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CMBS Delinquencies Increase for First Time Since Mid-2020
Two contradictory views of CMBS performance during December 2021 came from Trepp and Fitch Ratings late last week. Trepp said the 60-day delinquency rate increased for the first time in 17 months, while Fitch-rated CMBS saw a nine-basis-point decline in delinquencies to 2.67%. However, both Fitch and Trepp reported increases in 30-day delinquencies for the month.
Trepp attributed December’s 19-bp increase mainly to several large office delinquencies. The office sector also produced the largest 30-day delinquency as rated by Fitch: the $1.2-billion loan backing 245 Park Ave. in Midtown Manhattan (pictured).
The percentage of loans with the special servicer fell to 6.75% in December from 6.94% in November, according to Trepp. For lodging loans, 13.72% were with the special servicer, representing a decline of 132 bps in December. For retail loans, 12.73% were in that category, a drop of 32 bps last month.
- ◦Financing
