583 condo sellers in San Antonio are chasing 104 buyers.
On the commercial side, banks tightened lending standards across every category of real estate loan in the third quarter, while office and apartment borrowers face a nearly $19B refinancing gap over the next 12 months.
Even Class-A office buildings are struggling.
Weekly Deal Sheet
Distressed property sales are up 26.4%, and this week’s Deal Sheet shows what motivated sellers and lender-owned inventory look like on the ground.
Inside: 10 multifamily deals under $10M, including a 25% price cut, two properties with assumable loans at 5.24% and 5.5%, and a bank-owned 103-unit auction starting at $2M.
Each comes with the investment thesis, key risks, and a direct broker contact.
The defaults are already showing up.
Macerich has defaulted on $399M across two malls, while Arbor Realty disclosed roughly $1.25B in nonperforming assets, sending its stock down 29% in a single day.
With banks tightening credit and more loans reaching maturity, owners are running out of options.
Here’s where tightening credit is turning into distressed sales, defaults, and new buying opportunities:
🏦 Arbor Realty Reveals $1.25B in Bad Assets
🏬 Macerich Defaults on $399M in Mall Debt
🏢 75% of Class-A Office Loans Face Refi Gap
💰 CRE Borrowers Face $19B Refinancing Gap
📉 Banks Tighten Lending Across All CRE Loans
🏙️ Condo Sellers Outnumber Buyers 2 to 1
Video of the Week: How to Buy $1K Properties From Your Couch
Chart of the Week: Landlords Scramble for Tenants
Podcast of the Week: Record Prices & Distressed Deals: Inside the Texas Land Market
Arbor Realty Faces Lawsuit Over $1.25B in Bad Loans
Arbor Realty disclosed roughly $1.25B in nonperforming loans and REO assets, sending its stock down 29% in one day as a class-action lawsuit alleges the lender misled investors about its ability to resolve mounting problem loans.
Macerich Defaults on Nearly $400M in Mall Debt
Mall owner Macerich defaulted on $399M in loans across two properties, highlighting refinancing pressure even among major institutional landlords as lenders negotiate workouts and owners dispose of underperforming assets.
75% of Class-A Office Loans Need Fresh Equity
Higher borrowing costs mean three-quarters of maturing Class-A office CMBS loans would require additional equity to refinance, while special servicing volume has reached $69.53B, its highest level since the aftermath of the global financial crisis.
CRE Borrowers Face a $19B Refinancing Gap
Office and apartment owners face a combined refinancing shortfall approaching $19B over the next 12 months, even as lenders compete for prime properties and distressed sales climb 26.4% through September.
Banks Tighten Lending Across Every CRE Category
Federal Reserve survey data shows banks tightening lending standards for construction, multifamily, and commercial properties as economic uncertainty grows, making refinancing harder for borrowers already struggling with higher rates and weakening property fundamentals.
Condo Sellers Outnumber Buyers by 123%
The national condo market has its widest seller surplus since at least 2013, with San Antonio, Houston, and Miami among the most buyer-friendly markets as falling demand, rising ownership costs, and growing inventory give investors greater negotiating leverage.
Video of the week