The Trepp CMBS Special Servicing Rate increased by four basis points in November, reaching 6.84%, according to the latest report from the analytics firm. This marks a slight uptick after October’s first decrease of the year.
In terms of property type, “other” properties saw the largest increase with a rise of 118 bps in November. Previously, this rate had remained steady for most of the year before dropping by 140 bps in October.
During November, there was $2.24 billion worth of new transfers to special servicers and among these transfers was a $670-million office loan for Midtown Manhattan’s 230 Park Ave building – making it one of the largest loans transferred during that month.
Office properties dominated this balance with $1.28 billion accounting for over half (57%)of total transfers during that month – resulting in an increase in office special servicing rates as well (up by 32 bps to reach at8 .87% according to Trepp).
