For U.S. conduit and single-asset single-borrower (SASB) commercial mortgage-backed securities (CMBS) loans with 2025 maturity dates, nearly 90%, by count, paid off. This reflects a modest increase from 2024, when 85.6% of maturing loans successfully refinanced (for more, see 2024 CMBS Loan Maturities: Payoff Rates Decrease). The payoff rate by loan balance improved more noticeably year-over-year (YoY), rising to 74.3% from 66.6% in 2024. While payoff outcomes improved, refinancing challenges remained for a subset of loans amid continued pressure from relatively higher interest rates and deflated commercial real estate (CRE) values.
This report highlights the refinancing experience of $59.3 billion in loans from conduit and SASB CMBS transactions that matured in 2025, which was slightly more than the $56.2 billion that matured in 2024. Refinancing…