Delinquencies on CMBS could dip below 6% by year’s end, the lowest level since 2009, Fitch Ratings said Monday. The ratings agency cited a 22-basis point drop in November to 6.10% on the strength of four large loan dispositions. With the $2.57-billion CWCapital Asset Management asset sale still in process, Fitch is expecting more such dispositions in the weeks to come.
Even as late-pays continue to decline, Fitch notes that the prior month was not without several notable additions to the ranks. The largest was the $92-million Cerritos Corporate Center (securitized as MLMT 2006-C1), for which a deed in lieu foreclosure now appears imminent. At the same time, Fitch says the $78-million Sierra Vista Mall (COMM 2006-C8) fell 60-days delinquent last month, while the $63-million Buckingham Portfolio (GCCFC 2007-GG9) defaulted at maturity and is now reported as a nonperforming matured balloon loan.
Read more...CMBS Late-Pays Likely to Finish Year Below 6% - Daily News Article - GlobeSt.com
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