The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) declined 13 basis points (bps) to 7.5% in June from 7.7% in May, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) declined 14 bps.1
Loans totaling $1.3 billion were newly added to the distress rate, of which 55.3% ($759.3 million) involved imminent or actual maturity default. The office sector experienced the highest volume of newly distressed loans (46.8%, $642.1 million), followed by retail (26%, $356.3 million) and multifamily (13.3%, $182.8 million).
In this report, KBRA provides observations across our $344.1 billion rated universe of U.S. private label CMBS, including conduits, single-asset single borrower (SASB), and large loan (LL) transactions.
Key observations are as follows:
The overall delinquency rate decreased 13 bps to 7.5% ($25.2 billion) this month, driven by a decline in…
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