Losses on commercial mortgages declined in February, with a Florida shopping center topping the list of the largest losses, according to Trepp.
Total loan dispositions of commercial mortgage-backed securities dropped 76% to $567 million in February, compared to January. The average size of loans disposed fell 32% to $13.2 million per loan.
The $191 million loan backing Gulf Coast Town Center, a super-regional mall in Fort Myers, Fla., was the largest realized loss in February. The loan was resolved with a loss of $44.3 million. The property was in foreclosure.
The second-largest loss was a $51 million loan backing the Four Seasons Nevis, a hotel and resort on the Caribbean island nation of St. Kitts & Nevis. The loan was closed at a $31.8 million loss.
The third biggest was on a $52 million loan behind the Sheraton at Newark International Airport in New Jersey. The loan was closed out with a $22.6 million loss.
The banks or other lenders that owned or originated the loans were not disclosed by Trepp.
