As the weather has turned warmer, the number of distressed properties has continued to grow.
The multifamily servicing rate for commercial mortgage-backed securities loans jumped 269 basis points to 5.10% in April, according to a report from data firm Trepp. As that happened there have been signs of lenders getting more aggressive with borrowers.
In Washington, D.C., one apartment property in the NoMa submarket was recently sold at auction, while another is slated to go on the block later in June. In addition, REIT Essex Property Trust assumed the common equity interest on a 75-unit property in Sunnyvale, California.
As the summer progresses, expect to see more properties go back to their lenders.
Here, Dtmliving rounds up the problem loans that have come to light since January 2023. Please check this page for regular updates.