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CMBS Special Servicing Rate Improves for 10th Consecutive Month, but Watchlist Grows

Trepp’s CMBS special servicing rate dropped for the 10th consecutive month in July, coming in at 8.14%, a 10-basis-point decline from June. The firm’s Maximilian Nelson notes that although the drop indicates continued signs of recovery, it’s the smallest decrease since January, when the rate fell nine bps. 

At the property-type level, lodging and retail saw the most noteworthy changes, although at different ends of the spectrum.  According to July remittance data, the percentage of lodging loans in special servicing was 17.95%, a 72-bp decline from June. 

Conversely, retail saw a rise in the number of loans with the special servicer. Despite the economic re-opening in the summer months, 14.66% of retail loans were in special servicing in July – a 23-bp increase month-over-month. 

While specially serviced loans declined in July, the percentage of loans on servicer watchlist rose for the seventh consecutive month, inching up eight bps to 27.56%. 


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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