Bloomberg reported that concerns about the property market are pervading the banking system with little clarity on when the pressures may ease up as deposit-taking institutions prepare to contend with a wall of maturing property debt this year that’s estimated at $441 billion. High borrowing costs have walloped real estate valuations, and the uncertainty over when the Federal Reserve may cut rates has exacerbated the challenges. “Things are starting to break a little bit in real estate,” said Josh Zegen, co-founder of lender Madison Realty Capital. “It’ll happen more and more through this year, but you’re starting to see more of that crack.”

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