CMBS Delinquencies See Record-Breaking Drop In January
CMBS delinquencies just saw their biggest monthly drop on record for January, falling 109 bps down to 2.93% from 4.02% at year’s end, according to Fitch Ratings.
The biggest chunk of the drop comes from the settlement of Peter Cooper Village/Stuyvesant Town’s CMBS debts, left over from Tishman Speyer’s 2010 default on the complex.
Blackstone and Ivanhoé Cambridge bought out the $5.3B mixed-use giant after jumping through legal hurdles, settling its debts in January. January saw $4.8B worth of CMBS delinquency resolutions, easily outstripping the $637M in new delinquencies, GlobeSt reports.