NEW YORK CITY—Thanks to resolutions from a single 2007-vintagedeal, JPMCC 2007-LDP10, US CMBS delinquencies inMay fell to a level not seen since December 2009, FitchRatings said Monday. The rate of Fitch-rated latepays inched down 16 basis points from the previous month to 4.97%,the first time it has dipped below 5% in more than four years.
The largest resolutions in May by loan balance included two fromJPMCC 2007-LDP10: the $103.5-million Long Island Marriott andConference Center, which was resolved with a 40% loss; and the$55-million Overland Park Trade Center, resolved with a 67% loss.Other large resolutions included the $89.4-million Gateway I, fromMSCI 2007-IQ13; and the $73.6- million Islandia Shopping Center,from LBUBS 2007-C6, both of which were brought current.
It was another '07-vintage JPMorgan Chase CMBS loan that figuredin May's largest new delinquency, the $60-million Clark Tower loan,securitized under JPMCC 2007-CIBC20. However, Fitch notes that theloan has been in special servicing since last September.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
