CRED iQ
@cred_iq
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CRED iQ is a CRE & CMBS data & analytics platform that has property, loan, tenant, financial, comps, valuation, maturity, borrower contact info and much more.
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Joined October 2019
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A $55.0M loan, backed by a 325-unit multifamily complex in San Antonio fell 30 days delinquent this month. The CRE CLO loan is scheduled to mature in May 2025.
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Just published, Top 50 Market Rankings by Distress...
CRED iQ Distressed Rate
Allentown: 2.7%
Atlanta: 6.1%
Austin: 1.6%
Baltimore: 17.0%
Birmingham: 20.2%
Boston: 0.9%
Bridgeport: 12.2%
Charlotte: 22.4%
Chicago: 16.2%
Cincinnati: 15.2%
Cleveland: 12.3%
Columbus, OH: 2.7%
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A 468-unit multifamily property in the Southwest submarket of Houston, backed by a $37.3M loan transferred to the special servicer this month due to payment default. The loan is scheduled to mature in May 2032 and is 90 days delinquent.
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Newly delinquent multifamily loan
506-unit, garden-style apt, built in 1981 in Toldeo, OH
$26.3 M loan (30 days delinquent)
Occupancy 61.5%, DSCR 0.91 as of 9/30/23
Original Valuation: $38.5M ($76K/unit) as of April 2019
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A 504-unit apartment complex in Denver ($120 million loan) was put on the servicer's watchlist this month according to CRED iQ data updates.
The garden-style multifamily reported a 0.79 DSCR with 82.1% occupancy.
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Newly delinquent loan (current balance $58.2M)
Property Type: Multifamily
Units: 240
Market: Cleveland
Submarket: CBD
Deal Type: CRE CLO
Current Loan Balance: $58.2M ($242,417/SF)
Payment Status: 30 Days Delinquent
Maturity Date: Apr 2025
Current Rate: 9.222%
DSCR: 0.54
Occ:
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Newly Reported Delinquent Loan
Property Type: Multifamily
Subtype: Garden
Units: 152
Market: Las Vegas
Submarket: Central East
Deal Type: CRE CLO
Current Loan Balance: $26.1M ($172K/unit)
Payment Status: 90 Days Delinquent
Maturity Date: Dec 2024
Current Rate: 8.78%
SS/WL
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Shopping mall giant Macerich Co. looks poised to start defaulting on more of its maturing mall loans
@cred_iq
"As a borrower at Santa Monica Place, Macerich has been required only to pay interest on the $300 million floating-rate loan since it was originated at a one-month Libor
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New loan just fell delinquent yesterday
Property Type: Multifamily
Units: 259
Market: Austin, TX
Submarket: Far Northwest / Round Rock
Deal Type: CRE CLO
Current Loan Balance: $40.4M ($155,985/unit)
Payment Status: Performing Matured
Maturity Date: Apr 2024
Current Rate:
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Arbor loan, now 90 days delinquent as of this morning. Previously 60 days DQ. 100-unit apartment, Built in 1973, in Columbia, SC.
$6.8M loan, latest floating rate: 8.9%, in a CRE CLO deal.
Originated in 2021. Maturity: November 2024
Most recent DSCR: 0.43x
Data Source:
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New loan transferred to the special servicer due to imminent monetary default
Property Type: Multifamily
Units: 78
City: Colorado Springs
State: CO
Deal Type: CRE CLO
Current Loan Balance: $10.6M
Issuer: Ready Capital
Payment Status: Late but less than 30 days DQ
Maturity Date:
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We sub-divided the CRE CLO from two perspectives: 1) Loans that have been added to the servicer watchlist. 2) The triggers that caused the watchlist designation.
CRED iQ’s latest loan-level analysis as of April 30, 2024 indicated that 38.6% of CRE CLO loans are currently on the
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New loan transferred to the special servicer due to non-monetary default
Property Type: Multifamily
Units: 240
Market: Phoenix
Submarket: Northwest Phoenix
State: AZ
Year Built: 1975
Year Renovated: 2021
Deal Type: CRE CLO
Current Loan Balance: $33.3M
Payment Status: Current
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CMBS New Issue Alert
$810M Conduit
46 loans, 101 properties
Issuer: Barclays
Property Type Breakdown:
Retail: 38.4%
Multifamily: 27.5%
Office: 13.4%
Industrial: 9.3%
Hotel 5.9%
Self Storage: 4.4%
MHC: 1.2%
Top Markets:
LA, Dallas, Baltimore, NYC, and Bridgeport
For
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New loan fell 30 days delinquent
Property Type: Multifamily
Subtype: Garden
Units: 138
Market: Austin
Submarket: Northeast / East
Type: CRE CLO
Current Loan Balance: $16.5M
Payment Status: 30 Days DQ
Maturity Date: Oct 2024
UW Valuation: $21.5M (Sept 2021)
DSCR: 0.41
Occ:
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New delinquent loan failed to payoff at maturity and stopped making payments
Property Type: Multifamily
Units: 140
Market: Milwaukee
Submarket: Milwaukee County East
Deal Type: CRE CLO
Current Loan Balance: $11.8M
Payment Status: Non-Performing Matured
Current Interest Rate:
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CRED iQ’s Distress Rate Sets a New Record, led by multifamily... here is the full breakdown
The CRED iQ research team completed its monthly top-down evaluation of payment statuses reported for each loan, along with special servicing status. April saw CRED iQ’s Distress Rate
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New Loan added to the Watchlist this week
Property Type: Multifamily
Subtype: High Rise
Units: 208
Location: Clearwater, FL
Deal Type: Agency, Floating Rate
Current Loan Balance: $17.7M
Original Appraisal: $24.4M ($117K/unit)
Payment Status: Current
DSCR: 0.75
Occ: 89.9%
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5 of the 6 major property types each had their CRED iQ Distress Rate increase this month (as of Feb 29, 2024).
Multifamily had the largest spike (80bps), followed by office (50bps).
A large $2.1B self storage portfolio went from performing matured to current this month.
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An 821-room hotel in Minneapolis became REO this month. The full-service hotel was backed by a $180 million loan that is a non-performing matured balloon as it failed to payoff at its November 2020 maturity date.
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The number of modifications in 2023 more than doubled compared to 2022. Of the $162 billion in securitized commercial mortgages which matured in 2023, 542 loans were modified with cumulative balances just over $20 billion, which is a 150% increase from the amount of modifications
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New special servicer transfer due to payment default (apartment loan, conduit deal from 2019)
636-unit, garden-style multifamily property, built in 1971, located in the Bellaire submarket of Houston
60+ days DQ, appraised at $41.3M ($65K/unit) in Jan 2019
$26.8M loan, matures
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New multifamily loan just transferred to the special servicer today.
Location: Main Line of Philly suburbs
Current Debt: $26,845,776
# of Units: 89
Year Built: 2015
Current interest rate: 8.12%
Maturity: Aug. 2024
Prior Appraisal: $41.7M ($470K/unit)
FY 2023 DSCR:
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A $660 million portfolio office loan was just added to the watchlist today.
Pending loan maturity was the cause.
The asset consists of 2.1M of square feet across 4 class-A office properties in the Burbank Media District of LA. The loan is set to mature in October 2024 with no
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A $125M loan on 750 Lexington Ave., a 382,256 SF Office building in New York City, was recently transferred to the Special Servicer (LNR Partners) for Imminent Default.
For full loan, property, and ownership details, visit CRED iQ:
#commercialrealestate
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A $30.M loan, backed by a 25,000 SF retail property in Chelsea, transferred to the special servicer due to maturity default. The loan was scheduled to mature in January 2024.
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A $20.8M loan, backed by a 638,595-SF industrial property in the Cincinnati market, fell 30 days delinquent. The asset was valued at $35.0M ($56/SF) at underwriting in January 2022.
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CRED iQ examined all multifamily properties that had an occupancy change. Our discovery is that 26 of the Top 50 markets showed an overall decline in their reported occupancies by number of properties.
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New Issue Alert - BANK5 2024-5YR6
Deal Balance: $984.3M
Deal Type: Conduit
Loans: 46
Properties: 54
W.A. Mortgage Rate: 6.99%
W.A. Underwritten DSCR (NCF): 1.73x
W.A. Underwritten Debt Yield (NOI): 13.2%
W.A. Cut-off LTV: 56.0%
W.A. Maturity LTV: 55.9%
Some additional charts
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1/ A 576-unit, garden-style multifamily property in Houston backed by a $45.9M loan was transferred to the special servicer. Occupancy decreased to 72% as of June 2023 (from 92% at YE 2022) and the loan is 60 days delinquent.
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The $58.5M loan backed by a 274,442-SF office property in downtown Fort Lauderdale transferred to the special servicer this month due to maturity default. The floating rate, interest-only loan was originally scheduled to mature in Oct 2022 and had two, 1-year extension options.
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Thanks
@MacroEdgeRes
!!
The overall distress rate for all commercial real estate property types increased from 7.35% to 7.61% in March, a new all-time high.
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More multifamily distress within the CRE CLO sector.
New watchlist alert, $6.4M CRE CLO multifamily loan
70-unit garden apartments, built in 1970 in the Charlotte MSA
Added to watchlist for low DSCR, floating rate debt DSCR trigger
Data Source: CRED iQ Daily Distress Alerts
Originated in Feb 2022, Matures March 2025
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The most recent data from CRED iQ, a CRE data analytics firm, shows that the $1.08 billion loan secured by 280 Park is current but that it was sent to special servicing on Dec. 20, 2023.
SL Green and Vornado secured the loan modification and extension on 280 Park Avenue “after
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CRED iQ’s analysis uncovers that in the course of 12 months, the amount of CRE CLOs under distress ballooned from $1.3 billion in February 2023 to over $6.8 billion as of the latest January 2024 reporting period. Distress levels grew over 440% over the past 12 months.
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A nice shout out here from
@unusual_whales
!! Whale szn is here. Let's go
Distress in commercial real estate CLO loans surged 480% in last year, per CREDiQ and Bloomberg.
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The $23.2M loan backed by the 115-unit healthcare (assisted living) property in Tallahassee, FL fell 30 days delinquent this month. The loan is scheduled to mature in October 2026.
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A $253.4M loan, backed by the 249,063-SF mixed-use (office/retail) property in the Chelsea submarket of NYC transferred to the special servicer this month due to maturity default.
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CRED iQ first alerted our subscribers in May 2023 about the troubled loan behind the $66M Kingswood Center (130,218 SF Mixed-Use in Brooklyn).
@commobserver
reported that IPRG was appointed by the 2nd District Judicial Court as receiver for the collateral (More in comments)...
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New loan transferred to the special servicer
Property Type: Multifamily
Units: 86
Market: Philadelphia
Submarket: Outer Philadelphia
State: PADeal Type: CRE CLO
Current Loan Balance: $16.0M
Payment Status: Non-Performing Matured
Maturity Date: Jan 2024
Current Rate: 10.13%
UW
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New delinquent loan information from this morning's daily distress alert:
Loan Amount: $6.6M
Property Type: Multifamily
Subtype: Garden
Units: 102
Location: 90 miles north of
Pittsburgh
State: PA
Deal Type: Agency / Freddie
Payment Status: 30+ Days DQ
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Our CRE CLO analysis picked up by Bloomberg yesterday!! 🔥🔥
CRE CLO distressed trendline compiled by CRED iQ loan-level data over time featured in Bloomberg this morning. 1/4
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New watchlist loan reported today due a steady decline in DSCR (multifamily floater), dropping from 4.13 in 2021 to 1.00 in 2023
212-unit, garden-style multifamily property, built in 1998 and renovated in 2017, located in Chester County of Philadelphia
Valued at $53.6M ($ in
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The borrower of a $3.3 million loan backed by an 18-unit multifamily property in the Fairmount section of Philadelphia failed to pay off at its maturity date this month.
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1/ A 55-unit multifamily property in Milwaukee is backed by an $11.8M loan that transferred to the special servicer due to a maturity default. Maturity date was extended from December 2023 to March 2024.
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60 Days Delinquent, Fixed Rate debt, Multifamily.
Student Housing Apartment complex in Riverside, CA. Built in 2001, the complex has 92 units and was appraised for $25.5M ($277K/unit) in 2017 at origination. The $15.1 million loan reported a 0.89x DSCR. Annual NCF is $1.05M.
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Latest CMBS Conduit Property Type Breakdowm based off CRED iQ’s preliminary loan data:
Retail: 46%
Multifamily: 14%
Mixed-Use: 14%
Hotel: 14%
Office: 6%
The others (Industrial, self storage, and manufactured housing): 7%
For more details and alerts on new issuance loan /
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As of the December 2023 remittance reports, 15,373 loans were added to the servicer watchlist in the second half of 2023 (July-December). During the final 6 months of 2023, almost $100 billion of loans have been added to the watchlist for signs of upcoming distress.
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“Sometimes small triumphs and large hearts change the course of history.”
May your day be filled with pride!
#cre
#commercialrealestate
#MemorialDay2021
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A $12M loan secured by a 37,000-SF retail property in Coral Gables, FL was added to the watchlist due to weak financials.
For full loan, property and ownership details, visit CRED iQ:
#crediq
#commercialrealestate
#coralgables
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Newly Delinquent Loan
Property Type: Office
Subtype: CBD
Size: 99,021 SF
Market: Atlanta
Submarket: Cumberland / Galleria
Deal Type: Conduit
Current Loan Balance: $7.0M ($71/SF)
Payment Status: 30 Days Delinquent
Maturity Date: Feb 2025
SS/WL Status: Special Servicer
DSCR:
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Some more research & data trends here
Top Reasons loans are transferred to the special servicer compiled by
@cred_iq
loan level data
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Commercial real estate distress accelerated in the second half of 2023, according to analytics firm CRED iQ. The pace of loans being added to the servicer watchlist was roughly 110% faster compared to the first six months of the year.
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New REO asset reported today (previously 121+ Days Delinquent)
Specially serviced since August 2022.
144-unit assisted living community in the Denver MSA
Unpaid Debt: $27.4M (As of March 2024)
Original Appraisal: $36.4M ($253K/unit)
Connect with the asset
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@danjmcnamara
Going, going gone - $12mm down to $8.5mm
New Regional Mall Comp:
Oakdale Mall in Johnson City, NY expected to be acquired by local developer (who also owns adjacent Sears parcel) with an estimated land acquisition cost of approx. $8.5mm - equal to $12/sf. A 90%+ decline from $96.6mm appraisal at origination.
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CMBS New Issue Alert....
CRED iQ has aggregated & modeled the loan-level data for the latest new issuance, a $886 million CMBS Conduit issued by Barclays. Comprised of 33 loans secured by 38 properties, here are CRED iQ's summary analytics:
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A 6,400 SF retail property backed by a $8.5M loan became REO. The loan fell 30 days delinquent in June 2021. The property was solely leased to Lululemon at contribution but the tenant has ceased operations at the location. 1/3
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Imminent maturity default caused this $371.6M indebted mixed-use portfolio in New York City to transfer to the special servicer.
For full loan, property and ownership details, visit CRED iQ:
#crediq
#commercialrealestate
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Loan modification data from CRED iQ featured on this morning’s newsletter from
@thecredaily
- one of the best in the game. 💪🏼
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Learn how the top CRE pros are leveraging our data platform. Start your free trial here in 4 steps:
1) Name
2) Company
3) Phone
4) Work Email
>>> Access Everything
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1/ A $48.4m loan backed by a 297-key hotel in Denver transferred to the special servicer due to the borrower’s request for a maturity extension. The loan was originally scheduled to mature in May 2022 but was modified in September 2020 to extend the maturity date to May 2024.
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New watchlist addition due to pending maturity in Sept 2024, with 1 one-year extension option
144-unit, garden-style multifamily property, built in 1989 and renovated in 2015, located in Southwest submarket of Las Vegas
Data Source: CRED iQ Daily Distress Alerts
$25.0M loan,
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A 1.3M SF mall in the Springfield, MA MSA backed by a $166.0M loan transferred to the special servicer due to the borrower issuing notice of default under the $35.0M mezzanine loan. The loan is a performing matured balloon as it failed to payoff at its February 1, 2024 maturity
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CRED iQ reviewed CMBS loans with office collateral through 2025 and found that about 217 million square feet are office leases with expiration dates this year and next.
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Our loan and lease data highlighted in this story about Fannie Mae’s HQs in DC. Full story>
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According to CRED iQ's updated data for November, 358 multifamily properties totaling $7.5 billion have been added to the servicer's watchlist.
To receive real time alerts on CRE properties, loans and portfolios, click here:
#commercialrealestate
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@ShlomoChopp
Typical mall appraisal cycle of life: $150M original, default happens…then new appraisal 75M, then $50M, then $35M, then $25M, then sells for $5-10M
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1/ A $10.3M loan backed by a 118-room hotel in the Richmond MSA was just added to the watchlist in today’s data update due to a below breakeven DSCR.
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The $5.1 million loan backed by this 101,522 square foot retail property is scheduled to mature on 08/2021. In 2008, the property appraised for $13.2 million yielding an LTV of 38.7%.
Visit for more
#commercialrealestate
data. Free trial available.
#CRE
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CRE Data Analytics Startup CRED iQ Launches CMBS Operating Advisor Division
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An office building ($19.6M loan) in San Francisco, CA transferred to the special servicer due to payment default. 1/
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New Product by CRED iQ -- As soon as any property or loan hits key credit triggers that signal a potential or imminent default (such as a missed payment, or transfer to the Special Servicer) a real-time alert, filled with data is sent to CRED iQ subscribers via email - Link below
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1/ CRED iQ’s overall distress rate for CMBS increased by 22 basis points in January to 7.39% from 7.17% – snapping a two-month streak of declines.
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Originated in 2021, the initial loan matures in Sept 2024 and is currently paying a floating rate of 7.19%. At underwriting, the asset's As-Is appraisal was $184M ($365K/unit) with an As-Renovated value of $206M (409K/unit).
Subscribe to CRED iQ for full details.
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