Fewer loans landed in special servicing during the first half of 2013, suggesting improvements in overall payment performance, according to Fitch Ratings.
In a new report titled, U.S. CMBS Market Trends, Fitch said 43 loans valued over $20 million have transferred to a special servicer this year — a steep drop from 94 loans in 2012 and 103 in 2011.
Looking ahead, Fitch expects new special servicing transfers to decline with some spikes periodically.
Of the loans that did land with specialty servicers this year, eight were there for a second time.
Four of those CMBS loans are tied to hotel properties, another two are retail, with the remaining two linked to office properties.