CMBS Disposition Volume Hits $957M in February

CMBS disposition volume, which hit a record $1.4 billion in January 2017, remained elevated in February 2017, according to information from Trepp. During February, 47 loans totaling $956.8 million were disposed, with loan average size increasing from $14.6 million in January to $20.4 million in February.

Trepp noted that office loans experienced the highest realized loss amount at $228.3 million total, with retail and lodging coming in second at $129.2 million and $85.2 million, respectively. Office loans, in fact, made up 50.1% of February’s disposition volume.

According to Trepp, the five CMBS loans that incurred the largest losses by amount included the $60.4 million B note supporting the New Haven, CT-based Connecticut Financial Center and $100 million piece of debt belonging to the James Center in Richmond, VA. UBS provided $45.5 million of financing against the Connecticut Financial Center, which allowed for a payoff of the loan.

Photo by John W. Cahill/CTBUH

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