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Feature Article: CRE Loan Distress Hits 10-Year High As Office Debt Crisis Accelerates
According to Matthew Rothstein, of Bisnow Philadelphia in an article intitled “CRE Loan Distress Hits 10-Year High As Office Debt Crisis Accelerates" over $215B worth of commercial property debt is at risk of distress, whether due to upcoming maturities, slow lease-up or missed debt service payments, MSCI found in its quarterly report. Newly distressed loans totaled $9.9B in Q3, 93% of which came from office buildings, while only $4.3B worth of distressed loans were worked out in the quarter. MSCI counts loans for which it has direct knowledge of property-level problems like foreclosure, court proceedings, major tenant loss or special servicing transfers as distressed.
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