Fitch Monitoring Nearly $11B in CMBS Following Hurricane

Fitch Ratings has identified more than 1,000 properties in commercial mortgage-backed securities transactions that had exposure to Hurricane Matthew.

The 1,345 properties carry an aggregate loan balance of $10.65 billion and are located across 347 Fitch-rated CMBS deals.

By property type, retail and multifamily represented the largest shares of the potentially affected properties, with 31% and 29%, respectively. Another 16% of the properties are hotels, while 11% are office properties.

North Carolina had the largest number of properties and share of the aggregate loan balance that was exposed to the hurricane, with 402 properties that had 34% of the loan balance. South Carolina followed with 304 properties and 23% of the loan balance.

Next was Virginia with 19% of the loan balance and 251 properties. Florida and Georgia had 232 properties and 156 properties with exposure to the storm, respectively, representing 29% of the loan balance altogether.

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