The 30-day delinquency rate on securitized multifamily mortgages fell slightly in April after a 332 basis point spike in March due to the default of the Stuyvesant Town and Peter Cooper Village project in Manhattan.
In April, the delinquency rate on securitized multifamily mortgages fell 13 bps to 13.06%. It is the first decline in the multifamily rate since May 2009, according to a Trepp LLC report. The New York firm tracks the performance of commercial mortgage-backed securities.
Overall, the 30-day or more past-due rate on CMBS rose 41 bps to 8.02% in April, up from 2.45% a year ago. This marks the first time ever that CMBS delinquencies hit or surpassed 8%, according to Trepp. Office delinquencies rose the most (64 bp) in April followed by retail (41 bp).