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CMBS Special Servicing Milestone Approaching August 12, 2010

Posted by Sean Tufts in Articles, Retail News.
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A milestone is approaching in the CMBS market.  Globe Street predicts that there is no way to keep the volume of CMBS loans in special servicing from reaching $100b by the end of the year.  Even as some major deals (i.e. GGP) are being worked out, the wave of new default continues to increase the balance.  Over 5,000 commerical CMBS loans are now in special servicing, with 60% of those in actual default.  Retail properties make up approximately 20% of the total amount.  Nearly 1/3 of our time as brokers is being spent working on note, REO and pre-foreclosure purchases.  We expect this to remain steady as we slog our way through what is looking like a long trough.  Although, that trough will be challenging we expect it lead to some excellent deals in our market.

 Read the full article here.

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