Nashville maturities are skewed to multifamily and hospitality. Stabilized multifamily refinances cleanly through agencies; the breakage cluster is 2020 to 2022 multifamily bridge that did not stabilize as rents normalized.
What is in the Nashville 2026 maturity stack?
Nashville's CRE debt stack is dominated by multifamily, hospitality, and a growing industrial base. The metro's strong population and job growth from 2018 to 2024 supported aggressive multifamily underwriting; some of those deals are now refinancing into a market where rent growth has cooled.
Hospitality is large in Nashville per capita, limited-service and full-service hotels in downtown and along Music Row. Hospitality refi activity depends on flag, RevPAR recovery, and PIP cycle timing.
Which Nashville assets are refinancing cleanly?
Stabilized multifamily across Williamson and Rutherford counties refis cleanly through agency programs at typical 65% to 72% LTV. Class A urban product in the Gulch and Midtown is also refinancing cleanly given strong rent retention.
Industrial in the I-24 and I-65 corridors refis with bank and life co debt at competitive terms.
Where are Nashville workouts and re-trades clustering?
Value-add multifamily originated 2020 to 2022 with bridge debt assuming 5%+ rent growth that materialized at 1% to 3%. These deals are taking mezz, selling, or working out with the bridge lender on extensions.
Hospitality at certain limited-service flags where RevPAR has not fully recovered and PIP requirements are now due. Refis on these properties depend on the flag's commitment to extending the PIP timeline and the lender's willingness to underwrite to a slower stabilization curve.
What is the Nashville 12-month outlook?
12-month outlook: multifamily refi market is healthy for stabilized product. Hospitality activity is mixed, full-service downtown and trophy product is performing; limited-service in non-tourist submarkets is more challenged. Construction starts have slowed materially per Census Bureau permits, which should support rent growth on existing inventory through 2026.
Frequently asked questions
Did Nashville rent growth really slow that much?
Yes, annual effective rent growth in Nashville moved from low double digits in 2021 to roughly flat to low single digits in 2024 to 2025 per BLS metro CPI shelter components. The slowdown is most pronounced in submarkets that absorbed heavy 2022 to 2024 deliveries.
Is Nashville hospitality oversupplied?
It depends on submarket and flag. Downtown is supported by strong leisure demand; certain submarkets along the airport and limited-service tracts have absorbed a meaningful share of new keys and are operating at lower RevPAR than 2019.
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