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

Hotels Hurt CMBS Delinquency

CMBS 30-day rate up 8 BPS in March

April 3, 2013

By Mortgage Daily staff

A big increase last month in delinquency on hotel loans helped push the rate higher on all securitized commercial real estate loans. But the increase wasn't as bad as the numbers suggest.

Thirty-day delinquency on loans included in commercial mortgage-backed securities was 9.50 percent in March.

That worked out to around $52.1 billion in delinquent CMBS loans.

CMBS late payments deteriorated from the previous month, when delinquency of at least 30 days was 9.42 percent.

But the rate has improved from March 2012, when 30-day CMBS delinquency stood at 9.68 percent, according to Trepp LLC.

The latest statistics reflected around an $0.1 billion drop in loan resolutions from February and $2.8 billion in newly delinquent loans.

Behind last month's deteriorating performance were lodging loans, with the delinquency rate on hotel loans surging 174 basis points from February to 11.82 percent.

"A close examination of the data reveals that the weakening experienced in March is not nearly as worrisome as it seems," Trepp Senior Managing Director Manus Clancy explained in the report. "The jump in the rate was caused primarily by a reversal of status of a number of floating rate hotel loans."

The report indicated that many large hotel loans cured in February by being categorized as performing matured balloons were re-classified in March as non-performing matured balloons.

CMBS loans secured by retail properties also hurt March's numbers, with the retail delinquency rate rising to 7.91 percent from the previous month's 7.79 percent. Still, the retail rate was lower than any other category in the latest report.

A 3-basis-point decline left the rate of past-due payments on office property loans at 10.60 percent.

The late payment rate on industrial property loans was off 7 BPS to 11.72 percent in March.

Delinquency on multifamily loans fell more than any other category: 54 BPS. That put the multifamily rate at 12.73 percent last month -- still higher than any other category.

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