The delinquency rate on commercial mortgage-backed securities continued to fall significantly for the month of February, according to Trepp.
The rate of U.S. commercial real estate loans embedded in CMBS that were delinquent dropped 20 basis points in February to 4.15%,
About $1 billion of CMBS loans became newly delinquent in February. The largest newly delinquent loan in the quarter was a $58 million lodging property loan in Rye Brook, N.Y.
Total delinquencies stood at $21 billion.
The industrial CMBS delinquency rate fell 10 basis points to 5.86%. The lodging delinquency rate fell 22 basis points to 2.6%. The multifamily delinquency rate rose six basis points to 2.37%.
The office property delinquency rate rose 26 basis points to 4.98%, while the retail delinquency rate fell 15 basis points to 5.47%.