With mountains of real estate debt coming due in the next three years, borrowers appear to be taking advantage of favorable market conditions to prepay loans tied to commercial mortgage-backed securities (CMBS).
The CMBS delinquency rate, which includes loans that are 30 days or more past due, fell to 5.66 percent in January, compared with 7.25 percent a year earlier, according to commercial real estate consulting firm Trepp LLC. It marked the 18th monthly decline in the past 20 months.