Fewer U.S. commercial mortgage-backed securities loans are slated to come due in 2012 than this year, according to a Fitch report Friday.
The rating agency said in a report based on transactions it rates that 1,200 commercial mortgages totaling $14.3 billion are scheduled to mature in 2012, down from 2,000 loans totaling $22.5 billion this year.
Loans secured by office properties represent the largest concentration of loans slated to mature next year at 38%, followed by multifamily at 22%.
Office properties have a relatively low delinquency rate. Multifamily tends to have the highest delinquency rate among property types, although—as Jefferies managing director/CMBS strategist Lisa Pendergast noted in an interview earlier this week—some loans in the sector such as Fannie Mae and Freddie Mac product tend to fare relatively better than others.
CMBS loans scheduled to mature in 2012 stem from 1996-2007 originations and have an average balance of $13.9 million.
Originations made at the peak of the real estate cycle in 2007 may need contributions of additional equity from borrowers to secure certain types of financing as they mature, but generally most maturing loans in 2012 should be relatively easy to finance, Fitch's report suggests.
