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The Trepp CMBS Special Servicing Rate rose 5 basis points in August to 6.67% — the seventh consecutive increase. Six months ago, the rate was 5.18%, and one year ago, the rate was 4.92%.
As has been typical of this year, the office sector led property types with the highest monthly increase, up 39 basis points. While most other property types had negligible changes, the multifamily rate rose by 32 basis points and the retail rate fell by 80 basis points.
The largest loan to transfer this month was a multifamily property in San Francisco, worth 21% of August’s overall new transfer balance.
In total, $1.31 billion in loans were transferred to the special servicer in August. Office properties accounted for 44.8% of new transfers, multifamily properties made up 21.6%, and properties classified as ‘other’ were responsible for 14.9%.
To see the complete data for special servicing rates by property type and more, download our complimentary research.
For more information, please contact:
Vivek Denkanikotte, Research Analyst, TREPP
Compliments of Trepp – a member of the EACCNY.