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

7 Straight Months of CMBS Delinquency Improvement

30-day CMBS rate down 23 BPS in December

Jan. 7, 2014

By Mortgage Daily staff

With a little help from office, multifamily and retail property loans, the rate of past-due payments on securitized commercial real estate loans moved lower for the seventh consecutive month.

On loans that are included in commercial mortgage-backed securities, delinquency of at least 30 days was 7.43 percent in December.

Performance improved from a month earlier, when the CMBS 30-day rate was 7.66 percent.

The month-over month decline was the seventh in a row, according to the report from Trepp LLC.

Historical numbers indicate that CMBS delinquency has plummeted since December 2012, when the rate was 9.71 percent.

Trepp Senior Managing Director Manus Clancy said in the report that despite 2013's speed bumps like concerns about rising interest rates, quantitative easing tapering and overseas events, "CMBS new issuance was terrific, CMBS delinquency rates continued to plunge, and commercial real estate values remained firm. The results should give investors a lot of confidence going into 2014."

Last month's activity reflected approximately $1.3 billion in delinquent loans that were resolved with losses and $1.6 billion in CMBS loans that cured.

Resolutions and cures, however, were partially offset by $1.6 billion in newly delinquent loans.

"The majority of the $3 billion of distressed assets and additional note sales by special servicer CWCapital did not resolve in time for the December payment cycle," the report said. "As a result, we should see significant decreases in the rate in early 2014."

Providing the most support for the lower delinquency rate in December were securitized office loans, with the 90-day rate tumbling 33 basis points from November to 8.13 percent.

A 28-basis-point drop in delinquency on multifamily loans left the 90-day rate at 10.86 percent last month.

Retail property delinquency was 6.06 percent, 26 BPS better than in the prior month.

Delinquency on industrial property loans inched up 2 BPS to 10.46 percent in December.

At 7.91 percent, the 90-day rate on lodging loans was up 19 BPS from November -- the worst month-over-month change for any category.

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