$22B in CMBS Coming Due Across US

NEW YORK CITY-Coast to coast, 2011 will see about 2,000 commercial mortgage loans backed by CMBS come due. That represents an outstanding balance of $22.5 billion, says Fitch Ratings. More than half the loans by balance were originated during the go-go years between 2005 and 2007, a fact that the ratings agency says has implications for refinancing.

“Borrowers of maturing five-year interest only loans will need to contribute additional equity to reduce debt levels,” Adam Fox, senior director at Fitch, says in a release. “Five-year loans will face more difficulty in refinancing, especially office loans with significant upcoming lease rollover.”