Cracks began to show last month in key multifamily markets like New York City and San Francisco, both of which have seen several sizable loans post major occupancy declines. 

Trepp first noted signs of fraying in the apartment segments in several markets last month, though the apartment CRE segment "in no way" parallels hotel or retail. And new analysis from the firm this month shows that all of the biggest loans with occupancy losses are in the New York and San Francisco markets, with the exception of one sizeable portfolio loan. (On the flip side, there are many markets with no properties below 80%, including cities like Phoenix, Orlando, Minneapolis, and Anaheim.)

But in New York, the largest loans where occupancy at the collateral is less than 80% include Jackson Park in Long Island City, 180 Water Street in FiDi, and The Aire at Central Park West. But there's good news: Trepp's Manus Clancy notes that occupancy for the 180 Water Street property has been improving steadily over the past few months, however, and "while this is a trend for one Financial District property, it could serve as an early indicator that occupancy levels are firming up in the NYC MSA," he writes.