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Stories about commercial lending on multifamily, office, retail and industrial properties.

CMBS Defaults Down Despite Deterioration in Industrial, Office

9.60% CMBS delinquency in May

June 1, 2011

By staff

Delinquency on loans included in commercial mortgage-backed securities improved last month despite an increase on loans backed by industrial and office properties.

The 30-day delinquency rate on securitized commercial mortgages was 9.60 percent during May, Trepp LLC reported Wednesday. Delinquent loans amounted to $61.5 billion.

The New York-based firm is an information provider for CMBS and commercial mortgages.

A month earlier, CMBS defaults were 9.65 percent.

"Although small, the decline is actually the biggest rate drop for U.S. commercial real estate loans in CMBS in about two years, setting aside October 2010 when the Extended Stay Hotels loan was resolved," Trepp said.

But compared to a year earlier, the rate was up 23 basis points, the "biggest rate of increase since late 2010," Trepp Managing Director Manus Clancy said in the news release.

"The increase took many CMBS pros by surprise as it came after three consecutive months of improving results," Clancy explained. "While there may be additional bumps along the way, we think the May numbers accurately reflect a leveling off in the market."

The report indicated that securitized industrial mortgages saw a 120-basis-point deterioration, leaving industrial delinquency at nearly 12 percent. Office delinquency was up 3 BPS to 7.23 percent -- the lowest rate of any CMBS property type.

Delinquencies on all other major property types declined for in May.

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