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Baltimore Commercial Real Estate

DELINQUENCIES, SALE PROSPECTS UP

Trepp's latest data shows the number of delinquent CMBS loans in Baltimore rose in April to 27 (or $375.6M in volume). Yesterday, C&W's Cris Abramson told us he thinks the data shows the days of ?pretend and extend? are over: ?The increase shows special servicers are taking action on loans,? not that there's another wave of distress in the pipeline. And he thinks that's good news: servicers taking over more loans means they're getting comfortable with selling the notes or assets, which signifies an improving sales market. ?There's not much property on the market right now,? Cris says, so it's a great time to test the waters with one of these properties. Locally, Cris says he thinks distress will be most persistent in Class-B and C suburban offices because drops in Class-A rents mean tenants can afford to trade up to higher-quality space.

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