The performance of securitized commercial real estate loans had a nice improvement last month that was led by healthcare property loans.
As of Nov. 30, delinquency of at least 30 days on loans included in commercial mortgage-backed securities stood at 3.41 percent.
Morningstar Credit Ratings reported the performance data based on the $795 billion in CMBS it rated as of the end of last month.
“The wave of maturing loans continues to drop, indicating that most loans written as the market approached its peak in 2007-08 are successfully refinancing amid the low interest-rate environment,” the report stated. “Of the $12.0 billion in loans due for repayment in October and November, $10.51 billion paid in full.”
Helping to drive down the 30-day rate on CRE loans were securitized healthcare property loans, with delinquency plummeting 83 BPS from October to 2.45 percent.
The rate on hotel CMBS loans dropped 32 BPS to 2.55 percent as of November.
A 25-basis-point decline from October left the 30-day rate on industrial property loans at 5.28 percent.
Retail property loan delinquency fell 14 BPS to 5.18 percent as of last month.
On securitized multifamily loans, the 30-day rate receded six BPS from the end of October to 1.74 percent.
The only category to see deterioration was securitized office property loans, with the rate of one-month delinquency inching up two BPS to 5.27 percent as of the most-recent date.