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The 30-day delinquency rate on securitized multifamily mortgages spiked 330 basis points to 13.2% in March from February with the default of the Stuyvesant Town and Peter Cooper Village project in Manhattan, according a Trepp report.

Without the $3 billion in Stuyvesant Town CMBS moving into the "foreclosure" category, the delinquency rate would have jumped 62 bps to 10.5%.

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