Nearly $16.6 billion in commercial mortgage-backed security loans were granted some form of relief as of July, with the lodging and retail sectors accounting for the bulk of forbearances, according to a new Trepp analysis of remittance comments.
The review found about 400 loans were granted relief, though that number will likely increase. Nearly two-thirds of forbearances granted thus far were on hotel loans, and 25% were for retail loans, according to Trepp. Outside of those industries, which have been especially hard-hit by the COVID-19 outbreak, only a few industrial, multifamily or office loans were approved for forbearance.
A majority of the forbearances—nearly 250 loans—had $250 million or less in outstanding debt. Only 26 had an outstanding balance of $100 million or more.
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Nate Robson
Nate Robson is the U.S. Supreme Court and regulatory editor. Contact him at [email protected]. On Twitter: @Nate_Robson1.
