The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) increased to 8.1% in January from 7.6% in December, while the distress rate (which reflects delinquent plus current-but-specially-serviced loans) increased to 10.7% from 10.4%.1 ,2
The office delinquency rate increased 156 basis points (bps) this month to 13.9%. This jump is mainly attributed to One New York Plaza ($835 million in ONYP 2020-1NYP), which transferred to the special servicer for imminent monetary default ahead of its January 2026 maturity, and became nonperforming matured balloon, after which a modification with an extension was executed.
Loans totaling $2.3 billion were newly added to the distress rate, of which 52.7% ($1.2 billion) involved imminent or actual maturity default. The office sector experienced the highest volume of newly distressed loans (68.5%, $1.6…
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