Trepp: $9.3B in New York CMBS Loans Maturing in Next Year

NEW YORK CITY—A new report on maturing commercial real estate loans states that New York State has by far the largest dollar amount of outstanding and maturing CMBS loans coming due in the Northeastern region of the United States in the next year.

The report authored by Trepp Inc. notes that of all CMBS loans outstanding in the United States, 30% are for properties located in the Northeast. A total of $18.2 billion of Northeast CMBS loans will be maturing in the next 12 months and will need to be either paid off or refinanced. Nationwide, the information analytics firm calculates that $69.2 billion in CMBS loans will mature in the next year.

Region-wide, the Northeast has approximately 84% of its maturing loans characterized as healthy with a Debt Service Coverage Ratio greater than 1.2, which is the highest “healthy” proportion among all US regions. Trepp calculates that approximately 15% of the CMBS loans outstanding in the Northeast are delinquent.

Of that $18.2 billion coming due in the Northeast, New York State has nearly $9.3 billion of CMBS financing maturing in the next year, far above Pennsylvania and New Jersey with $2.1 billion and approximately $1.75 billion respectively.

Trepp reports that $10.9 billion in delinquent loans are maturing in the next 12 months nationwide, with the Northeast contributing approximately $2.75 billion to that troubled loan total. Not surprisingly, New York State has the highest amount of delinquent loans at a little over $848 million. New York also has the largest market share of healthy loans maturing at $8.1 billion of the Northeast's $15.2-billion and the nation's $56.4-billion totals.