Maturity Wall Tracker: Multifamily Debt Maturities to 2029

What This Tracker Is

The maturity wall is not one number. It is a schedule — hundreds of billions of dollars of multifamily debt coming due, year by year, through the end of the decade — reported by organizations that count different universes on different dates. The Maturity Wall Tracker is our running ledger of that schedule. When a primary source publishes — the Mortgage Bankers Association’s annual maturity survey, the Yardi Matrix loan database, Freddie Mac’s multifamily research, MSCI’s pricing index, Trepp’s delinquency series — we update the ledger, note what changed, and record what it implies for how quickly maturing debt converts into transactions.

We keep this ledger because the maturity wall is the entry mechanism of our thesis: debt, not judgment, sets the seller’s timeline. The full argument lives in The Multifamily Tsunami. The numbers, kept current, live here.

What Is Inside

The year-by-year schedule. Yardi Matrix estimated in March 2024 that approximately $525 billion of multifamily loans — about half of the roughly $1.1 trillion it tracks — mature through 2029: $61.8 billion in 2024, $84.3 billion in 2025, $89.3 billion in 2026, $77.9 billion in 2027, and a peak of approximately $107.3 billion in 2028. The MBA’s 2025 survey, published February 2026, supplies the wider frame: approximately $875 billion of commercial and multifamily mortgages — roughly 17 percent of an estimated $5.0 trillion outstanding — scheduled to mature in 2026, after approximately $957 billion scheduled in 2025, with an estimated 13 percent of multifamily-backed balances maturing in 2026.

Vintage analysis. Who must refinance matters as much as how much. Freddie Mac’s January 2024 maturity risk research found the share of multifamily loans written with terms of seven years or less rose from 25.9 percent in 2017–2019 to 33.9 percent in 2020–2022, and that 55.2 percent of loans maturing in 2024–25 carried terms under five years — debt largely originated in 2019–2021 at some of the lowest rates in history. Longer-duration agency loans are better positioned; the pressure concentrates in short-term, non-GSE debt.

The metro concentration table. Per the same Yardi Matrix data, the largest metro concentrations of maturing multifamily debt are Atlanta at approximately $34.9 billion, Dallas $26.6 billion, Denver $22.9 billion, Houston $20.8 billion, New York $19.9 billion, and Chicago $18.8 billion.

The stress dashboard. Indicators of how the wall is resolving. As of November 2025, US apartment values were approximately 16 percent below their level of three years earlier and down an estimated 1.4 percent year over year, per the MSCI RCA CPPI. Multifamily CMBS delinquency reached 7.23 percent in June 2026, up 28 basis points month over month, against 7.35 percent for CMBS overall, per Trepp as reported by Connect CRE. The MBA, meanwhile, observes that lenders are “no longer simply extending loan terms.”

How to Read Maturity Data

The headline figures above do not reconcile, and they should not. The MBA surveys lenders and servicers across the full commercial and multifamily market. Yardi Matrix counts loans in its own property-level database of roughly $1.1 trillion. Freddie Mac reads the market through a GSE lens. Each universe and as-of date differs — so we treat levels as directional, and watch revisions and direction of travel rather than any single estimate. For a plain-English walkthrough of the mechanics, read the maturity wall, explained.

Update Cadence

We refresh the tracker as primary sources publish — typically quarterly, and always following the MBA’s annual maturity survey. Each edition notes what changed and why. Download the current edition via the form on this page; newsletter subscribers receive each update as released.