The delinquency and special servicing rate for commercial mortgage-backed securities has logged the largest increase since the metric was introduced in 2009, according to a leading provider of data and analytics on securitized mortgages.
The delinquency rate for commercial mortgage-backed securities rose to 7.15 % in May, according to the Trepp May CMBS Delinquency Report. Five percent of those troubled loans were identified as 30 days past due. In May, $9.4 billion across 243 commercial loan notes were sent to special servicing, according to servicer and watchlist data compiled by Trepp.
This month, initial reports of troubled commercial mortgages are centered on single-asset or single-borrower deals, most backed by hotels or malls, Trepp reported.
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R. Robin McDonald
Daily Report reporter R. Robin McDonald's journalism career includes stints as a staff writer at The Atlanta Journal-Constitution, The Fort Worth Star-Telegram, The Wichita Eagle, and The Anniston Star and as a trial tracker at CourtTV and CNN. She is the author of two true crime books -- Black Widow: The True Story of the Hilley Poisonings and Secrets Never Lie: The Death of Sara Tokars.
