Multifamily CMBS delinquency rate reaches 8.09%, highest since 2015, Trepp data shows
Market DataUS
The delinquency rate for multifamily loans in commercial mortgage-backed securities rose 5 basis points to 8.09%, the highest level since December 2015, according to Trepp data reported by Multifamily Dive. The multifamily special servicing rate climbed 68 basis points to 9.22%, driven largely by the $210 million loan on the 283-unit Cove at Tiburon in California, which went unpaid after its extended maturity in October. Freddie Mac K-Series delinquency rose to 0.96% from 0.8% in September.
Why it matters
CMBS holds about 3% of multifamily mortgage debt according to the MBA, so the rise reflects stress in a specific slice of apartment financing rather than across all loans.
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