For the first time in 18 months, the rate of delinquency among properties that secure debt in commercial-mortgage-backed securities loan portfolios saw an uptick in December 2021.
That’s according to Trepp LLC, an analytics firm out of New York that monitors the CMBS market. It found the CMBS delinquency rate among the major real estate asset classes — office, multifamily, industrial, retail and hotels — rose to 4.57% in December, up from 4.38% in November. The percentage of CMBS properties marked as at least 30 days delinquent was 7.81% a year earlier in December 2020.
The increase, the first recorded by Trepp since June 2020, was attributed largely to several new, and significant, office loans being marked as delinquent in December, including ones tied to 245 Park Avenue in New York and 181 W. Madison St., in Chicago, both of which total more than $1.2 billion in loan balances. PWM Property Management LLC, part of Chinese conglomerate HNA Group, owns those buildings and filed for bankruptcy protection in October.
*Article courtesy of Philadelphia Business Journal
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
