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Reality Sets In
Trepp Data on New York Special Servicing Trends
As of June, nearly $7.4B in New York-area loans were in the hands of special servicers, while the number of loans have only grown by two, to 198, since April, according to latest data from Trepp. The apparent leveling out of the number and volume of loans going to special servicing is in line with Ackman-Ziff's experience that more loans are being worked out, either by being extended or refinanced, Ackman-Ziff CEO Simon Ziff tells us. This is because new capital, which has been available for some time, is now increasingly being brought in to work out problem loans, as borrowers have become more realistic about property values and their equity levels. Check out Bisnow's new national newsletter Friday for more on the overall unabated upward march of loans transferred to special servicing.