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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 June 2014
US CMBS Delinquency Report.
Half way through 2014, CMBS issuance has disappointed and
uncertainty persists in the fixed income and equity markets but one thing that
has remained constant is the improving delinquency rate in CMBS.
June marks the 13th straight month of improvement in the
delinquency rate for US commercial real estate loans in CMBS. Dropping 22 basis
points to 6.05% in June, the reading is 260 basis points lower year over year
and 429 basis points below the all-time high from 2012.
“A few days ago, we saw the six year anniversary of the
beginning of the CMBS Ice Age – a stretch where there would be no CMBS issuance
for 21 months,” said Manus Clancy, Senior Managing Director at Trepp.
“As we reach the halfway point of 2014, the thaw is nearly complete. New issue
spreads continue to fall and legacy defaulted CMBS loans continue to be
resolved at a steady pace.”
Industrial loans saw
the most improvement in June, dropping 55 basis points, after being the only
property type to worsen in May. Retail still holds the crown of lowest
delinquency of the five major property types while multifamily remains
highest.
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Loan resolutions
tallied $900 million in June and loans that cured offset new delinquencies.
There are currently $32.4 billion in delinquent loans, which is down from $33.6
billion last month. There are $40.9 billion in loans with the special servicer
representing over 2,400 loans.
For additional details, such as delinquency status and
historical comparisons, request the June 2014 US CMBS Delinquency report at
www.trepp.com/knowledge/research. For daily CMBS commentary, follow @TreppWire
on Twitter.
For a complete copy of the company’s news release, please
contact:
Carl Gaines
Account Director
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10003
w: (212) 741-2977
c: (917) 202-0771
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