Memphis is dominated by industrial logistics, most industrial maturities refinance cleanly with bank and life co debt. Multifamily is refinancing through agencies. The small office stack is working out one deal at a time.
What is in the Memphis 2026 maturity stack?
Memphis sits at one of the world's largest air cargo hubs and a major Class I rail interchange. Industrial logistics product makes up the largest share of the metro's CRE debt and the largest share of the 2026 maturity stack.
Multifamily is the second cohort, dominated by garden-style product across DeSoto County (MS), East Memphis, and Bartlett/Cordova. Most agency-eligible product refis cleanly; the bridge-financed value-add deals from 2020 to 2022 are showing the same Sun Belt rent-lag story as other markets.
Office is small and concentrated in CBD and East Memphis. Workout activity is limited but real for older B/B+ floors with rolling tenants.
Which Memphis assets are refinancing cleanly?
Industrial in the I-40, I-55, and I-22 corridors with credit tenants refinances at attractive bank and life co terms, 5- and 10-year fixed structures at 55% to 65% LTV with 1.35x+ DSCR.
Agency multifamily in stabilized submarkets is quoted to Freddie Mac Conventional Small or Fannie/Freddie conventional, depending on loan size. Proceeds follow the LTV, DSCR, and debt-yield tests. New Small Balance Loan applications ended April 30, 2026.
Where are Memphis workouts and re-trades clustering?
Class B/C value-add multifamily in low-growth submarkets where 2020 to 2022 rent growth assumptions did not materialize. These deals refinance with smaller proceeds, take mezz, or sell to sponsors with operational expertise in the workforce-housing segment.
Older office floors in CBD with limited tenant demand. Bank loans extending; CMBS uncommon in this slice.
What is the Memphis 12-month outlook?
12-month outlook: industrial appetite remains strong because of the air cargo hub anchor and rail-hub geography. Multifamily refi market is healthy. Office activity will remain quiet outside of trophy product.
Frequently asked questions
Is Memphis a primary or secondary CRE market?
Secondary by total transaction volume but primary in industrial logistics: the air cargo hub and Class I rail interchange give the metro institutional depth in industrial that exceeds many larger metros.
Are Memphis insurance premiums rising as fast as Houston's?
Less so. Memphis is an inland metro with lower hurricane-wind exposure. Tornado and convective storm risk is real and priced into insurance, but the recent renewal-cycle increases have been more moderate than Gulf Coast metros.
Sources
- Commercial/Multifamily Mortgage Maturities Outlook · Mortgage Bankers Association · 2026-02
- Financial Stability Report · Board of Governors of the Federal Reserve System · 2025-11
- Current Employment Statistics: State & Metro Employment · U.S. Bureau of Labor Statistics · monthly
- Regional GDP and Personal Income · U.S. Bureau of Economic Analysis · 2025-Q4