According to analytics firm Trepp, the CMBS Special Servicing Rate increased by four basis points in November, reaching 6.84%. This follows a decrease in October and marks the first uptick of the year.
The largest increase was seen in properties categorized as “other,” which rose by 118 bps last month. Previously, this rate had remained steady before experiencing a significant drop of 140 bps in October.
In November, the special servicer took over management of the $670-million loan for Midtown Manhattan’s 230 Park Ave office building. Overall, there were $2.24 billion worth of new transfers during this period.
Office properties dominated these transfers with a total value of $1.28 billion accounting for 57% of all transfers during this time frame. As expected, Trepp reports that the office special servicing rate also saw an increase during November – rising by 32 bps to reach an overall rate of8 .87%.
