June 22, 2020
TRD Insights: Pandemic has sent over $20B in CMBS debt into special servicing

The number of CMBS loans transferred to special servicers has ballooned during the coronavirus crisis, and has totaled $21 billion in the last 90 days. And most of those troubled loans are...

TRD Insights: Pandemic has sent over $20B in CMBS debt into special servicing

Nearly 90% of the mortgages were on hotel and retail properties

June 22, 2020 | Jerome Dineen | The Real Deal

The number of CMBS loans transferred to special servicers has ballooned during the coronavirus crisis, and has totaled $21 billion in the last 90 days. And most of those troubled loans are secured hotel and retail properties.

From March through May, 439 commercial mortgage-backed securities loans were transferred to special servicing compared to a total of 674 loans and $9 billion for all of 2019, according to a recent report from Fitch Ratings.

In January and February, before the virus took hold throughout the country and led to the economic shutdown, just 34 CMBS loans entered special servicing.

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