America at 250: What the Original Colonies Tell Us About Modern CMBS

Trepp analyzed private-label CMBS exposure across metropolitan areas tied to the original thirteen colonies, finding that New York remains dominant while southern colonies like Georgia and North Carolina have become stronger securitization markets due to multifamily and industrial growth, whereas legacy northeastern markets including Philadelphia and Baltimore face elevated office-related stress. The analysis examined three historic properties currently in CMBS deals: Hotel del Coronado performing strongly with a 57% LTV, 55 Wall Street on the watchlist due to cash flow reporting discrepancies despite full occupancy, and Historic Inns of Annapolis in special servicing with 88% LTV and declining occupancy metrics.