Most maturing loans already in special servicing are either delinquent or in foreclosure, according to the latest Fitch Ratings weekly newsletter.

The rating agency says this trend is likely to continue into 2011, when 2,198 fixed-rate commercial mortgage loans (representing $26.5 billion) mature, with 17% already in special servicing.

Fitch expects loans secured by office, retail, and hotel properties from the 2006 and 2007 vintages to be the most difficult to refinance in 2011.

"Recent vintage loans have little or no amortization and are maturing in a higher mortgage rate environment with stricter underwriting standards," said Senior Director Adam Fox.

For September, 126 U.S. CMBS loans will be brought to maturity, with almost half of them already in special servicing, he said.

The maturity breakdown by month through December includes September: 126 loans; $962 million (43% specially serviced); October: 159 loans; $2.1 billion (34% specially serviced); November: 158 loans; $1.6 billion (14% specially serviced); December: 176 loans; $1.7 billion (16% specially serviced).

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