The overall delinquency rate among commercial mortgage-backed securities (CMBS) rose 85 bps to 5.65% in November, from 4.8% a month earlier, according to a monthly report by CMBS and commercial mortgage information provider Trepp. The share of delinquent lodging loans — including hotels — jumped from 8.67% in October to 14.09% in November. The jump was largely due to the Extended Stay Hotel delinquency, which contributed more than half of the month’s overall increase. Without the Extended Stay delinquency, the lodging delinquency rate would have increased 64 bps. Industrial loans inched up to 3.33% delinquent from 3.18%, while office loans ticked up to 3.14% from 3.08%. Multifamily loans rose to 8.78% delinquent from 7.66% a month earlier and retail loans reached 4.78% delinquent from 4.53%. CMBS spreads reversed course, with 10-year triple-A spreads widening by 80 bps to swaps on average. Write to Diana Golobay.
Hotel Default Raises CMBS Delinquency, Trepp Says
Most Popular Articles
Latest Articles
11 real estate events & conferences to help you thrive in 2024
Forge new connections at these in-person events and conferences that can help take your career to the next level.
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors
-
Clear Capital extends its partnership with Cherre