Of the $920 million in commercial mortgage-backed securities loans scheduled to mature in November, $677 million, or 74%, paid off in full, according to Morningstar's monthly CMBS maturity report.

This is the second consecutive month in which the pay off rate was greater than 50%, Morningstar added.

Prior to October, the monthly pay-off rate for maturing loans previously peaked at 61% in April. 

Overall, without including post-maturity payoffs, the cumulative monthly average payoff rate edged up to 44% in November, up from 43% last month.

Click on the table to view November CMBS loan maturity status.


By property type, retail collateral represented the largest category of loans maturing in November at $380 million, or 41%. Multifamily collateral followed by $165 million, or 18%.

Houston, Riverside-San Bernardino, Calif., Washington, D.C. and Winston-Salem/Greensboro, N.C., had 100% payoff rates for the 10 metropolitan statistical areas with the largest dollar volumes for November.

In December, $1.1 billion of performing CMBS loans are scheduled to mature. About 38%, or $418 million of these loans, are at risk based on current loan-to-values greater than 80%.