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The CMBS Maturity Wall Is Scaling Down

NEW YORK CITY—However, Trepp's Manus Clancy says that many of the CMBS loans coming due will face the challenge of being over-leveraged.

By Paul Bubny | paulbubny | Updated on December 13, 2016

Manus Clancy of Trepp Clancy sees encouragement in the “relatively gentle” uptick in CMBS delinquencies recently.Clancy

NEW YORK CITY—Although Fitch Ratings and Trepp LLC both have reported upticks in the delinquency rate for CMBS, both organizations also have some good, if tempered, news to impart about securitized commercial mortgages. Trepp says that substantial progress has been made in scaling the “wall of maturities” down to size, while Fitch cites generally strong property cash flows for so-called CMBS 2.0 deals.

From the beginning of 2015 through the third quarter of this year, almost $190 billion in US CMBS loans have been paid off or liquidated, says Trepp. The tally represents a sizable portion of the $300-billion wall of maturities, comprised of CMBS loans with final payment dates between ’15 and 2018.

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