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CMBS Special Servicing Posts Modest Uptick in November
The Trepp CMBS Special Servicing Rate increased by four basis points in November, rising to 6.84%, the analytics firm reported. After marking its first decrease of the year in October, the rate followed up with a modest uptick last month.
By property type, properties marked “other” saw the greatest increase, rising 118 bps in November. Earlier, the rate was quite steady for most of the year before falling 140 bps in October.
In November, the largest loan to transfer to the special servicer was the $670-million 230 Park Ave. office loan in Midtown Manhattan. In total, there was $2.24 billion worth of new transfers.
In keeping with the sector’s recent performance, office dominated this balance, its $1.28 billion accounting for 57% of the month’s total. Not surprisingly, the office special serving rate rose during November, climbing 32 bps to 8.87%, according to Trepp.
- ◦Financing
