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

Hotels Help Hold Down CMBS Delinquency

CMBS 30-day rate down 15 BPS in February

March 4, 2013

By Mortgage Daily staff

Thanks to a healthy improvement in the performance of hotel loans, monthly delinquency was lower on securitized commercial real estate loans. Loans secured by industrial properties turned in the worst performance.

Loan performance on commercial mortgage-backed securities improved in February, with the level of 30-day delinquency falling to 9.42 percent from 9.57 percent in January.

But CMBS delinquency remains higher than it was in February 2012, when the 30-day past-due rate was 9.37 percent.

The data, delivered Monday by Trepp LLC, indicated that loan resolutions fell below $1 billion from $1.2 billion in January, while newly delinquent loans were slightly lower, to $2.7 billion -- leaving the rated delinquent inventory at $51.8 billion.

February's delinquency rate got the most help from lodging loans, which saw delinquency plummet 169 basis points from January to 10.08 percent.

Also aiding the improvement were apartment loans, with multifamily delinquency declining to 13.27 percent from 13.43 percent.

No change from January was logged for retail property loans, which had a 30-day rate of 7.79 percent.

Office loans were one of two categories to deteriorate, with 30-day delinquency rising to 10.63 percent from 10.48 percent.

The other category -- and the worst performer -- was the industrial property loan category. The 30-day late payment rate shot up to 11.79 percent from 11.32 percent.

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