February 3, 2016
Tripp reports that U.S. CMBS delinquencies plummeted in January, due mainly to the resolution of Stuyvesant Town/Peter Cooper Village’s $3-billion loan. The delinquency rate for CRE loans in CMBS fell 82 basis points, and is now 4.35 percent. The rate is 131 basis points lower than the year-ago level of 5.66 percent.
Previously delinquent, but paid off, with a loss or at par, totaled $5.8-billion. Ultimately, that helped move the rate down by 113 basis points.
A little more than $300-million in loans were reportedly cured last month, pushing delinquencies lower by another six basis points. About $1.7-billion in loans became newly delinquent, which put 34 basis points of upward pressure on the delinquency rate. Multifamily is now the best performing major property type, as its delinquency rate plunged 597 basis points to 2.31 percent.
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