Office properties represent the second and third largest April maturities, as well. There's the $243.5-million loan on 75 Broad St. in Lower Manhattan, where occupancy was 83% as of this past September, and the single-tenant Disney Building in Burbank, CA, which backs a –$135-million loan. Historically, says Fitch, the property has been a stable performer, but was negatively cash flowing during 2015 and 2016.

The three largest maturities this month within the Fitch-rated CMBS universe all were repaid in full, led by the $1.072-billion loan on Five Times Square in Midtown Manhattan, with the loan securitized across two '07 transactions. Heading into the second quarter, the biggest loan maturities are emanating from properties located in cities like Los Angeles, New York City and Washington, DC, according to the ratings agency.

NEW YORK CITY—The wall of CMBS maturities continues to come down, brick by brick, with 2017 fixed-rate multi-borrower maturities standing at $36 billion at the end of February, Fitch Ratings said Friday. That's off from $41 billion in Fitch-rated CMBS as of Jan. 31 and $47 billion at year-end 2016.

Not surprisingly, the overwhelming majority of loans coming due this year represent 10-year maturities; Fitch says 87%, or $31.2 billion, come from loans securitized within 2007 transactions. Nearly two-thirds of the total balance comes from just two asset classes, with office comprising 34%, or $12.4 billion, and retail contributing another 31%, for $11.2 billion.

Largest of the loans coming due in April is the $550-million Wells Fargo Tower securitization, which represents the biggest loan within GSMS 2007-GG10). The loan is secured by a 1.4-million-square-foot office tower in Los Angeles, and Fitch notes that “operating performance at the property never met underwritten projections due to market conditions, where rental rates remained flat and projected increases never materialized.”

The property experienced significant lease rollover during 2013 driving occupancy down to 85.8%, from a high of 99% at the end of 2010. As of this past September, occupancy had fallen further to 83%. Brookfield Properties assumed the loan in October '13, and although Brookfield has shown commitment to the property, Fitch remains concerned about the ability of the loan to refinance at its upcoming maturity next month and modeled a 36% loss on this loan.

Office properties represent the second and third largest April maturities, as well. There's the $243.5-million loan on 75 Broad St. in Lower Manhattan, where occupancy was 83% as of this past September, and the single-tenant Disney Building in Burbank, CA, which backs a –$135-million loan. Historically, says Fitch, the property has been a stable performer, but was negatively cash flowing during 2015 and 2016.

The three largest maturities this month within the Fitch-rated CMBS universe all were repaid in full, led by the $1.072-billion loan on Five Times Square in Midtown Manhattan, with the loan securitized across two '07 transactions. Heading into the second quarter, the biggest loan maturities are emanating from properties located in cities like Los Angeles, New York City and Washington, DC, according to the ratings agency.