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CMBS Special Servicing Rate Continues to Decline
The Trepp CMBS Special Servicing Rate fell 42 basis points in March to 5.66%. Six months ago, the Trepp special servicing rate was 7.48%, and 12 months ago the Trepp Special Servicing Rate was 9.42%.
The largest cures in March continued to be concentrated in the lodging and retail sectors. The lodging rate fell 100 basis points to 10.88%, while the retail rate fell dropped 102 bps to 10.90%.
The percentage of the loans on the servicer watchlist fell 37 bps to 25.52%. This is the sixth consecutive monthly decline, according to Trepp.
Approximately $668.3 million in CMBS debt was transferred to a special servicer in March. The new transfers were comprised largely of loans backing retail properties, which equated to 69% of the newly transferred balance. The largest newly transferred loan was the $237.2-million Walden Galleria loan (JPMCC 2012-WLD) backing a regional shopping center in suburban Buffalo, NY (pictured).
Photo by Flickr user Cathy Smith.
- ◦Financing
