At €10 billion, 2014 refinancing will come in lower than the €16 billion of loans that matured at beginning of 2013. However the loan maturities will follow a year in which the number of loans in special servicing increased to just under 50% of Standard & Poor’s remaining CMBS universe.

“This could increase difficulties facing loans maturing in 2014, as they compete with these specially serviced loans for the limited amount of available refinancing opportunities,” the ratings agency said in a report today.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.