The aggregate value of commercial real estate (CRE) loans priced by DebtX that collateralize commercial mortgage-backed securities (CMBS) increased to 77.4% as of June 30 from 76.6% as of May 28, DebtX reports. Loan values were 76% as of June 30, 2009.
‘Commercial real estate fundamentals continue to deteriorate and are constraining CMBS loan price increases gained through lower treasury rates,’ says DebtX CEO Kingsley Greenland. ‘Several key performance metrics continue to weigh on the CMBS market, including record-high delinquency rates, the increased volume of loans being transferred to special servicers and the low rate of balloon repayments at maturity.’
In June, DebtX priced 58,232 CRE loans with a $683.9 billion aggregate principal balance. The loans collateralize 628 U.S. CMBS trusts, DebtX says.