It's not only office building owners who are finding themselves backed into a corner by loans coming due, plunging valuations, the rising cost of debt and a lending window for refinancing that's been slammed shut.

Multifamily owners also are feeling the squeeze. As a pending wave of $1.5T in CRE loan maturities crests in the next three years—Trepp says a record $152B in CMBS backed by rental apartment buildings will expire in 2023, $940B over the next five years—many may have no option but to hand over the keys to the property.

Green Street is estimating that apartment building values are down more than 20% from their peak. At the same time, rent growth is slowing, which means some properties with large, floating-rate mortgages no longer generate enough profits to make debt payments.

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