Fitch: U.S. CMBS Delinquencies Stable in February; Large Payoffs Hit
Loan delinquencies increased five basis points (bps) in February to 4.77% from 4.72% a month earlier due to a \$4.9 billion decrease in Fitch's rated universe. New CMBS delinquencies finished February at \$327 million, up slightly from \$274 million in January but still near post-recession lows. Fitch-rated new issuance volume of \$200 million (one transaction) was far outpaced by \$5.1 billion in portfolio runoff.
The February runoff was led by the refinance and payoff of the Motel 6 Portfolio (Motel 6 Trust 2012-MTL6), a portfolio of 517 Motel 6, Studio 6, and Red Roof properties. The runoff was also fueled by the payoff of the defeased \$348 million AmericasMart loan (WBCMT 2005-C19 and WBCMT 2005-C20) and the \$113.5 million Civica Office Commons loan (LBUBS 2005-C2).
Current and previous delinquency rates by property type are as follows:
--Hotel: 6.36% (from 6.15% in January);
--Retail: 5.39% (unchanged);
--Multifamily: 5.23% (from 5.21%);
--Industrial: 5.20% (from 5.04%);
--Office: 5.08% (from 5.00%);
--Mixed Use: 3.05% (2.86%);
--Other: 1.09% (from 1.08%).
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