Prepayments on CMBS rose to 2.2% CPR in August from 1.7% in July, according to Bank of America's $218 billion universe of 413 transactions. Speeds for 1997-2000 vintages rose significantly --up 73%, 112%, 17%, and 33%, respectively-- over the month, but were tempered by a 36% decline in 1996 and 17% in 1995 deals. Over the past 12 months, speeds were up 15.4% to 1.5% CPR, led primarily by 2000 and 1997 vintages that were up 15% and 20%, respectively.
Within the sector, the month of August saw 45.7% of the office loan pool prepay, led by the $250 million Grand Central Plaza property in New York, which accounted for 59% of the office total for the month. Lodging, retail, and multifamily loans accounted for 44% of the total.