CMBS delinquency rates vary in September

Commercial mortgage-backed securities experienced a mixed delinquency rate picture.

Commercial property managers may have experienced an improved market during September, as a report from Fitch Ratings explained that the level of commercial mortgage-backed securities declined during August.

Total late payments for CMBS loans fell to 8.37 percent in September, slightly lower than August's figure of 8.39 percent, the report explained. Many significant loans were included in the decline, but these would have been solved earlier, if not due to refinancing issues.

"For instance, the $275 million CalWest Industrial Portfolio matured in June, though the payoff did not take place until Aug. 30," according to Fitch. "Delays also took place with the $232 million Westin New York at Times Square, which matured in March but was not paid off until this past month."

The report also explained that the office market experienced a rise in delinquencies, as the latest figure was 8.83 percent, up from the previous figure of 8.72 percent. Retail delinquencies edged up to 7.48 percent from the previous figure of 7.43 percent. Despite these, multifamily and hotel delinquencies declined.

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