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CMBS Late-Pays Dip for All Major Sectors

With the once-dreaded wave of CMBS maturities nearly done with, “decreases in the overall reading should continue for the next few months,” says Manus Clancy at Trepp.

By Paul Bubny | Updated on November 01, 2017

Manus Clancy of Trepp Clancy says more loans more loans are finding refinancing or resolution ahead of their balloon dates.

NEW YORK CITY—Monthly declines in the delinquency rate for CMBS have now made it four in a row, with Trepp LLC reporting a 19-basis point drop from September’s reading of 5.4%. Improvements were registered for all five major property types, according to Trepp data, and year-to-date delinquency levels are lower than the year-end 2016 rate for the first time in 2017.

Trepp notes that following a post-recession low of 4.15% in February ’16, the late-pay rate for CMBS moved up in 13 of the 16 months between March of last year and June of this year. However, according to Trepp’s latest report, “now that the dreaded ‘wave of maturities’ has passed, delinquency levels have receded as well.”

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