Fitch Ratings said its overall U.S. CMBS delinquency rate increased nine basis points to 2.42% in May from 2.33% in April 2024 due to maturity defaults of several large regional mall and office loans. Led by the $255-million maturity default of a loan…
An estimated $332 billion in potentially troubled commercial real estate debt is scheduled to mature this year, approximately one-quarter of a total of $1.3 trillion potentially troubled debt coming due between now and 2033, Newmark reported. Although loans tied to…
Office and retail CMBS loan defaults drove the overall default rate higher in 2023, Fitch Ratings said Tuesday. The total annual and cumulative U.S. CMBS loan default rates for 2023 increased to 0.9% and 18.5%, respectively, from 0.3% and 17.9%…
NYC office demand has decreased 22% since March, equivalent to 3 million square feet, but it is still above the 2021-2023 monthly average, according to the latest data from VTS. Small tenants (<10k square feet) have shown positive momentum, while the tech and…
Although the much-anticipated wave of office distress has yet to materialize, new research fromYardi Matrix shows that many markets are exposed to potential distress. The firm said debt service coverage ratios have declined for office properties in recent years, due…
KHP Capital Partners has purchased a historic Charlotte building. The company paid $19.3 million for The Johnston Building, a 100-year-old uptown office building. Spaulding & Sly Investments was the seller. The Charlotte Business Journal reports Spaulding & Sly acquired the…
The investor of a four-building business Park in Arlington has lost that investment, to the bank that had the loan on it. Pinnacle Bank Texas took back the office park at auction for $30 million from Opal Holdings. Opal Holdings…
The joint venture of Stiles and Shorenstein Properties has delivered 110 East, its newest Class A, a 23-story office tower in Charlotte’s South End neighborhood. Nashville-based Hastings Architecture designed the 370,000-square-foot building. Shelco was the general contractor. Commercial Edge reports…
The volume of distressed office in conduit and single-asset, single-borrower CMBS increased to a combined $52.2 billion in March, nearly double the $26.6 billion volume a year ago, according to Kroll Bond Rating Agency’s KBRA Credit Profile (KCP). Thirty-one percent…
The landlord of a six-story office building near Perimeter Mall has sought approval to convert the space into 207 residential units for seniors. The 14-acre property, first developed in 1982, is known as Ashford Green (photo). Its office space is…
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