Your Trusted Houston Commercial Real Estate Brokerage

Viking Enterprise LLC is part of eXp Commercial, an agent-led, cloud-based commercial real estate brokerage with agents across the globe.

Your Trusted Katy / Fulshear & Houston Commercial Real Estate Brokerage

Viking Enterprise LLC is part of eXp Commercial, an agent-led, cloud-based commercial real estate brokerage with agents across the globe.

Looking to invest, buy, sell or lease? We can help.

Looking to invest, buy, sell or lease? We can help.

OUR FEATURED TENANTS & CLIENTS

eXp Commercial - Viking Enterprise Team's real estate network provides unparalleled commercial real estate services to Tenants and Landlords around the Katy- Houston area. Our knowledge, experience, and reputation sets us apart from many firms.


A commercial property owner might have various plans that would necessitate the services of a commercial real estate broker. Some of the common scenarios include:

1. Selling the Property: If the owner decides it’s time to sell the property, a commercial real estate broker can help determine the market value, market the property effectively, and negotiate with potential buyers to get the best possible price.

2. Leasing Space: For property owners looking to lease out part or all of their commercial space, a broker can help find suitable tenants, negotiate lease terms, and ensure the lease agreements meet all legal requirements and serve the owner’s best interests.

3. Acquiring More Properties: Owners looking to expand their portfolio would benefit from a broker's knowledge of the market, access to listings, and negotiation skills to secure additional properties at favorable terms.

4. Property Management: While not all brokers offer this service, some commercial real estate brokers or their affiliates offer property management services. This can be particularly appealing for owners who prefer a hands-off approach or are managing properties from a distance.

5. Market Analysis: Owners considering future developments, renovations, or rebranding of their property might engage a broker for a comprehensive market analysis. This helps in understanding current market trends, the demand for different types of spaces, and potential returns on investment for various strategies.

6. Refinancing: In situations where a property owner is looking to refinance their property, a commercial real estate broker can provide valuable insights into the property’s current market value, assist in gathering necessary documentation, and even help in finding the best financing options.

7. Partnership or Investment Opportunities: Owners interested in exploring partnerships, joint ventures, or seeking investors for expansion or development projects might use a broker to find and vet potential partners or investors.

8. Consulting on Zoning and Use Changes: When contemplating a change in the use of the property or dealing with zoning issues, a broker with experience in local regulations and the specific property type can provide guidance and strategic planning assistance.

9. Exit Strategy Planning: For owners looking to plan an exit strategy from their investment, whether it’s through a strategic sale or a gradual winding down of operations, brokers can provide market insights, timing advice, and valuation services to optimize the exit process.

In any of these scenarios, the expertise and services provided by a commercial real estate broker can save the property owner time and money, while also providing access to a wider network of potential buyers, tenants, and industry professionals. Give us a call today!

Reviews

🏢 CRE's $384B Loan Extensions: Delaying the Inevitable? 🔄

💰 Extend-and-Pretend: CRE's $384B Debt Dilemma Unfolds 📉

March 26, 2025•2 min read

🏢 CRE's $384B Loan Extensions: Delaying the Inevitable? 🔄​

💰 Extend-and-Pretend: CRE's $384B Debt Dilemma Unfolds 📉​

In commercial real estate, timing is everything—and right now, time is exactly what lenders are buying.

A new report from Colliers reveals that a record $384 billion in commercial real estate (CRE) loans have been extended into 2025, up a staggering 42% from last year’s $270 billion. That means nearly 40% of all CRE debt maturing this year—roughly $957 billion—is being delayed, rather than resolved.

What’s behind this trend? A familiar strategy: extend-and-pretend.


⏳ What Is "Extend-and-Pretend"?

"Extend-and-pretend" is the practice of granting short-term loan extensions instead of tackling tough financial truths—like refinancing at today’s higher interest rates or facing a foreclosure.

According to Aaron Jodka, Director of Research at Colliers, “We are not done with extend-and-pretend.”

Rather than forcing borrowers into default, lenders are buying time, hoping the market improves—or at least that rates soften before write-downs become inevitable.


📊 Which CRE Sectors Are Most Affected?

Here’s how it breaks down by asset class:

🏘️ Multifamily:

📌 $97 billion in extensions
📌 Roughly ⅓ of all multifamily debt maturing in 2025

🏭 Industrial:

📌 55% of 2025 maturities were pushed forward from previous years—the highest proportion across all sectors

🏢 Office:

📌 $85 billion in extensions
📌 Roughly 45% of the $187B in loans due in 2025

➡️ Lenders are clearly reluctant to give up on sectors like office and multifamily, even when the math isn’t working—yet.


🗽 Real-World Example: Manhattan's 150 E. 42nd St.

Take Manhattan’s 150 E. 42nd Street as a prime case study.

A $525 million CMBS loan tied to the property was recently granted a three-year extension. The economics might not support a full payoff right now, but the long-term bet? Still worth waiting for.

This is extend-and-pretend in action.


🔮 What Comes Next?

While loan modifications hit $35.5 billion this year—mostly due to rising defaults—the extend-and-pretend trend has kept widespread foreclosures at bay… for now.

But with another $663 billion in CRE debt maturing in 2026, we’re not out of the woods yet. Jodka likens it to a never-ending carousel ride: 🎠 “Record-setting maturities, year after year.”


💡 The Bottom Line

Extend-and-pretend is a double-edged sword: it keeps markets afloat today but kicks the can down the road for tomorrow.

For CRE investors, lenders, and developers, this means:

  • 📉 Price discovery remains slow

  • 💸 Capital remains cautious

  • 🧠 Strategy and timing are everything

In this climate, knowing where and when to act is more critical than ever.

If you’re navigating this shifting market and want guidance on smart moves in 2025, let’s connect.


https://www.houstonrealestatebrokerage.com/

https://www.houstonrealestatebrokerage.com/houston-cre-navigator

https://www.commercialexchange.com/agent/653bf5593e3a3e1dcec275a6

http://expressoffers.com/?AgentEmail=Bill.Rapp@expcommercial.com

https://app.bullpenre.com/profile/1742476177701x437444415125976000


Š 2023-2024 Bill Rapp, Broker Associate, eXp Commercial Viking Enterprise Team

office property loan maturitiesLoan modifications in commercial real estateMultifamily property loan extensionscre debt maturities 2025Extend-and-pretend strategy Commercial real estate loan extensions
blog author image

Bill Rapp, CRE Broker

I am a Houston commercial broker, with residential experience, as well as a lending background. I have been in the real estate industry for 14 years and counting, and I have worked in many roles within the industry and each has given me a unique perspective of the industry as a whole. My dedication to clients is rooted in this industry knowledge, but also includes my desire to go the extra mile in networking to source off market opportunities for my clients. Me and my team at eXp Commercial have a cutting-edge technology package that gets the widest exposure for each transaction. eXp Commercial offers a nationwide network through which we can deliver the best exposure and professional advice to achieve our clients’ goals while also minimizing their risk. Clients appreciate my methodical method of discovery in our initial consultation. Through which we can get to know each other and their specific’s business’s needs and objectives on a granular level. Our processes help navigate each transaction and its potential pitfalls through to a successful outcome for our clients. It is my stated goal to provide our clients with extensive market analysis and expertise that fosters innovative solutions and rewarding commercial real estate opportunities.

Back to Blog

eXp Commercial - Viking Enterprise team real estate network provides unparalleled commercial real estate services to Tenants and Landlords around the greater Katy & Houston MSA area. Our knowledge, experience, and reputation sets us apart from many firms.

A commercial property owner might have various plans that would necessitate the services of a commercial real estate broker. Some of the common scenarios include:

1. Selling the Property: If the owner decides it’s time to sell the property, a commercial real estate broker can help determine the market value, market the property effectively, and negotiate with potential buyers to get the best possible price.

2. Leasing Space: For property owners looking to lease out part or all of their commercial space, a broker can help find suitable tenants, negotiate lease terms, and ensure the lease agreements meet all legal requirements and serve the owner’s best interests.

3. Acquiring More Properties: Owners looking to expand their portfolio would benefit from a broker's knowledge of the market, access to listings, and negotiation skills to secure additional properties at favorable terms.

4. Property Management: While not all brokers offer this service, some commercial real estate brokers or their affiliates offer property management services. This can be particularly appealing for owners who prefer a hands-off approach or are managing properties from a distance.

5. Market Analysis: Owners considering future developments, renovations, or rebranding of their property might engage a broker for a comprehensive market analysis. This helps in understanding current market trends, the demand for different types of spaces, and potential returns on investment for various strategies.

6. Refinancing: In situations where a property owner is looking to refinance their property, a commercial real estate broker can provide valuable insights into the property’s current market value, assist in gathering necessary documentation, and even help in finding the best financing options.

7. Partnership or Investment Opportunities: Owners interested in exploring partnerships, joint ventures, or seeking investors for expansion or development projects might use a broker to find and vet potential partners or investors.

8. Consulting on Zoning and Use Changes: When contemplating a change in the use of the property or dealing with zoning issues, a broker with experience in local regulations and the specific property type can provide guidance and strategic planning assistance.

9. Exit Strategy Planning: For owners looking to plan an exit strategy from their investment, whether it’s through a strategic sale or a gradual winding down of operations, brokers can provide market insights, timing advice, and valuation services to optimize the exit process.

In any of these scenarios, the expertise and services provided by a commercial real estate broker can save the property owner time and money, while also providing access to a wider network of potential buyers, tenants, and industry professionals. Give us a call today!

Find the perfect location for your business.

Let us help your business succeed.

🏢 CRE's $384B Loan Extensions: Delaying the Inevitable? 🔄

💰 Extend-and-Pretend: CRE's $384B Debt Dilemma Unfolds 📉

March 26, 2025•2 min read

🏢 CRE's $384B Loan Extensions: Delaying the Inevitable? 🔄​

💰 Extend-and-Pretend: CRE's $384B Debt Dilemma Unfolds 📉​

In commercial real estate, timing is everything—and right now, time is exactly what lenders are buying.

A new report from Colliers reveals that a record $384 billion in commercial real estate (CRE) loans have been extended into 2025, up a staggering 42% from last year’s $270 billion. That means nearly 40% of all CRE debt maturing this year—roughly $957 billion—is being delayed, rather than resolved.

What’s behind this trend? A familiar strategy: extend-and-pretend.


⏳ What Is "Extend-and-Pretend"?

"Extend-and-pretend" is the practice of granting short-term loan extensions instead of tackling tough financial truths—like refinancing at today’s higher interest rates or facing a foreclosure.

According to Aaron Jodka, Director of Research at Colliers, “We are not done with extend-and-pretend.”

Rather than forcing borrowers into default, lenders are buying time, hoping the market improves—or at least that rates soften before write-downs become inevitable.


📊 Which CRE Sectors Are Most Affected?

Here’s how it breaks down by asset class:

🏘️ Multifamily:

📌 $97 billion in extensions
📌 Roughly ⅓ of all multifamily debt maturing in 2025

🏭 Industrial:

📌 55% of 2025 maturities were pushed forward from previous years—the highest proportion across all sectors

🏢 Office:

📌 $85 billion in extensions
📌 Roughly 45% of the $187B in loans due in 2025

➡️ Lenders are clearly reluctant to give up on sectors like office and multifamily, even when the math isn’t working—yet.


🗽 Real-World Example: Manhattan's 150 E. 42nd St.

Take Manhattan’s 150 E. 42nd Street as a prime case study.

A $525 million CMBS loan tied to the property was recently granted a three-year extension. The economics might not support a full payoff right now, but the long-term bet? Still worth waiting for.

This is extend-and-pretend in action.


🔮 What Comes Next?

While loan modifications hit $35.5 billion this year—mostly due to rising defaults—the extend-and-pretend trend has kept widespread foreclosures at bay… for now.

But with another $663 billion in CRE debt maturing in 2026, we’re not out of the woods yet. Jodka likens it to a never-ending carousel ride: 🎠 “Record-setting maturities, year after year.”


💡 The Bottom Line

Extend-and-pretend is a double-edged sword: it keeps markets afloat today but kicks the can down the road for tomorrow.

For CRE investors, lenders, and developers, this means:

  • 📉 Price discovery remains slow

  • 💸 Capital remains cautious

  • 🧠 Strategy and timing are everything

In this climate, knowing where and when to act is more critical than ever.

If you’re navigating this shifting market and want guidance on smart moves in 2025, let’s connect.


https://www.houstonrealestatebrokerage.com/

https://www.houstonrealestatebrokerage.com/houston-cre-navigator

https://www.commercialexchange.com/agent/653bf5593e3a3e1dcec275a6

http://expressoffers.com/?AgentEmail=Bill.Rapp@expcommercial.com

https://app.bullpenre.com/profile/1742476177701x437444415125976000


Š 2023-2024 Bill Rapp, Broker Associate, eXp Commercial Viking Enterprise Team

office property loan maturitiesLoan modifications in commercial real estateMultifamily property loan extensionscre debt maturities 2025Extend-and-pretend strategy Commercial real estate loan extensions
blog author image

Bill Rapp, CRE Broker

I am a Houston commercial broker, with residential experience, as well as a lending background. I have been in the real estate industry for 14 years and counting, and I have worked in many roles within the industry and each has given me a unique perspective of the industry as a whole. My dedication to clients is rooted in this industry knowledge, but also includes my desire to go the extra mile in networking to source off market opportunities for my clients. Me and my team at eXp Commercial have a cutting-edge technology package that gets the widest exposure for each transaction. eXp Commercial offers a nationwide network through which we can deliver the best exposure and professional advice to achieve our clients’ goals while also minimizing their risk. Clients appreciate my methodical method of discovery in our initial consultation. Through which we can get to know each other and their specific’s business’s needs and objectives on a granular level. Our processes help navigate each transaction and its potential pitfalls through to a successful outcome for our clients. It is my stated goal to provide our clients with extensive market analysis and expertise that fosters innovative solutions and rewarding commercial real estate opportunities.

Back to Blog

Find the perfect location for your business.

Let us help your business succeed.

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27815 Astoria Brook Ln

Katy, TX 77494 USA


9600 Great Hills Trail, Suite 150w Austin, TX 78759 |
855.450.0324 xx255

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Viking Enterprise LLC #9009614

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27815 Astoria Brook Ln

Katy, TX 77494 USA

901 S Mopac Expwy, Bldg 2, Suite 350 Austin, TX 78746 | 512.474.5557Texas Real Estate Commission

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Texas RS, LLC #9003193 | RESOLUT RE Is Licensed In Louisiana #0995694083