CMBS delinquency rates continue to improve – report

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CRED IQ’s special servicing rate, which includes delinquent and non-delinquent loans, posted a 34-basis point month-over-month decline.

“A combination of workouts, liquidations, cures, and mortgage rehabilitations resulted in the decline of the special servicing rate for the fourth consecutive month,” the firm said in a statement. “That said, the $80 million Chicago Ridge Mall was among the largest loans to transfer to the special servicer this month. The loan has a near-term maturity date in July 2022, and a timely payoff appears to be unlikely.”

Overall, the distressed rate of CMBS loans that are specially serviced, delinquent, or a combination of both was 6.19% – down from 6.40% in March. Distressed rates also declined across all property types, according to CRED IQ.