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CMBS Disposition Activity Trails Off in September
CMBS disposition activity dropped off in September with approximately $389.77 million across 14 loans resolved with more than $229.23 million in losses, Trepp reported. Overall average loss severity for the month was 58.81%. That compares with the August tally of approximately $781.5 million across 72 loans that were resolved with more than $639.6 million in losses.
Trepp reported that of the $389.77 million in loans that resolved with a loss, $246.77 million belonged to two loans backing office properties. The 12-month average disposition balance rose to $340.43 million, while the 12-month moving average loss severity rose slightly to 66.71%.
The largest of the office loans that resolved with a loss was the $165.64-million CA Headquarters loan, backed by a 778,370-square-foot office built in 1991 and located at One Computer Associates Plaza in Islandia, NY. The property was entirely occupied by CA Technologies under a lease that ended in August.
Rounding out the top five were an $81.1-million piece of an office loan on a Fairfax, VA property; the disposition of five former Art Van Furniture stores that were auctioned off; a loan on a Murrieta, CA shopping center; and a loan on a Butler, PA Fairfield Inn property.
- ◦Sale/Acquisition
