka. Colliers benchmarked the 2024 MBA loan maturity report against this year’s total to arrive at its estimate. Jodka said the analysis may not be perfect because loans can be refinanced, renegotiated, or newly issued, but it is clear that many loans are not paying off at maturity.
Commercial Mortgage-Backed Securities (CMBS) and banks were the most likely to extend loans, according to Jodka. Fifty-four percent of 2025 CMBS maturities, amounting to $125 billion in extensions, were due in prior years. Forty-four percent, or $199 billion, of bank loans were due in prior years. Meanwhile, life insurance and agency loans were paid off, which reduced total maturities by $8 billion.
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The three asset classes most likely to receive extensions are multifamily, office, and various other alternative asset classes, such as self-storage and manufactured housing. Office loans accounted for $85 billion in extensions or 45% of the $187 billion in 2025 maturities. Multifamily had the highest volume of extensions at $97 billion, about one-third of the $310 billion in maturities for 2025. Other assets saw $87 billion in extensions.
Jodka said that 55 percent of 2025 loan maturities on industrial properties were pushed from prior years, the highest share of any asset class. Given the heavy trading volume and stronger fundamentals, this makes sense, making loan extensions a logical play.
Jodka added that a sizable portion of 2025 maturities will be pushed into 2026 or later.
“Lenders are beginning to respond to market conditions and price adjustments by forcing sales, foreclosing, and seeking alternatives beyond renegotiated loans,” said Jodka. “Still, $957 billion in loans will not pay off this year, and a meaningful share will be pushed into 2026 when $663 billion in loans come due.”
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
