NEW YORK–The CMBS Special Servicing Rate has taken a “massive leap” in the latest data, according to a new report.
Trepp is reporting its Trepp CMBS Special Servicing Rate leaped in April, rising 80 basis points to 8.11%
“This marks the largest monthly jump that the rate has experienced in nearly four years, with higher monthly upticks only reached during the COVID-19 pandemic in mid-2020,” the company said. “Furthermore, this is the first time that the rate has eclipsed the 8% mark since July 2021.”
The Trepp analysis found there were “some big movers” when analyzing by property type, with three up by at least 100 basis points, including:
- The office rate continued higher, pushing up to 10.84%.
- Retail was up 106 basis points in April after hardly moving a month prior.
- The biggest movers were by far ‘Other’ properties and multifamily, which increased a whopping 236 basis points and 269 basis points, respectively. The multifamily rate rose to 5.10%, up past the 5.00% mark for the first time since June 2017.
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