The delinquency rate on commercial mortgage-backed securities rose slightly in December, according to Trepp.
The rate of U.S. commercial real estate loans embedded in CMBS that were delinquent rose 4 basis points in December to 5.17%, compared to November, Trepp said. Even with the worsening, the delinquency rate is still 58 basis points lower than the end of 2014.
About $1.6 billion of CMBS loans became newly delinquent in December. The largest newly delinquent loan in the quarter was a $190 million office property loan in Bridgewater, N.J. Also going delinquent in the quarter was a $133 million loan for the Triangle Town Center retail development in Raleigh, N.C.
Total delinquencies stood at $26.4 billion.
The industrial CMBS delinquency rate fell 26 basis points to 5.73%. The lodging delinquency rate rose 7 basis points to 2.82%. The multifamily delinquency rate rose 13 basis points to 8.28%.
The office property delinquency rate rose 6 basis points to 5.79% and the retail delinquency rate rose 12 basis points to 5.76%.
