2022 Multifamily Special Servicing Rates

4 min read

Trepp’s latest report on where rates are headed.

Source: Trepp

The Trepp CMBS special servicing rate fell 36 basis points in April to 5.3 percent. Six months ago, the rate was 7.2 percent, and 12-months ago the rate was 9.0 percent.

The percentage of loans on the servicer watchlist fell 37 basis points to 23.5 percent. This is the seventh consecutive month of declines in the rate. Approximately $1.09 billion in CMBS debt was transferred to a special servicer.

The overall CMBS 2.0+ rate is 4.9 percent, where one year ago it was 8.3 percent and six months ago it was 6.7 percent. The overall CMBS 1.0 rate is 32.3 percent. One year ago that was 47.3 percent and six months ago it was 41.9 percent. The multifamily special servicing rate went down 17 basis points for CMBS 1.0 and 2.0+ to 1.5 percent.

—Posted on May 23, 2022


Source: Trepp

The Trepp CMBS Special Servicing Rate fell 42 basis points in March to 5.7 percent. Six months ago, the Trepp special servicing rate was 7.5 percent, and 12-months ago the rate was 9.4 percent. The percentage of the loans on the servicer watchlist fell 37 basis points to 25.5 percent. This is the sixth consecutive month of declines in the rate.

Approximately $668.3 million in CMBS debt was transferred to a special servicer in March. The overall US CMBS 2.0+ special servicing rate is 5.4 percent. One year ago, the US CMBS 2.0+ special servicing rate was 8.7 percent, while six months ago, the US CMBS 2.0+ special servicing rate was 7.0 percent. The overall US CMBS 1.0 special servicing rate is 41.5 percent. One year ago, the US CMBS 1.0 special servicing rate was 47.4 percent, while six months ago the rate was 41.7 percent.

For overall property types CMBS 1.0 and 2.0+, the multifamily rate went down 29 basis points to 1.7 percent.

—Posted on Apr. 27, 2022


Source: Trepp

The Trepp CMBS Special Servicing Rate fell 25 basis points in February to 6.1 percent. Six months ago, the Special Servicing rate was 7.8 percent, and 12 months ago the rate was 9.6 percent. The percentage of loans on the servicer watchlist fell 21 basis points to 25.9 percent. This is the fifth consecutive month of declines. Approximately $270.5 million in CMBS debt was transferred to a special servicer in February. The new transfers were heavily made up of loans backed by office properties, which equated to $175.9 million of the newly transferred balance.

The largest of these transfers was the $67.5 million Sunbelt Portfolio. The portfolio backs three apartment properties located in Birmingham, Ala., and Columbia, S.C. that combine to make up 1,324,863-square-feet.

The overall US CMBS special servicing rate is 6.1 percent in February. One year ago, the US CMBS special servicing rate was 9.6 percent. Six months ago, the US CMBS special servicing rate was 7.8 percent. The overall US CMBS 2.0+ special servicing rate is 5.6 percent. One year ago, the US CMBS 2.0+ special servicing rate was 8.9 percent. Six months ago, the US CMBS 2.0+ special servicing rate was 7.3 percent. The overall US CMBS 1.0 special servicing rate is 43.4 percent. One year ago, the US CMBS 1.0 special servicing rate was 47.4 percent. Six months ago, the US CMBS 1.0 special servicing rate was 42.1 percent.

For CMBS 1.0 and 2.0+, the multifamily special servicing rate dropped 18 basis points to 2.0 percent.

—Posted on Mar. 25, 2022


Source: Trepp

The Trepp CMBS Special Servicing Rate fell 42 basis points in January to 6.3 percent. One year ago, the US special servicing rate was 9.7 percent. The percentage of loans on the servicer watchlist fell for the fourth consecutive month with 26.1 percent of loans reported as on the servicer watchlist, a drop of 38 basis points from the December reading. Approximately $289.9 million in CMBS debt was transferred to special servicing in January. The office, multifamily, and mixed-use sectors made up 85.4 percent of the of the month’s newly transferred balance. A noteworthy transfer included the $33.2 million Park at Caldera (MSBAM 2014-C19) multifamily loan.

Six months ago, the US CMBS special servicing rate was 8.1 percent. The overall US CMBS 2.0+ special servicing rate is 5.9 percent. One year ago, the US CMBS 2.0+ special servicing rate was 8.9 percent. Six months ago, the US CMBS 2.0+ special servicing rate was 7.5 percent. The overall US CMBS 1.0 special servicing rate is 43.5 percent. One year ago, the US CMBS 1.0 special servicing rate was 49.9 percent. Six months ago, the US CMBS 1.0 special servicing rate was 45.9 percent. For CMBS 1.0 and 2.0+, the Multifamily special servicing rate increased 2 basis points to 2.1 percent. For 1.0, the multifamily special servicing rate went down 217 basis points and sits at 0.0 percent.

—Posted on Feb. 28, 2022

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