The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) increased 29 basis points (bps) to 7.8% in July from 7.5% in June, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) climbed 18 bps.1
Loans totaling $1.5 billion were newly added to the distress rate, of which 35.3% ($526.6 million) involved imminent or actual maturity default. The retail sector experienced the highest volume of newly distressed loans (34.5%, $515.7 million), followed by office (16.5%, $396 million) and multifamily (20.9%, $311.4 million).
In this report, KBRA provides observations across our $343.8 billion rated universe of U.S. private label CMBS, including conduits, single-asset single borrower (SASB), and large loan (LL) transactions. These transactions collectively are collateralized by $9 billion fully defeased and $334.8 billion non-fully-defeased loans. All the rates…
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