2015 will see many CMBS loans mature in Virginia

Virginia has 166 commercial mortgage-backed backed security (CMBS) loans, with a balance of $1.8 billion, coming due during the next 12 months.

Of that amount, 15 percent, or 25 of the loans, are delinquent in the amount of $311,444,891, which could open the door to possible note sales, discounted payoffs or restructurings according to Trepp, a commercial real estate analytics firm based in New York.

Its Southeast Market Snapshot report on maturing loans shows that Virginia is doing better than some other states.

The region is dominated by Florida, Virginia, Georgia, and North Carolina, making it the second-largest region in the country in terms of outstanding CMBS loan balance. Of the $95.6 billion in outstanding CMBS loans, just over 13 percent of that balance will mature during the next twelve months. Of the $12.8 billion in maturing loans, more than 200 of them — totaling $2.1 billion — are currently delinquent.

Alabama and Tennessee have the lowest amount of healthy loans in their region with 35.6 percent of Alabama’s loans delinquent and 21.5 percent of Tennessee’s loans in delinquency.

The Trepp snapshot is updated on a quarterly basis. CMBS loans are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate.