The overall CMBS special servicing rate is the highest rate recorded since May 2013, reported Trepp CMBS Research.
The Trepp Special Servicing rate saw an increase of 44 basis points in September, coming in at 10.48 percent, compared to 10.04 percent in August.
Similar to the previous few months, the surge could be attributed mainly to an increase in the retail and lodging special servicing rates. The retail special servicing rate clocked in at 18.32 percent in September, up from 17.31 percent in August. The lodging special servicing rate came in at 26.04 percent, up from 24.99 percent in August. Both the lodging and retail CMBS special servicing rates were the highest reported on record.
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