Realpoint just sent out updated delinquencies of 3.471% in CMBS, and are forecasting at least a 6% delinquency by December citing Peter Cooper/Stuy Town (PCV/ST) and the Extended Stay Portfolio. I think it'll be higher than that - PCV/ST isn't the only loan running out of debt service reserves in the 4th quarter; its not even the only loan in NYC running out in the 4th quarter!
We'll see a high number of well-known properties go delinquent and make headlines. Get ready for the pain!
Breaking: WeWork Banks on Brokerage Business
2 days ago