NEW YORK–It is telling that the largest new CMBS delinquency inFebruary was a $26.9 million Studio Green Apartments loan, securedby a 1,074-bed student housing property located in Newark, DE. Andthe largest resolution was a $90 million Wells Fargo Place loansecured by a 656,000 square foot office property in St. Paul, MN.Relatively speaking, these are small amounts.
The improving health of the CMBS market continued unabated inFebruary, according to figures provided separately fromTrepp and Fitch Ratings. Thedelinquency rate has been on a downward — and uninterrupted —trajectory for eight consecutive months driven by a modestresolution volume and minimal new delinquencies, such as the StudioGreen Apartment and Wells Fargo loans, according to Fitch Ratings.Approximately $480 million of loans were resolved last month and$138 million of new delinquencies were added to Fitch's delinquencyindex.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
