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Sign in Sign up for a FREE subscriptionCMBS delinquency drops in January
The CMBS delinquency rate fell 82 basis points in January, according to Trepp, to reach 4.35 percent. The delinquency rate is down 131 basis points from one year prior, when it stood at 5.66 percent.
The large drop in delinquency was from the resolution of the $3 billion Stuyvesant Town/Peter Cooper Village loan. That brought the apartment delinquency rate down 597 basis points to 2.31 percent.
The Blackstone Group and Ivanhoé Cambridge acquired Stuyvesant Town and Peter Cooper Village, one of Manhattan’s largest apartment complexes with a total of 11,232 units,for $5.3 billion.
In 2014, CWCapital Asset Management, on behalf of a consortium of lenders, took title to Peter Cooper Village and Stuyvesant Town. CWCapital represented debt vehicles including ML
