New research by Trepp shows that the percentage of CMBS debt that moved into special servicing increased in April, marking the first rise July 2018. The Trepp CMBS Special Servicing Rate climbed 11 basis points to 3.53% in April. The reading is also the highest it has been in the last two years.
A key culprit for the overall bump was the retail sector’s 24-basis-point rate jump to 5.73% in April, according to Trepp. The special servicing readings for the other four major property sectors also increased.
The lodging segment was still the best performing major property type, incurring the month’s second-greatest jump, rising nine basis points to 2.25%.
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