A wave of maturing securitized commercial real estate loans continued to take a toll on performance. Office delinquency deteriorated most.
As of the close of 2016, the rate of 30-day delinquency on loans included in commercial mortgage-backed securities was 5.23 percent.
That put the past-due rate on securitized CRE loans at the highest level it’s been since October 2015, when the rate was also 5.23 percent.
The performance metrics were reported Tuesday by Trepp LLC.
CMBS delinquency was 5.03 percent in November 2016. The month-over-month deterioration marked nine out of the past 10 months that the rate has risen.
In December 2015, 30-day CMBS delinquency was
5.17 percent.
Trepp noted, “The rate has steadily climbed as loans from 2006 and 2007 have reached their maturity dates and have not been paid off via refinancing.”
The 30-day rate on securitized office building loans was 7.13 percent as of Dec. 31, 2016, soaring from a month earlier by 56
basis points — the biggest increase of any property type.
A 22-basis-point increase from November
on multifamily CMBS loans left the rate at 2.72 percent.
At 6.37 percent as of year-end 2016, retail CMBS loan delinquency was up 19 BPS.
A 6-basis-point decline from November left the 30-day rate at 5.62 for securitized industrial property loans and 3.57 percent on securitized lodging loans.
