Busy April for CMBS Servicers

CMBS special servicers had a busy April, liquidating $1.62 billion in loans, according to a Tuesday Trepp report. Since January 2010, servicers have been liquidating at an average rate of $1.17 billion per month.

The 128 loan liquidations resulted in $742 million in losses, translating to an average loss severity of 45.80%, above the 12-month moving average of 42.38%. and 6.2 percentage points higher than March's 39.65%, according to Trepp.