With the rate of past-due payments on office buildings leading the way, delinquency on securitized commercial real estate loans rose last month.
As of
March 31, the 30-day delinquency rate on loans included in commercial mortgage-backed securities was 4.22 percent.
Delinquency worsened compared to one month earlier, when the 30-day CMBS rate was 4.15 percent.
The most-recent deterioration in loan performance on securitized CRE loans came just one month after the 30-day delinquency rate tumbled 20 basis points.
Trepp LLC reported the statistics Friday.
The ratings agency explained that while the elimination of delinquent CMBS loans through payoffs helped the rate by 15 BPS, and cured loans contributed another 12 BPS to the improvement — loans that became newly delinquent more than offset the rate by 33 BPS.
CMBS delinquency did improve, however, from 5.58 percent as of March 31, 2015.
The 30-day rate on CMBS loans secured by office buildings was 5.23 percent, soaring 25 BPS from February — the biggest month-over-month deterioration of any property type.
Next were lodging loans, which saw the 30-day rate ascend 16 BPS to 2.76 percent as of the end of last month.
After that were CMBS loans secured by industrial properties, with the 30-day rate climbing 5 BPS to 5.91 percent as of March.
A 3-basis-point decline in the late-payment rate on multifamily loans left delinquency at 2.34 percent.
Delinquency on retail property loans tumbled 14 BPS from February to 5.33 percent, the biggest improvement from a month earlier.
