The 30-day plus delinquency rate on MBS backed by multifamily mortgages spiked by just over 100 basis points in November, reaching a new high of 15.8%, according to new figures compiled by Trepp LLC.
"There were 117 newly delinquent multifamily loans in November with a total balance of $1.6 billion," said Trepp managing director Manus Clancy.
The newly delinquent loans included a $210 million mortgage on the Savoy Park apartments in New York City.
Trepp is a New York firm that tracks the performance of commercial mortgage backed securities. Its November report moved multifamily mortgages into the worst performing category of CMBS. A year ago, the delinquency rate on multifamily MBS was 8.8%.
Meanwhile, the Trepp report shows that the delinquency rate on all CMBS hit 8.93% in November, a 35 basis points increase from the previous month.
"The November numbers certainly throw some cold water on the enthusiasm that has been building over the past six months—that the peak for delinquencies was nearing," Clancy said.
