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National  + Finance  |  November 15, 2019
Paul Bubny
By: Paul Bubny

CMBS Special Servicing Rate Continues to Fall

The rate of CMBS loans in special servicing declined by 10 basis points to 3% in October, Trepp said Thursday. The decline continues the trend of falling special servicing rates over recent months.

This rate varies widely depending on whether the CMBS in question is 1.0 or 2.0. For pre-2008 legacy loans, the special servicing rate ticked upward by three bps to 47.8% last month, according to Trepp. For the post-2008 2.0 CMBS issues, October’s special servicing rate was a comparatively tiny 1.26%—although that’s up 16 bps from a year ago.

Trepp said the number of loans newly transferred to special servicing declined once again in October, when the total was 12 loans. Together, these loans hold an outstanding balance of $119.8 million. Retail and office loans accounted for 72% of the total outstanding balance of the newly specially serviced loans.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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