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CMBS Maturities Hit Highest Reading Since ‘08

NEW YORK CITY-According to new February ‘12 data from Trepp, a big part of the surge was due to one class of 2007 loans paying off, notably, the $500 million loan on the Solow Building at 9 West 57th Street.

By Jacqueline Hlavenka | Updated on March 12, 2012

NEW YORK CITY-The percentage of commercial mortgage-backed securities paying off has jumped sharply during the month of February, posting their second highest reading since December 2008, according to new data from Trepp LLC. CMBS loans maturing at their balloon date hit 61.6% during the month, an increase of nearly 21 points since January.

“This was a huge jump,” Thomas Fink, senior vice president and managing director at Trepp, tells GlobeSt.com. He says the payoff level in January was only 40%, a figure well-below the monthly average. “It was a big jump up, and obviously we’d love to see it happen again, but it remains to be seen whether it works out that way.”

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