U.S. CMBS rated by Kroll Bond Rating Agency (KBRA) saw a 23 basis point increase in their delinquency rate in August, reaching 4.16%. This followed July’s 34-bp rise and was the highest monthly increase since April 2018 when it reached 24 bps.
However, KBRA reported that the total delinquent and specially serviced loan rate had a smaller 1-bp monthly increase to 6.45%. Nearly $900 million of last month’s $18 billion of specially serviced loans were either returned to the master servicer or liquidated which helped keep this overall rate stable compared to last month’s figures..
August saw CMBS loans totaling $1.8 billion transferred into special servicing or become newly delinquent with 32% ($603 million) due to imminent or actual maturity default according Office properties having the highest exposure at 41% ($762 million). Retail came second at 26% ($489 million), while mixed use was third at 15%($283million).
