California-based Golden Horizon Enterprises has secured a $73.1M bridge loan to finance its acquisition of a build-to-rent community in Phoenix.
By Tina Quirin, Principal, Arcus Harbor Real Estate Capital
The multifamily maturity wall has been a looming concern for several years. Through the rest of 2026 and into 2027, borrowers will be working through loans that were originated in a very different rate environment; often with leverage, pricing, and underwriting assumptions that today’s market will not fully support. At the same time, the financing landscape has become materially more open, competitive and flexible than it was a year ago.
Capital solutions now are more varied than when rates first moved higher, although many now require greater structure and additional sponsor equity than in prior cycles. For sponsors who engage early, the current environment presents an opportunity to recapitalize proactively rather than reactively.
The Story Behind the Numbers
The size of the maturity wall tells only part of the story. Equally important is its composition.
The Mortgage Bankers Association estimates that $875 billion of the $5 trillion in outstanding CRE loans is due to mature in 2026, followed by another $652 billion in 2027. But these maturities are far from evenly distributed across asset and lender types. Depositories, CMBS/CLO/ABS lenders, credit companies, and warehouse lenders account for roughly 75% of 2026 CRE maturities. Agency maturities are more heavily concentrated in the later years of the cycle, with the peak hitting in 2029-2030.
The debt is backed by a 264,000 sq ft shopping center in Glendale, north of downtown.
Borrowers in these markets are no longer waiting for rates to drop. Instead, they are restructuring capital stacks, buying down rates, and timing decisions more carefully. Kristen Croxton, Principal and Co-Founder of Arcus Harbor Real Estate Capital, has observed this adjustment from the front lines and shares what borrowers need to know as they head into the rest of 2026.
Debt funds in multifamily lending have multiplied in recent years, expanding the availability of capital on paper. But their highly specific underwriting requirements regarding property age, deal size, and business plan stage are creating a fragmented market in which matching the right borrower to the right lender has become a specialized skill.
Join us in congratulating Tina Quirin for being named 2026 Women of Influence within the Broker / Intermediary - Debt & Equity Finance category.
After a stagnant couple of years, capital has started to come off the sidelines to fund commercial real estate deals. But geopolitical uncertainties, continued high interest rates, and maturities and distress concerns have led to more selective financing across all sectors.
ApartmentBuildings.com recently contacted Kristen Croxton, principal, Arcus Harbor Real Estate Capital, to learn more about the status of multifamily capital markets and other issues.
The multifamily capital markets entering 2026 appear abundantly supplied. Origination volume is projected to rise significantly year-over-year, with the Mortgage Bankers Association forecasting approximately $419 billion in new multifamily loans for 2026. This comes on the heels of expanded agency lending capacity, a profusion of dry powder within private credit platforms, a banner year in the CMBS market, and increased life insurance company allocations to high-quality CRE debt.
Join us in celebrating Tina Quirin, recognized as a 2025 Bisnow Commercial Real Estate Power Woman!
Tina's leadership and expertise deliver meaningful results for our clients, team, and the industry. We're proud of her achievements and grateful to have her driving excellence at Arcus Harbor.
Kristen Croxton is among the California Connect CRE 2025 Women in Real Estate Award winners. Connect CRE’s Women in Real Estate Awards honor the achievements and inspirational stories of women who have reached respected leadership positions and taken on mentorship roles.