Delinquencies, defaults surge on loans linked to CMBS

11/3/2009 | Bloomberg

The rate of defaults and delinquencies on the commercial mortgages that underlie CMBS issues reached 4.52% in the last quarter compared with 0.8% in the same quarter a year ago, data provider Reis reported. The potential default on debt secured by Manhattan's Stuyvesant Town-Peter Cooper Village apartment complex could send the rate soaring. The financing package for the 2006 acquisition of the mammoth property included $3 billion of loans that were packaged into five CMBS issues.

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