The delinquency rate for commercial mortgage-backed securities (CMBS) dipped by one basis point to 7.54% in April, according to data from Trepp Inc. One year ago, the rate was 7.03%.
The five largest newly delinquent loans accounted for just over $1.26 billion of the roughly $2.63 billion in newly delinquent loans. The problematic loan quintet included a Houston office loan, a New York City office loan, a San Francisco multifamily loan, a New York City multifamily loan, and a national warehouse and distribution portfolio.
Among the commercial property sectors, the industrial delinquency rate increased 31 basis points to 0.96% and the multifamily delinquency rate increased 56 basis points to 7.74%. The lodging delinquency rate decreased 79 basis points to 6.51% and the retail delinquency rate decreased 31 basis points to 6.00%. The office delinquency rate remained unchanged at 11.60%.
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