The Trepp CMBS special servicing overall rate rose seven basis points in September to 11.49%, its highest level since February 2013. The seven-bp increase followed a steeper 33-bp increase in August, which reversed July’s decline.
Within that overall increase, results were mixed among property types. Retail rose 24 bps in September to 13.84%, lodging rose 21 bps to 8.95% and multifamily rose 17 bps to 8.54%. Conversely, mixed-use fell 30 basis points to 13.17%, office fell five bps to 16.85%, and industrial fell four bps to 1.23%.
In September, new transfers to special servicing totaled roughly $2.65 billion across 42 whole loans, with office accounting for 57% of the total, according to Trepp. The largest loan to transfer was the $512.8-million One SoHo Square (pictured), an urban office property in New York City which moved to special servicing for imminent balloon/maturity default.
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