Office properties face a CMBS maturity wall, but multifamily apartments are largely protected. Strong NOI is the key shield: it lets owners refinance on better terms and hold asset value regardless of interest rates.
The CMBS maturity wall is real, but it is an office problem and an interest-only loan problem, not an apartment problem. The fundamentals under your building demand, demographics, supply constraints, and a range-bound lending environment are solid. And the one variable that protects you in any scenario is your NOI. Whether rates move up, down, or sideways, a higher net operating income means a stronger refinance better terms, and more value. The owners tightening their buildings right now are the ones positioned for whatever comes next.
