NEW YORK CITY—There’s almost no way to keep the volume of US CMBS loans in special servicing from topping $100 billion by year’s end, Fitch Ratings said Wednesday. In a report accompanying the announcement, managing director Stephanie Petosa wrote, “The number of loans transferring to special servicing is growing exponentially.”

The velocity of loans transferring back to the master servicer also is on the rise and is expected to remain constant through the end of this year. Yet neither the velocity of resolved loans nor the average balance are large enough to keep pace, says Fitch. Year to date, $19.8 billion worth of CMBS loans transferred out of special servicing, of which 39% was related to last year’s General Growth Properties bankruptcy.

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