Delinquencies on U.S. commercial mortgage-backed securities loans remained level in June after experiencing three months of declining performances, Fitch Ratings said.
CMBS late-pays fell three-basis points in June to 8.62% from 8.65% in May.
“The months ahead should reveal whether June’s leveling off of delinquencies was the start of a trend or just a blip,” said Mary MacNeill, managing director of Fitch.
Meanwhile, loans backed by Atlanta properties felt the brunt of the pressure, with three major properties in the city turning up delinquent.
The largest of the troubled Atlanta loans is the $115 million Gwinnett Place regional mall (MLMT 2007-C1), followed by the $70 million, 200 Galleria Office building (LB-UBS 2007-C2) and the $70 million Northmeadow Business Park office (transaction CGCMT 2007-C6).
The delinquency rate for multifamily properties rose to 11.64% in June from 11.35% in May. The same rate for hotel properties climbed to 11.22% in June from 11.15% the previous month.
Industrial and retail delinquency rates declined slightly to 9.93% and 8.58%, respectively, while the retail delinquency rate rose to 7.67% from 7.45%.
