5th Consecutive Month of Growth in CMBS Special Servicing

In June, the Trepp CMBS Special Servicing Rate climbed 31 basis points to 6.42%, marking the fifth consecutive month of increases and the third largest this year. Six months ago, it was 5.17% and 12 months ago, 4.91%. The office sector saw an 81-bp increase from May to 7.24%, representing its highest rate since 2017 and a 323 bps rise since January 2020’s start date. Maturity defaults in this sector are placing additional stress on special servicers as refinancing appetite wanes according to Trepp reports . Multifamily rates rose 31 bps month-over-month and 199 bps year-over-year to 3