Apartment Loan Maturities 2026-2027: MBA Data

Short answer

The Mortgage Bankers Association reported in February 2026 that 13% of multifamily-backed mortgage balances were scheduled to mature in 2026, within $875 billion of all commercial and multifamily maturities. Maturities concentrated at banks, CMBS and debt funds; only 4% of agency balances were due. MBA put 2027 maturities at $652 billion.

The numbers, from MBA

Every figure on this page comes from two Mortgage Bankers Association releases: its 2025 Commercial Real Estate Survey of Loan Maturity Volumes, released February 9, 2026, and its Commercial/Multifamily Mortgage Debt Outstanding report for the second quarter of 2026, released September 29, 2026. The maturity figures are unpaid principal balances as of December 31, 2025. Because most loans amortize, MBA notes that balances at maturity will generally be lower.

Measure	Figure	Source and date
All commercial and multifamily mortgages scheduled to mature in 2026	$875 billion (17% of $5.0 trillion)	MBA, Feb 9, 2026
Scheduled to mature in 2025, for comparison	$957 billion	MBA, Feb 9, 2026
Share of multifamily-backed mortgages maturing in 2026	13%	MBA, Feb 9, 2026
All commercial and multifamily mortgages scheduled to mature in 2027	$652 billion	MBA, Feb 9, 2026
Multifamily mortgage debt outstanding, end of Q2 2026	$2.3 trillion	MBA, Sep 29, 2026

MBA's public release gives a multifamily share for 2026, not a multifamily dollar figure, and gives 2027 only for all property types combined. We do not estimate the missing figures.

Who holds the loans coming due

The maturity picture depends on who your lender is. MBA's 2026 figures by holder, across all commercial and multifamily property types:

Holder	Maturing in 2026	Share of that holder's balance
Depositories (banks and thrifts)	$396 billion	21%
CMBS, CLOs and other ABS	$200 billion	25%
Credit companies, warehouse facilities and other lenders	$163 billion	29%
Life insurance companies	$76 billion	10%
Fannie Mae, Freddie Mac, FHA and Ginnie Mae (multifamily and health care)	$39 billion	4%

And where multifamily debt sits in total, at the end of the second quarter of 2026:

Holder	Multifamily debt held	Share
Agency and GSE portfolios and MBS	$1.2 trillion	50%
Banks and thrifts	$668 billion	29%
Life insurance companies	$269 billion	12%
State and local government	$99 billion	4%
CMBS, CDO and other ABS	$75 billion	3%

What this means for a 5+ unit owner

Your lender type predicts your timeline. Agency loans are usually long-term, so only a small share of agency balances comes due in any one year. Bank and debt fund loans usually run shorter, and the table shows a far larger share of bank, CMBS and other lender books maturing in 2026. If your building is on a bank loan or a bridge loan, you are in the part of the market where maturities concentrate.

The bank loan maturing is the common case. Banks and thrifts hold 29% of multifamily debt, and depositories had 21% of their commercial and multifamily balances scheduled to mature in 2026. For a private owner of a stabilized building, the maturing loan is often a bank balloon, and the typical question is whether to renew with the bank or move to agency debt. The Fannie Small Loans vs bank loans comparison covers that decision.

Maturing debt means lenders are competing for refinances. MBA's chief economist said the scheduled 2026 and 2027 maturities will fuel additional lending activity. For an owner with a clean building and clean books, that means several lenders may want the loan. Get more than one quote.

Lower balance at maturity helps. MBA's figures are balances at the end of 2025. If your loan has been amortizing, your payoff is lower than the original amount, which makes the refinance easier to size. Pull your current payoff statement before you ask anyone for a quote.

A 2027 maturity is a 2026 task. Agency and HUD refinances take months of lead time for third-party reports, underwriting and rate lock. If your loan matures in 2027, the work starts now.

If your loan is coming due

Read your note for the maturity date, any extension option and its conditions, and the prepayment terms. Many loans open for prepayment without penalty in the last months.
Pull a payoff statement, a current rent roll and a trailing-12 operating statement.
Size the refinance on the lender's NOI, not yours, with the T-12 underwriting calculator.
Build your timeline backward from the maturity date with the maturity planner, which dates each step and exports to your calendar.
If the refinance will not pay off the loan, compare extension, paydown, refinance and sale with the extend, refinance or sell calculator and read loan extensions.

The full order of work is in the loan maturity playbook.

Loan-level maturity data

If your loan is in a CMBS trust, or you want to see the conduit loans maturing in your market, cmbs.news tracks loan-level CMBS maturities.

We do not republish agency loan-level data here. Fannie Mae's Multifamily Loan Performance Data terms prohibit distributing the data to third parties or using it for external commercial purposes without Fannie Mae's written consent. Freddie Mac's Multifamily Loan Performance Database terms limit use to internal purposes and bar distributing the dataset or products derived from it. Both datasets are free to register for and use yourself under those terms.

How we handle this data

We use only MBA's public releases and attribute each figure to its release and date. We do not extrapolate a multifamily dollar figure that MBA did not publish. See how we verify for our sourcing rules.

Frequently asked questions

How many apartment loans mature in 2026?

The Mortgage Bankers Association reported on February 9, 2026 that 13% of mortgage balances backed by multifamily properties were scheduled to mature in 2026, out of $875 billion of all commercial and multifamily maturities that year. The figures are unpaid balances as of December 31, 2025. MBA's public release does not give a multifamily-only dollar amount.

How much commercial real estate debt matures in 2027?

MBA's chief economist said in February 2026 that $652 billion of commercial and multifamily mortgages was scheduled to mature in 2027, down from $875 billion in 2026 and $957 billion in 2025. The public release does not break out the multifamily share for 2027.

Are Fannie Mae and Freddie Mac loans part of the maturity wall?

Much less than other lenders. MBA reported that just $39 billion, or 4%, of multifamily and health care mortgages held or guaranteed by Fannie Mae, Freddie Mac, FHA and Ginnie Mae was scheduled to mature in 2026. By comparison, 21% of depository balances, 25% of CMBS and ABS balances and 29% of credit company and other lender balances were due.

When should I start refinancing a maturing apartment loan?

Start well before maturity. An agency or HUD refinance needs third-party reports, underwriting and a rate lock, which take months. Plan to start about 12 months before maturity, and earlier for HUD 223(f). Build a dated timeline from your maturity date with a maturity planner, and check whether your note has an extension option.

Where can I find loan-level data on maturing apartment loans?

For CMBS loans, cmbs.news tracks loan-level maturities. Fannie Mae and Freddie Mac publish loan-level multifamily performance datasets, free to register for, but their license terms prohibit redistribution and commercial republication, so they are not republished on this site. You can register and use them yourself under those terms.