The rate of loans backing office properties that are considered distressed or delinquent is on the rise as landlords of outdated office towers struggle to refill vacant spaces and cash flow on those buildings becomes a bigger challenge.
A recent analysis by New York-based credit-ratings agency Kroll Bond Rating Agency LLC, also known as KBRA, found the rate of delinquent or specially serviced commercial mortgage-backed securities 2.0 loan volume hit 6.8% in August, up from 4.5% in June 2022. CMBS 2.0 refers to conduit loans issued after the global financial crisis of the late 2000s, when the majority of current CMBS deals were financed.
*Article courtesy of Philadelphia Business Journal
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