The wall of rolling commercial real estate (CRE) loans is turning up the temperature in a debt market that is already feeling significant heat from higher rates and less liquidity.

Loan maturities have pushed to the forefront as a hot topic for good reason. The looming wave is substantial, with near-term maturities that represent more than 40 percent of the $4.4 trillion of outstanding CRE mortgages. According to estimates from the Mortgage Bankers Association, roughly $725 billion in commercial and multifamily mortgages were set to mature in 2023, followed by another $1.2 trillion in loans coming due over the next two years.

To put the wall of rolling maturities into perspective, it is roughly 50 percent larger than the post–global financial crisis (GFC) wall. A lot of people are looking at the volume and “freaking out” because they think it is going to create a lot of distress, says Jason Hernandez, head of real estate debt, Americas at Nuveen Real Estate. Howe