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The Trepp Commercial Mortgage-Backed Securities (CMBS) Delinquency Rate increased 51 basis points to 7.86% in July, as the total balance of delinquent loans rose by $3.52 billion to $47.5 billion. Among the loans that became newly delinquent during the month were 30 multifamily loans totaling $509.3 million. A…
SL Green has been removed as manager of Worldwide Plaza in New York City amid an ongoing foreclosure proceeding involving the office property.
A market roundup covering collateralized loan obligation trends, lender activity for the coming year, and a $1B real estate project in Florida.
Analysis of rising distress indicators in multifamily commercial mortgage-backed securities during July, examining operational and market pressures.
CRE Loan Modifications: May–July 2026 Report Summary. CRED iQ tracked 82 modified CMBS and CRE CLO loans with a combined $2.36 billion in outstanding balance from May through July 2026. The mix looks different than it did a few quarters ago: extend-and-pretend hasn’t disappeared, but it’s no longer the whole story.…
The Trepp CMBS special servicing overall rate declined 11 basis points in July to 11.09%, partially reversing the increases of recent months. However, decreases in special servicing rates were not seen across the board in all property types. The improvement was led by office, the largest special servicing category,…
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Among commercial mortgage-backed securities (CMBS) mall loans, 96.3% of non-performing loans were written in 2016 or earlier, while loans written in 2017 or later are performing at essentially a 100% rate. The CMBS mall-loan market is not one population with a range of outcomes. It is two, split by origination…
A $396 million commercial mortgage-backed securities (CMBS) loan secured by 85 10th Avenue, a 633,000-square-foot office property in Manhattan’s Chelsea neighborhood, has been sent to special servicing due to imminent maturity default, according to an alert from Morningstar Credit. 85 10th Avenue is owned jointly…
Disclaimer: This is an excerpt from Trepp's "Investors Priced Four Data Center Deals 55 Basis Points Apart ” report. Click here to access. Four recent data center single-asset, single-borrower (SASB) commercial mortgage-backed securities (CMBS) deals priced their last-pay AAA bonds across a 55-basis-point range.…
Benefit Street Partners completed a $1 billion commercial real estate collateralized loan obligation, marking activity in a historically quiet capital markets segment.
Analysis of collateralized loan obligation market dynamics and issuance expectations amid market uncertainty.
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Domestic private-label commercial mortgage-backed securities (CMBS) issuance reached $76.2 billion through July 2026, measured by loan balance when each deal was sold, according to Trepp data as of July 31. Single-asset, single-borrower (SASB) deals, each backed by one property or one owner, made up $58.0 billion.…
Morgan Stanley investment leaders discuss CLO equity opportunities and how macro conditions including market dispersion, software/AI impacts, and credit repricing are shaping performance expectations.
Disclaimer: This is an excerpt from Trepp's July 2026 CMBS Special Servicing Report. To access the full report, click here. The Trepp commercial mortgage-backed securities (CMBS) special servicing overall rate declined 11 basis points in July to 11.09%, partially reversing the increases of recent months.
Across the 50 largest commercial mortgage-backed securities (CMBS) markets, $45.8 billion of $393.5 billion in outstanding balance is currently distressed, a balance-weighted rate of 11.6 percent, according to CRED iQ data. Minneapolis, Denver and Oklahoma City lead the distress rankings at 55.1 percent, 35.9…
PGIM analysis of securitized product market conditions, trends, and investment positioning for the first quarter.
PGIM outlook on securitized products market conditions and trends for the third quarter of 2025.
Rising 10-year Treasury yields and a recognition that relief isn't coming are helping push deals in the CMBS market across the finish line.
Dutch pension fund PGGM has committed capital to a €1.1 billion credit risk transfer transaction involving Polish commercial real estate assets.
Underwriting expectations for occupancy during the multifamily market's post-pandemic boom reflected the strong demand that characterized the market in 2021. Record apartment deliveries in the years since have reshaped market conditions, creating a widening gap between those expectations and current occupancy…
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Multifamily has become a more important component of conduit commercial mortgage-backed securities (CMBS) at the same time that recent-vintage performance has become harder to generalize. Multifamily represented roughly 20% to 23% of conduit securitization balance in 2024 through July 2026, compared with only 7% in…
Across the 50 largest CMBS markets, $45.8 billion of $393.5 billion in outstanding balance is currently distressed, a balance-weighted rate of 11.6%. Minneapolis (55.1%), Denver (35.9%), and Oklahoma City (34.1%) lead the rankings, each shaped by a handful of very large loans rather than broad weakness, while Salt…
The Trepp CMBS Delinquency Rate increased by 51 basis points to 7.86% in July 2026. The increase was led by a group of very large loans whose status moved to non-performing matured balloon or foreclosure. The five largest newly delinquent loans accounted for $2.6 billion of the $6.0 billion in newly delinquent…
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Delinquencies remain modest, but Austin has the highest multifamily watchlist rate among the 50 largest U.S. metropolitan statistical areas (MSAs). Austin’s multifamily challenges are not yet showing up primarily as missed payments. They are appearing one step earlier in surveillance. As of mid-July 2026, the…
Hudson Pacific and Blackstone's $1.1B loan heads to special servicing, with agreed extensions amid Netflix leasing impact.
Second-quarter earnings calls from banks with meaningful multifamily concentrations showed significant divergence in performance and pipelines. The ten banks differed not only from one another but, with two exceptions, also from recent super-regional commentary, where lenders reported stronger pipelines and…
The August 2026 private-label commercial mortgage-backed securities (CMBS) hard-maturity 1 cohort totals $5.49 billion across 130 loan pieces 2 comprising 119 whole loans, roughly double July's $2.55 billion. Of the total, 125 loan pieces ($5.36 billion, 97.51%) are performing, while five loan pieces ($136.6…
A $506 million CMBS backed by New York rent-stabilized apartments faces foreclosure as Mayor Mamdani's rent freeze threatens to deepen bondholder losses. The post New York Rent Freeze Deepens CMBS Losses on Stabilized Housing Portfolio appeared first on Propmodo .
Multifamily standards eased modestly during Q2, driven entirely by large banks, while aggregate demand remained essentially unchanged despite a sharp split by bank size. Trepp-i spreads are already at the bottom of their post-2021 range, suggesting that further competition may increasingly surface in loan structure…
Investors face $80M losses as a 3,500-unit NYC rent-stabilized portfolio struggles.
An iconic office complex in the City of Bridges has hit a dead end. The $92 million commercial mortgage-backed securities (CMBS) loan secured by Gateway Center, an iconic office complex in Downtown Pittsburgh, has liquidated via a note sale, resulting in a $64.8 million loss to the CMBS trust, according to an alert…
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Eight of the 11 super-regional banks with comparable linked-quarter data reported higher commercial real estate (CRE) balances in the second quarter. But growth was uneven, and at several banks reflected acquisitions, greater utilization, or extensions that delayed runoff as much as new originations, while legacy…
For commercial real estate and commercial mortgage-backed securities investors, brokers and lenders trying to separate signal from noise in a choppy market, granularity is everything. CRED iQ‘s July 2026 reporting period data looks to provide exactly that with a loan-level view of distress across the $600…
Commercial real estate lending is reopening in 2026, as Fed rate stability, bank activity, CMBS demand and selective capital reshape refinancing. The post The Fed Stayed Put. The CRE Lending Market Has Not. appeared first on Propmodo .
For three years, German real estate has been waiting for a wave of non-performing loans to break. It hasn't happened — and not because the underlying distress isn't real. According to panellists at a recent PB3C webinar on how Germany's property market is dealing with financial distress, lenders, borrowers and fund…
Disclaimer: This text is an excerpt from Trepp's July 2026 CMBS Delinquency Report. To access the full analysis of the report, click here. The Trepp commercial mortgage-backed securities (CMBS) Delinquency Rate increased by 51 basis points to 7.86% in July 2026, led by a group of very large loans whose status moved…
CRED iQ’s July 2026 surveillance data shows the Overall Distress Rate for CMBS climbed to 10.91%, up 22 basis points month-over-month, driven primarily by a 42-bps jump in the Special Servicing Rate to 10.38%. The Delinquency Rate rose more modestly, to 8.68%. For CRE and CMBS investors, brokers, and lenders trying…
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Commercial loan growth returned across the regional bank group and competition continues for relationship-driven commercial credit even as some banks report modest increases in non-performing assets. Second-quarter results from 11 super-regional banks delivered a more constructive lending signal than in the first…
Delinquency rates for mortgages backed by commercial properties decreased during the second quarter of 2026. That’s according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey, which reported that CMBS delinquencies declined during Q2 but remain…
Zinsumfeld. Die EZB hat ihre Zinsen im Juli nicht verändert, der weitere Kurs der Notenbank hängt stark von den Energiepreisen und daher der Situation in Nahost ab. Die Zinspause beruhigt den Markt zwar etwas, den schleppenden Abbau von Problemfinanzierungen kann sie aber kaum beflügeln. Ein Studie von Roland…
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The Fed is expected to hold rates this Wednesday, July 28th, 2026, but a hike is a real possibility after surging energy prices revived inflation concerns. Meetings can move markets even when the rate does not change. In June, the Fed held and still jolted rate expectations, producing the largest hawkish surprise…
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Some of the strongest long-run single-family housing markets in the country have also been strong multifamily investment markets. But the two property types did not always appreciate at the same pace. To see where the relationship held, and where it broke down, Trepp compared annualized value growth across four…
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Roughly $11.4 billion of securitized grocery-anchored commercial real estate debt comes due between 2027 and 2029, which is about 62% of the entire $18.6 billion grocery-anchored universe. The wall is front-loaded: 2027 alone carries $4.2 billion of maturities, more than either of the following years. That much…
A handful of the latest commercial real estate collateralized loan obligation (CLO) deals lean hard into multifamily collateral and full-term interest-only structures. CRED iQ analyzed loan-level collateral across a handful of the latest CRE CLO deals totaling $4.68 billion and 160 loans of collateral with the…
Last week's surge in oil prices pushed Treasury yields to their highest levels since early 2025 and put a rate increase back on the table, two weeks after a soft June inflation report had taken it off. Here are three things to watch for this week:
The valuation of an underperforming Delaware County mall sank this month after the borrowers missed their payoff date last year. Springfield Mall at 1250 Baltimore Pike was valued at just $30M in a recent appraisal, according to CMBS monitoring platform...
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Community banks in the $2 billion to $6 billion asset range are assumed to carry safer retail commercial real estate (CRE) exposure than their larger peers. The reasoning: community banks more frequently lend to ‘needs-based’ retail, which is a fundamentally different credit from a super-regional mall. We tested…
Keller Investment Properties will refinance a 13-property portfolio through a $718.5 million CMBS loan. Six are in Utah, four in Nevada and three in Arizona. Multihousing News reports that a Nomura affiliate will provide a two-year, floating-rate, interest-only loan. Approximately $696.3 million will refinance…
Commercial mortgage-backed securities (CMBS) delinquency rates suggest Whole Foods is a riskier retail tenant than Walmart. That's exactly the wrong conclusion. Among the top 200 CMBS tenants, Whole Foods Market carries a 22.4% delinquency rate, followed by Safeway at 9.7% and Costco at 5.5%. By comparison, Walmart…
A handful of the latest CRE CLO deals lean hard into multifamily collateral and full-term interest-only structures. CRED iQ analyzed loan-level collateral across a handful of the latest CRE CLO deals totaling $4.68 billion and 160 loans of collateral, and the profile points to lenders concentrating risk in the…
As it approaches its first birthday, Nomura Securities’ commercial real estate lending platform has an extra reason to celebrate: It just sealed the largest sole-bank single-asset, single-borrower commercial mortgage-backed securities (SASB CMBS) deal in almost two years. The $719 million KELR 2026-MF deal is…
A private-label securitization closed by Systima Capital Management for a portfolio of nearly 1,300 subsided apartments underscores the potential for use of the commercial mortgage-backed securities (CMBS) market in affordable housing deals. Systima closed the $153 million tax-exempt affordable housing bond deal…
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Every commercial real estate loan starts with a single number: how much a lender is willing to lend against a collateral property. That initial number is determined through “loan sizing.” At the proposal stage, the originator receives and organizes materials from the borrower or their broker that report the…
Trepp Inc. has reported mixed data on CMBS distress levels lately. The volume of private-label securitized loans that are at least 30 days late declined by $3.49 billion, or 3.7%, in June. Conversely, while the volume of CMBS delinquencies shrunk to $43.98 billion, or 7.35% of the overall CMBS universe, the volume…
New York's single-tenant retail market delinquency rate is more than double Los Angeles's. But the real story isn't how much distress exists, but what kind of distress it is. The New York City metropolitan statistical area (MSA) carries an 18.5% delinquency rate, compared with 8.0% in Los Angeles, the…
Article reports on banks' strategies for reducing exposure to distressed commercial real estate loans through creative asset management and portfolio repositioning.
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The most competitive corner of the retail CRE lending market right now is not the safest slice of the stack. It is the middle. Over the past year, lenders have gotten meaningfully more aggressive on the 60-65% loan-to-value (LTV) band, tightening the marginal price of that incremental debt while pricing on the…
Capital Economics analysis of global commercial property market conditions, examining tariff impacts, investment trends, and economic growth headwinds across asset classes.
A strong local economy should translate into safer retail credit performance. Faster income growth gives households more room to spend, supports tenant sales, and should improve the performance of loans backed by retail properties. We ranked states by real wage growth and compared retail commercial mortgage-backed…
Disclaimer: This is an excerpt from Trepp's "Where the Second-Half 2026 CMBS Refinance Gap Is Hiding" report. Click here to access it . Commercial real estate headlines continue to focus on the next wave of loan maturities. The assumption is straightforward: billions of dollars are coming due, making refinancing…