The coronavirus pandemic has been bad news for commercial mortgage-backed securities as $21 billion of CMBS loans has been transferred to special servicing since mid-March, or more than double the value for all of last year.
Special services took in 439 CMBS loans during March, April and May, according to a report by credit rating agency Fitch Ratings. That's fewer than the 674 CMBS loans that went to special servicing last year but with a much higher value than last year's $9 billion.
Transfers to special services were highest in April and then went down in May to levels less than those in March.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
