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.
