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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 Lead Improvement in CMBS Delinquency

CMBS 30-day delinquency down 17 BPS in July

Aug. 1, 2013

By Mortgage Daily staff

Delinquency on securitized commercial real estate loans, which had already reached a nearly three-year low, fell even further. Loans secured by office properties had the greatest improvement, though apartment loans weren't far behind.

The rate of 30-day delinquency on loans funded through the issuance of commercial mortgage-backed securities was 8.48 percent in July.

CMBS delinquency, which improved by 17 basis points from June, sits at the lowest level since September 2010.

The 30-day rate on securitized CRE loans has fallen 186 BPS from July 2012.

Trepp LLC, which reported the performance data based on transactions it rates, attributed the improving delinquency rate to high levels of CMBS loan resolutions.

The report indicated that $2.05 billion in loans were resolved in July, while $1.08 billion in loans were cured. However, $2.39 billion in loans became newly delinquent.

Leading last month's decline were loans secured by office properties, with the 30-day rate retreating 46 BPS from June to 9.51 percent.

Multifamily delinquency was 11.27 percent in July, down 42 BPS from the previous month.

A six-basis-point decline from a month earlier left the 30-day rate on retail property loans at 7.02 percent.

Delinquency on lodging loans rose 4 BPS in July to 9.47 percent.

At 11.80 percent, industrial property loan delinquency was 8 BPS worse than in June.

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