Over $1.3 billion in commercial mortgage-backed securities (CMBS) conduit loans were resolved with losses in July, according to data released by Trepp LLC.
Trepp determined that 175 loans were liquidated in July, compared to 197 loans worth $1.8 billion in June. The losses on the July liquidations were about $538 million – representing an average loss severity of 40.2%. In June, the average loss severity was just under 46.4%.
Trepp adds that the July loss-severity average is slightly below the average loss severity of 41.8% over the last 19 months.
