According to the data compiled by Morgan Stanley, a record 66 CMBS loans totaling $ became newly delinquent in April, which was the greatest month-over-month change on record. In total, 324 loans with a total balance of $ are currently delinquent, which is also an all-time high. Even more troubling is the waves of delinquencies on the horizon a CMBS loan becomes delinquent after it misses two consecutive payments. Loans that have missed just one month of interest are classified as late but within grace period this jumped delinquencies in commercial real estate are now running 3 times higher than the great depression. We see according to Fitch data, borrowers with mortgages representing almost $150 billion in CMBS, accounting for 26% of the outstanding debt, have asked about suspending payments this number was only 9% during the great recession which means the current number seeking to defer payment is 3 times higher than the record. This could be described as nothing less than a retail apocalypse in commercial real estate.
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