Magazine article Mortgage Banking

CMBS Delinquency Rate Grows

Magazine article Mortgage Banking

CMBS Delinquency Rate Grows

Article excerpt

The commercial mortgage-backed securities (CMBS) delinquency rate moved noticeably higher in June, reported Trepp LLC, New York.

"The rate was pushed up by loans that reached their maturity date but were not paid off," said Trepp Research Analyst Sean Barrie, noting that June represented the fourth straight month the rate crept higher following two large decreases in January and February.

The delinquency rate for U.S. commercial real estate loans in CMBS grew 25 basis points from May to 4.60 percent, Barrie said.

More than $2 billion in loans became newly delinquent in June--the highest monthly total in nearly a year, Trepp reported.

Barrie said the largest CMBS loans that became delinquent in June include:

* Skyline Portfolio's $140 million A note, which is backed by eight class-A office buildings in Falls Church, Virginia, near Washington, D.C., that total 2.5 million square feet.

* A $121.5 million note collateralized by Two Gateway, a 782,800-square-foot Newark, New Jersey, office property.

* A $101.5 million note backed by 573,370 square feet of retail space in Sioux City, Iowa's Southern Hills Mall. …

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