Building exterior in Lower Manhattan

NEW YORK CITY—The once-ballyhooed, and dreaded, wall of CMBS maturities is continuing to crumble with less incident than originally expected. S&P Global Ratings said Friday that payoff rates were up in July, and August may continue in the same vein.

July payoffs reached 71% of maturities, starting the third quarter higher than the year-to-date average of 70.7% for the first six months, according to S&P. The month's payoff rate was second in 2017 only to the 74.8% reached in January.

Thus far this year, about 6,041 loans with an original balance of $87.5 billion have either been prepaid or paid off at maturity, S&P says. Of this, $73.8 billion came from loans that were scheduled to mature through July.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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