Debt Walls and Distress: Navigating Late-2025 CRE Financing

In September 2025, the so-called “debt wall” of commercial maturities remains a central theme. Many legacy loans made in the prior cycle are still working through refinances, extensions, or transfers to new lenders, particularly in office-heavy portfolios. The good news is that not all of this wall is distressed—many income-producing assets in multifamily, industrial, and necessity retail are refinancing successfully, sometimes at improved terms as spreads tighten. The tougher cases highlight where values and NOI haven’t kept pace with higher debt costs. Borrowers working with CRELoans.us are segmenting their portfolios into “refi-ready,” “needs recap,” and “possible sale” buckets so they can allocate time, capital, and lender relationships where they matter most.