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CMBS delinquency rate sees uptick for first time since June 2020

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

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