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Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Office Loans Push Up CMBS Delinquency

30-day rate increases 12 BPS

May 2, 2012

By MortgageDaily.com staff


Only one category of commercial real estate saw an increase in delinquency last month. But the degree of deterioration in that category was enough to hurt the overall level of delinquency on securitized commercial real estate loans.

The rate of 30-day delinquency on loans included in commercial mortgage-backed securities was 9.80 percent during April.

Late payments worsened from March, when past-due CRE loans accounted for 9.68 percent of all CMBS.

In April 2011, CMBS delinquency was 9.65 percent.

The increase in delinquency was no surprise according to Manus Clancy, a senior managing director at the firm that published the report, Trepp LLC.

"With the 2007 five-year loans reaching their maturity, we expected that many would find refinancing hard to come by," Clancy said. "The good news is that the 2007 originations were heavily weighted toward the first half of the year.

"While the next few months could be bumpy, there should be sunnier skies for the delinquency rate later in the year."

As the end of last month, $59.3 billion in CMBS loans were delinquent, growing from $58.1 billion a month earlier. The latest total reflected $3.8 billion in mortgages that became newly delinquent partially offset by $1.4 billion in loan resolutions.

The biggest impact on performance deterioration came from mortgages secured by office properties, which saw 30-day delinquency increase 82 basis points from March to 10.23 percent -- an all-time high.

All other property categories were down.

Multifamily loans had a 15.18 percent rate, the highest of any category but lower than 15.39 percent a month earlier.

Industrial property loan delinquency fell to 12.36 percent from 12.54 percent, while the rate on lodging loans declined to 10.55 percent from 10.63 percent and the retail rate dropped to 7.98 percent from 8.24 percent.

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