NEW YORK CITY—Thanks to resolutions from a single 2007-vintage deal, JPMCC 2007-LDP10, US CMBS delinquencies in May fell to a level not seen since December 2009, Fitch Ratings said Monday. The rate of Fitch-rated late pays inched down 16 basis points from the previous month to 4.97%, the first time it has dipped below 5% in more than four years.
The largest resolutions in May by loan balance included two from JPMCC 2007-LDP10: the $103.5-million Long Island Marriott and Conference Center, which was resolved with a 40% loss; and the $55-million Overland Park Trade Center, resolved with a 67% loss. Other large resolutions included the $89.4-million Gateway I, from MSCI 2007-IQ13; and the $73.6- million Islandia Shopping Center, from LBUBS 2007-C6, both of which were brought current.
It was another '07-vintage JPMorgan Chase CMBS loan that figured in May's largest new delinquency, the $60-million Clark Tower loan, securitized under JPMCC 2007-CIBC20. However, Fitch notes that the loan has been in special servicing since last September.
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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.
