Interest rate cuts are offering some relief to commercial real estate owners, but it’s too late for many struggling with high debt. Developers like Daniel Moceri, who lost his Chicago office tower after interest rates soared, are prime examples of those who borrowed heavily during low-rate periods only to face rising rates and falling property values post-pandemic. While falling rates might help some investors hold on, many, like apartment owner Tides Equities, are losing properties to foreclosure. Hotel owners, such as Ashford Hospitality, also struggle, as their debt now exceeds property value despite falling rates.