Commercial property values have fallen 42% from their peak in 2007 and there are roughly $1 trillion in underwater commercial real estate (CRE) loans maturing the next few years that could be difficult to refinance, according to a new report from Trepp.

Of the $1 trillion in loans maturing between this year and 2015, $270 billion are under water by 10% to 20%, with another $250 billion under water by more than 20%.

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