More than $16B in CMBS loans are coming due for New York City building owners this year, a 30% increase over last year's $12.7B in mortgage-backed loan maturities, according to Trepp.
A significant part of the increase in loan maturities is due to owners who opted for one-year loan extensions last year. However, analysts warn that lenders are in no mood to accommodate this kind of "pay me now or pay me later" wiggle room in the current financial environment, so extensions may be hard to come by.
CMBS loans coming due this year on two NYC properties made Trepp's "watch list" of the largest office building loans in the US that are scheduled to mature in 2023—both of them on Park Avenue—375 Park Avenue ($783M) and 300 Park Avenue ($485M).
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