how is current market pressure going to impact commercial real estate?

We're seeing a ton of Borrowers coming into to refinance their debt. With rates so low, it's almost a no-brainer considering the savings in D/S can offset the cost of defeasance/yield maintenance in 1-3 years. That being said, that's been the perspective of the real estate capital markets for the last 24 months, not necessarily current to today's market conditions considering the recent volatility risk from macro events: socialist political election risk, Coronavirus, FED injecting money into the economy and saying its not QE, etc -- the list goes on.

To answer your point tho, as long as the Treasury isn't negative we're still seeing deals closing today. Some Lenders have started to re-trade on Credit Spread or Proceeds (due to stricter underwriting requirements by Fitch), but we're still seeing deals happen. We've been fighting for lower floors in almost every deal we're signing up, but Lenders seem unwavering in having fixed floors above current treasury's which sucks, but is partially understandable. Even if the stock market falls apart, as long as the underlying real estate remains the same there's no reason real estate capital markets should fall apart too. Additionally, even with a socialist president, many financial institutions have come out and said REITs should be affected the least, which I think puts a lot of RE investors at ease, if only slightly.