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Curve Flattens
Curve Flattens
New research from Trepp LLC, prepared exclusively for Bisnow, indicates that while the number of loans in special servicing and the dollar value of those loans has increased over the last five quarters, it has done so at a slower pace. Foresite Realty's Don Shapiro says the special servicers he's been dealing with are often serving 50-60 loans each, far more than he's seen in the past. He also says that a second wave of loans going into special servicing could be coming up in 2012 to 2014 when many loans are set to mature. Those loans might be a little smaller in number, but larger in volume than this wave. "We'll have a general flattening of the curve, which should last for 2010 to 2012," Don says. "Loans in special servicing will grow in volume and complexity  in the years after that."