11 days ago
This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry ***** ysis delivered straight to their inbox with the free CRE Daily newsletter.
Trepp counted $12.1B of performing securitized office loans with cash flow below debt service, out of $97.2B reviewed.
Free rent explains $1.46B of the well occupied balance, with 280 Park Avenue accounting for $1.075B.
Floating rate debt and elevated operating expenses sit behind most of the rest.
Trepp reviewed $97.2B of performing securitized office loans and found $12.1B that cannot cover their own debt payments. None of those loans are delinquent. The unexpected part is where that balance sits. More than two-fifths rests on buildings that are at least 80% occupied.
#trepp #reviewed
Trepp counted $12.1B of performing securitized office loans with cash flow below debt service, out of $97.2B reviewed.
Free rent explains $1.46B of the well occupied balance, with 280 Park Avenue accounting for $1.075B.
Floating rate debt and elevated operating expenses sit behind most of the rest.
Trepp reviewed $97.2B of performing securitized office loans and found $12.1B that cannot cover their own debt payments. None of those loans are delinquent. The unexpected part is where that balance sits. More than two-fifths rests on buildings that are at least 80% occupied.
#trepp #reviewed
1 month ago
This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry **** ysis delivered straight to their inbox with the free CRE Daily newsletter.
Lenders have tightened credit spreads on 60–65% LTV retail CRE loans by 16 basis points over the past year, per Trepp.
The cost of incremental debt in the 50–59% LTV tier is nearly unchanged in the same period, underscoring a shift in lender competition.
Lenders prioritizing pricing competitiveness in the middle of the capital stack could alter borrower decisions and reshape risk distribution in retail loan origination.
Retail commercial real estate lenders are shifting their focus toward moderate leverage. Trepp data shows the most aggressive pricing now sits in the middle of the debt stack.
#estate #debt #middle
Lenders have tightened credit spreads on 60–65% LTV retail CRE loans by 16 basis points over the past year, per Trepp.
The cost of incremental debt in the 50–59% LTV tier is nearly unchanged in the same period, underscoring a shift in lender competition.
Lenders prioritizing pricing competitiveness in the middle of the capital stack could alter borrower decisions and reshape risk distribution in retail loan origination.
Retail commercial real estate lenders are shifting their focus toward moderate leverage. Trepp data shows the most aggressive pricing now sits in the middle of the debt stack.
#estate #debt #middle
2 months ago
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter.
The multifamily CMBS delinquency rate increased 28 bps to 7.23% in June, as several large ***** ets fell delinquent, according to data firm Trepp. Six months ago, it sat at 6.64%, and one year ago, it was at 5.91%.
The return of a Manhattan loan drove the multifamily commercial mortgage-backed securities rate down 27 basis points to 8.23% in June, according to Trepp. Six months ago, it sat at 8.08%, and one year ago, it was at 8.18%.
The $539.5 million Yorkshire & Lexington Towers loan returned to the master servicer after a modification cured the defaults on the senior loan and subordinate mezzanine debt, according to a press release from rating organization KBRA.
The overall Trepp commercial real estate delinquency rate decreased 20 bps to 7.35% in June 2026. Retail rose 30 bps to 6.91%, and office increased 4 bps to 11.57%. Lodging fell 79 bps to 5.22%, and industrial declined 11 bps to 1.2%, according to Trepp.
The multifamily CMBS delinquency rate increased 28 bps to 7.23% in June, as several large ***** ets fell delinquent, according to data firm Trepp. Six months ago, it sat at 6.64%, and one year ago, it was at 5.91%.
The return of a Manhattan loan drove the multifamily commercial mortgage-backed securities rate down 27 basis points to 8.23% in June, according to Trepp. Six months ago, it sat at 8.08%, and one year ago, it was at 8.18%.
The $539.5 million Yorkshire & Lexington Towers loan returned to the master servicer after a modification cured the defaults on the senior loan and subordinate mezzanine debt, according to a press release from rating organization KBRA.
The overall Trepp commercial real estate delinquency rate decreased 20 bps to 7.35% in June 2026. Retail rose 30 bps to 6.91%, and office increased 4 bps to 11.57%. Lodging fell 79 bps to 5.22%, and industrial declined 11 bps to 1.2%, according to Trepp.
2 months ago
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter.
When apartment loans began going bad a few years ago, Houston was one epicenter as Applesway Investment Group defaulted on nearly $230 million in loans for 3,200 units in the city in April 2023.
More than three years later, Houston and, more broadly, Texas rank among the leaders in securitized multifamily loan issues, according to research that Trepp shared with Multifamily Dive.
"Texas is not the highest-stress state for securitized multifamily loans, but it does rank meaningfully elevated nationally," Stephen Buschbom, Trepp's head of applied research and ***** ytics, told Multifamily Dive in emailed comments. "Houston also stands out more clearly at the MSA [metropolitan statistical area] level."
While Texas is tied for fifth among states and Houston is fourth among metro areas, some apartment owners in the Lone Star State and its largest cities face rising costs and unique tax circumstances that are placing additional pressure on their properties. In addition, they're still dealing with supply constraints and higher borrowing costs, which are affecting other landlords across the country.
When apartment loans began going bad a few years ago, Houston was one epicenter as Applesway Investment Group defaulted on nearly $230 million in loans for 3,200 units in the city in April 2023.
More than three years later, Houston and, more broadly, Texas rank among the leaders in securitized multifamily loan issues, according to research that Trepp shared with Multifamily Dive.
"Texas is not the highest-stress state for securitized multifamily loans, but it does rank meaningfully elevated nationally," Stephen Buschbom, Trepp's head of applied research and ***** ytics, told Multifamily Dive in emailed comments. "Houston also stands out more clearly at the MSA [metropolitan statistical area] level."
While Texas is tied for fifth among states and Houston is fourth among metro areas, some apartment owners in the Lone Star State and its largest cities face rising costs and unique tax circumstances that are placing additional pressure on their properties. In addition, they're still dealing with supply constraints and higher borrowing costs, which are affecting other landlords across the country.
