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HITTING THE CEILING; THE DEAL SHEET

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HITTING THE CEILING; THE DEAL SHEET
As of August, the balance of New York metro loans in special servicing-205 totaling $7.6B-is down from $7.8B in July, according to fresh data from Trepp LLC.
Trepp Chart
This marks the second time since May and only the second time since the beginning of the financial crisis that the total dollar amount of loans in special servicing in the New York metro has decreased from month to month, establishing a ceiling in the special servicing loan balance, Newmark Knight Frank Capital Group associate director David Colen tells us. While new additions to the special-servicing loan balance have slowed, resolution activity has picked up significantly, he says, noting that the national trend is slightly behind New York, but showing similar progress. The national special-servicing loan balance is yet to decrease from month to month, he says. However, monthly additions to the now $89.6B pool have slowed by 57% over the same time a year ago.