The percentage of commercial mortgage-backed securities paying off their balloon payments rose 21 points in February, month over month, according to Trepp. The payoff level in January, however, was only 40%, below the monthly average, according to Thomas Fink, senior vice president and managing director at Trepp. February "was a big jump up, and obviously we'd love to see it happen again, but it remains to be seen whether it works out that way."

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