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| Manus Clancy |
NEW YORK, NY – Trepp, LLC, the leading provider of
information, analytics, and technology to the CMBS, commercial real estate, and
banking markets, released its March 2014 US CMBS Delinquency Report (available
at www.trepp.com/knowledge/research).
The rate for US commercial real estate loans in CMBS fell 24
basis points in March to 6.54%. The last time the Trepp US CMBS delinquency
rate was below this level was over four years ago, in January of 2010. Today’s
rate is 288 basis points lower than where it was a year ago.
Again, Trepp credits some of the month-over-month
improvement to the ongoing CWCapital distressed asset sales.
In the first three
months of 2014 alone, the CMBS market saw 114 basis points of downward pressure
on the delinquency rate due to previously delinquent loans being resolved with
losses. While not all of these resolutions are a result of the CWCapital
assets, they have contributed significantly to the rate’s improvement.
“The CMBS market had the pleasure of singing the same happy
refrain in March, as delinquencies continued to fall,” said Manus Clancy,
Senior Managing Director at Trepp. “We had anticipated a large drop in the rate
due to the CWCapital assets, but that descent has been extended, as the notes
didn’t really begin to make it through remittance cycles until the New Year. We
suspect the rate will stabilize somewhat in coming months.”
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New delinquencies totaled $1.7 billion March, which was up
from $1.3 billion in February. The total number of delinquent loans was down
month-over-month, as there are now $34.6 billion delinquencies.
All five major property types improved in March. Retail
dipped just six basis points but remains the best performing major property type.
Multifamily saw a 13 basis-point improvement, but is still the worst performer
among the group with the only double digit delinquency rate
For a complete copy of the company’s news release, please
contact:
Joe McBride, Research Analyst
Trepp LLC
212-754-1010
Eric Gerard, Lindsay Church
Great Ink Communications
212-741-2977
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