$186.4m of Phoenix-area CMBS debt matures in the next 12 months, none of it distressed on the latest remittance
For CRE lenders, debt brokers and special-situations investors in Phoenix who need the maturing CMBS debt on the metro's buildings and how much of it is already in trouble.
Published · Data to , the newest remittance of each trust, dated 8 September to 13 October 2026 · DFX Intelligence
As of 28 October 2026, 21 CMBS loan notes with $186.4m of scheduled balance, secured by buildings in the Phoenix-Mesa-Chandler, AZ metro, reach their stated maturity by 28 October 2027. None of them was distressed (not current or with a special servicer) on its trust's latest remittance, against 17.0% of the balance nationally. This covers SEC-registered securitized (CMBS) loans only, not privately placed CMBS or bank, insurer or debt fund loans.
| Metro | Rank by balance | Notes | Balance | Distressed balance | Distressed share |
|---|---|---|---|---|---|
| Milwaukee-Waukesha, WI | 28 | 9 | $213.6m | fewer than 3 distressed notes | not shown |
| St. Louis, MO-IL | 29 | 15 | $188.3m | $45.0m | 23.9% |
| Phoenix-Mesa-Chandler, AZ | 30 | 21 | $186.4m | $0 | 0.0% |
| Minneapolis-St. Paul-Bloomington, MN-WI | 31 | 11 | $185.3m | $0 | 0.0% |
| Birmingham, AL | 32 | 6 | $180.0m | $0 | 0.0% |
What the data shows
- As of 28 October 2026, 21 CMBS loan notes with $186.4m of scheduled balance, secured by buildings in the Phoenix-Mesa-Chandler, AZ metro, reach their stated maturity by 28 October 2027. None of them was distressed (not current or with a special servicer) on its trust's latest remittance, against 17.0% of the balance nationally.
- By maturing balance the metro ranks 30 of the 96 metros with 3 or more maturing notes, and holds 0.6% of the $30.3bn maturing nationally.
- 9 of the notes ($66.8m) mature within six months, 3 ($16.7m) within three.
- All of them are in Maricopa County, AZ.
When the Phoenix metro's CMBS notes mature
| Stated maturity | Notes | Balance | Distressed balance | Distressed share |
|---|---|---|---|---|
| Within 3 months (to 28 January 2027) | 3 | $16.7m | $0 | 0.0% |
| Within 6 months (to 28 April 2027) | 9 | $66.8m | $0 | 0.0% |
| Within 12 months (to 28 October 2027) | 21 | $186.4m | $0 | 0.0% |
Phoenix metro CMBS maturities by county, next 12 months
| County | Notes | Balance | Distressed balance | Distressed share |
|---|---|---|---|---|
| Maricopa County, AZ | 21 | $186.4m | $0 | 0.0% |
- Metros are by property location: the 2023 OMB metropolitan statistical area of the county the servicer reports for the property, or of its ZIP code where the county is blank. A portfolio loan sits in the county of its first reported property. Neither the borrower's nor the lender's location is used.
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What we infer
Interpretation, not observation: read it as our reading of the figures above.
- A maturing loan that is already delinquent or with a special servicer is the case most likely to need an extension, a modification or a sale rather than a clean refinance. The data shows status at the latest remittance, not how each loan will resolve.
Methodology
- Each CMBS trust's newest monthly ABS-EE asset data file is read; a trust whose newest file is more than 100 days older than the newest one read is left out as no longer reporting, and a file dated to a period that has not ended is skipped. This is the CMBS Distress Board's population.
- Maturity is the maturity date the servicer reports on that file, which reflects any recorded modification or extension. Balance is the trust's scheduled ending balance for its own note, so a whole loan split across several trusts is counted once per trust at that trust's share; nationally, the 1,684 notes correspond to about 1,397 distinct properties and maturity dates.
- Not current is a reported payment status other than current or performing matured balloon. In special servicing is a transfer date with no later return to the master servicer. A fully defeased note (defeasance status code F, full defeasance) is excluded; a partially defeased note is kept. A note with a $0 balance is not counted.
- Metro is the 2023 OMB metropolitan statistical area of the property's county, taken from the county the servicer reports or, where it is blank, from the ZIP code. Nationally, 88.5% of the maturing balance is placed in a metro with at least three maturing notes.
The trusts' monthly asset data files are filed on SEC EDGAR as form type ABS-EE: EDGAR's ABS-EE filing index.
Limitations
- CMBS only. Bank, credit union, life insurer, debt fund and agency multifamily loans are not in this count; recorded mortgages in county land records carry no maturity date and are not yet read.
- Nationally, 33 of the 1,684 notes report no payment status on the latest file; they are counted as not distressed, which is not the same as current: their status is not reported.
- A portfolio loan is placed in the county of its first reported property. Nationally, 73 maturing notes ($1.19 billion) report no state and are in the national total only.
- Status is as of each trust's latest remittance, dated 8 September to 13 October 2026. Nationally, of the 1,684 maturing notes, 881 last reported in September and 803 in October. Unexercised extension options are not applied: a note counts at the maturity date its servicer currently reports.
- Note counts are trust notes, so a loan split across trusts counts once per trust. Rule 144A (privately placed) CMBS do not file loan tapes with the SEC and are not counted.
- Nationally, one $60 million loan (JPMDB 2017-C7) is coded partially defeased on its tape and is counted as building-secured; six of its fourteen properties have been defeased.
Related data
Sources and provenance
- SEC EDGAR: Form ABS-EE asset data files (Exhibit 102) of 377 SEC-registered CMBS trusts, reporting periods 8 September 2026 to 13 October 2026
- U.S. Census Bureau: OMB July 2023 CBSA delineation and 2020 ZCTA to county relationship file
Figures from a query of DFX's published data tables run on . The sources and their rights are listed on the sources page.
Cite this finding
Published under CC BY 4.0. Cite it as:
Source: DFX Intelligence, CMBS Maturity & Distress Monitor, 28 October 2026
DFX Intelligence. "$186.4m of Phoenix-area CMBS debt matures in the next 12 months, none of it distressed on the latest remittance." Published 4 November 2026. https://dfxintel.com/research/cmbs-maturities-next-12-months-phoenix-2026-10