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.)

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