NEW YORK CITY—A combination of resolutions and strong newissuance led to another drop in US CMBSdelinquencies, Fitch Ratings said last week. Thelate-pay rate among Fitch-rated CMBS loans dipped eight basispoints in September to 4.77%.
In September, resolutions of $571 million outpaced new additionsto the Fitch index of $410 million, both of which consisted mainlyof smaller loans. Both resolved loans and newly delinquent onesslowed down from August at $1.075 billion and $1.082 billion,respectively.
Largest of September's resolutions was the $33.1-millionBlackwell I, securitized by GCCFC 2007-GG9, which was disposed offor a 70% loss. The REO asset, a 121,000-square-foot suburbanoffice in Rockville, MD, saw its occupancy decline to below 30% andwas auctioned off for sale.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
