2020 Special Servicing Rates

The Trepp Special Servicing rate saw an increase of 220 basis points in the month of June, coming in at 8.3 percent.
Source: Trepp
Source: Trepp

The Trepp Special Servicing rate saw an increase of 220 basis points in the month of June, coming in at 8.3 percent, in comparison to 6.1 percent in the month prior. As expected, this surge is primarily due to an increase in the retail and lodging special servicing rates due to the pandemic.

The lodging special servicing rate clocked in at 20.5 percent, up from 16.2 percent in May. The retail special servicing rate came in at 14.2 percent registering an increase of about five percentage points from 9.3 percent in the month prior. 

The special servicing rate for CMBS 2.0+ notes saw an increase of 222 basis points, clocking in at 7.3 percent. In terms of the outstanding balance of these loans that are currently in special servicing, the total increased by roughly $11.4 billion to $37.4 billion in June.

—Posted on Jul. 22, 2020


Source: Trepp
Source: Trepp

The Trepp Special Servicing rate saw an increase of 168 basis points in the month of May, coming in at 6.1 percent, in comparison to 4.4 percent in April. As expected, this surge is primarily due to an increase in the lodging and retail special servicing rates due to the pandemic. Lodging and retail logged an increase of 479 and 322 basis points, respectively.

The special servicing rate for CMBS 2.0+ notes saw an increase of 181 basis points, clocking in at 5.1 percent. In terms of the outstanding balance of these loans that are currently in special servicing, the total increased by roughly $10.0 billion to $26.0 billion in May. In the legacy CMBS universe, the overall special servicing rates saw a reduction of 43 basis points, coming in at 42.9 percent in May. Additionally, the total outstanding balance of these loans declined to $6.02 billion in May from $6.20 billion in April.

—Posted on Jun. 24, 2020


Source: Trepp
Source: Trepp

The Trepp Special Servicing rate saw a surge of 156 basis points last month, coming in at 4.4 percent, in comparison to 2.8 percent in March. This increase is mainly on account of a large number of lodging loans sent to special servicing due to the pandemic. The lodging special servicing rate came in at 11.4 percent in April, up from 2.3 percent in March. 

The special servicing rate for CMBS 2.0+ notes saw an increase of 164 basis points, clocking in at 3.3 percent. In terms of the outstanding balance of these loans, the total increased by a massive $8.3 million to $16.1 billion in April. In the legacy CMBS universe, the overall special servicing rates saw a modest increase of four basis points, coming in at 43.3 percent this month. Additionally, the total outstanding balance of these loans declined to $6.20 billion last month from $6.27 billion in March.

—Posted on May 22, 2020


Source: Trepp
Source: Trepp

The Trepp Special Servicing rate came in at 2.8 percent in March, an increase of nine basis points from the previous month. The uptick can be mainly attributed to a 35 and 23 basis points spike in the retail and lodging special servicing rates respectively.

It is essential to understand that the increase in this month’s special servicing rate does not reflect the full impact of pandemic-related market disruption and is from when the industry did not have enough clarity on the magnitude of the outbreak.

The special servicing rate for CMBS 2.0+ notes saw an increase of 13 basis points, clocking in at 1.6 percent. In terms of the outstanding balance of these loans, the total increased by $795.70 million to $7.84 billion in March. In the legacy CMBS universe, the overall special servicing rates saw a modest increase of one basis point, coming in at 43.3 percent this month. Additionally, the total outstanding balance of these loans declined to $6.27 billion last month from $6.36 billion in February.

The number of loans newly transferred to special servicing also increased this month, with a total of 29 loans sent to special servicing in comparison to 15 the month before. Together, these loans hold an outstanding balance of $945.75 million. Most of the new specially serviced loans are in the retail sector accounting for over half of the total specially serviced balance this month. 

—Posted on Apr. 24, 2020


Source: Trepp
Source: Trepp

The Trepp Special Servicing rate came in at 2.7 percent in February, a decline of four basis points from the previous month. All property types excluding the lodging sector saw a decline in their special servicing rates. The special servicing rate for CMBS 2.0+ notes saw a modest increase of three basis points. This was mainly on account of a 10 and seven basis points spike in the lodging and retail special servicing rates respectively.

In the legacy CMBS universe, the overall special servicing rates witnessed a drop of 74 basis points, coming in at 43.3 percent this month. The number of loans newly transferred to special servicing saw a decline this month, with a total of 15 loans sent to special servicing in comparison to 25 the month before. Together, these loans hold an outstanding balance of $304.5 million. The majority of the new specially serviced loans are in the retail and lodging sector, accounting for 78.2 percent of the total outstanding balance.

—Posted on Mar. 26, 2020


Source: Trepp

The Trepp Special Servicing rate came in at 2.8 percent in January, a decline of 14 basis points from the previous month. All property types saw a decline in their special servicing rates, with the multifamily sector seeing the largest drop of 32 basis points.

The special servicing rate for CMBS 2.0+ notes saw an increase of five basis points. This was mainly on account of a 31 basis points spike in the retail special servicing rates. In the legacy CMBS universe, the overall special servicing rates witnessed a drastic drop of 349 basis points, coming in at 44.0 percent this month. This was due to significant declines in multifamily, retail and lodging rates.

The number of loans newly transferred to special servicing rose this month, with a total of 25 loans sent to special servicing in comparison to 14 the month before. Together, these loans hold an outstanding balance of $475.1 million. The majority of the new specially serviced loans are in the retail sector, accounting for 65.4 percent of the total outstanding balance respectively. 

—Posted on Feb. 21, 2020