The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) decreased to 7.5% in February from 8.1% in January, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) decreased to 10.3% from 10.7%.1 ,2
The office delinquency rate decreased 110 basis points (bps) this month to 12.8%. As reported last month, One New York Plaza ($810 million in ONYP 2020-1NYP) was modified and extended, which brought its status to performing even though it remains with the special servicer. The next two largest KBRA-rated office loans that became current were 3000 Post Oak ($80 million in three conduits) and 7700 Parmer ($68 million in one conduit).
Loans totaling $1.3 billion were newly added to the distress rate of which 40.7% ($522.9 million) involved imminent or actual maturity default. The office sector experienced the highest…
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