The Real Estate Roundtable called on regulators to reinstitute a "troubled debt restructuring (TDR) program for commercial real estate that would give financial institutions increased flexibility to refinance loans with borrowers and lenders."

Worry about liquidity in the industry is understandable. As GlobeSt.com has frequently reported, many projects are caught. Initial financing several years ago came under historically low rates and favorable terms. As the need to refinance comes up, many investors find themselves pressed by higher rates and lower loan-to-value ratios, which can make deals unviable.

"The approximately $20 trillion commercial and multifamily commercial real estate market is financed with $5.5 trillion of debt, 50.3% of which is provided by commercial banks (in general, conservative leverage when originated). Of that outstanding debt, approximately $936 billion of CRE and MF debt is maturing in 2023 and 2024," the Roundtable said in a letter to federal banking regulators. The concern is that with rising rates, CRE borrowers may not have many options and might have to add considerable equity that could "be expected to result in significant job losses, small business closures, greatly reduced municipal revenue, countless bankruptcies and foreclosures."