Mike Haas

Founder, CRED iQ and Contributor at Commercial Observer

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CRE Loan Modifications Surpass $39B

2 days ago | commercialobserver.com | Mike Haas

CRE Loan Modifications Surpass $39B CRED iQ The commercial real estate landscape is experiencing a transformative wave with loan modifications soaring to nearly $40 billion over the past three years. Our research team at CRED iQ examined the evolving landscape of loan modifications across commercial mortgage-backed securities (CMBS), single-borrower large loans, collateralized loan obligations and Freddie Mac loans focusing on both recent activity and a three-year cumulative view. By...
CRE CLO Distress Rate Drops 160 Basis Points to 14.4%

1 week ago | commercialobserver.com | Mike Haas

The commercial real estate collateralized loan obligation (CRE CLO) market has been a critical financing vehicle for transitional assets, offering lenders flexibility and investors exposure to diversified real estate debt. However, as interest rates remain elevated and economic uncertainty lingers, the sector is experiencing notable shifts in loan performance.
Apartment Loan Delinquencies Surge in Q4 2024

3 weeks ago | commercialobserver.com | Mike Haas

Apartment Loan Delinquencies Surge in Q4 2024 Photo: CRED iQ This week, the CRED iQ research team zoomed in on the latest trends shaking up the apartment sector, building on the community bank data from our 2025 almanac. The numbers tell a story of rising delinquencies, slowing growth and some eye-popping loan loss figures for 2024. Multifamily loan delinquencies at community banks jumped 39 percent in the fourth quarter of 2024 compared to the third quarter, ballooning by $2.38 billion in...
Minneapolis Leads MSAs in CMBS Distress

1 month ago | commercialobserver.com | Mike Haas

Minneapolis Leads MSAs in CMBS Distress CRED iQ CRED iQ’s research team explored geographic distress trends across the U.S. in our latest research. We ran our analysis based upon current loan balances of all of the commercial mortgage-backed securities (CMBS) loans that CRED iQ tracks within each market, and then calculated the proportion of loans that are distressed. Across the top 50 metropolitan statistical areas (MSAs), our team calculated the CRED iQ distress rate for each market (which...
CRE CLO Distress Rate Reaches Record 16%

1 month ago | commercialobserver.com | Mike Haas

CRE CLO Distress Rate Reaches Record 16% CRED iQ The CRED iQ commercial real estate collateralized loan obligation (CLO) distress rate added 90 basis points (bps) in February — reaching a new high of 16 percent. A year ago, the CLO distress rate was only 9.4 percent but has been steadily rising as floating-rate loans fail to pay off at their maturity dates. Underpinning the distress rate, February’s delinquency rate tacked on 44 bps to reach 12.2 percent. The special servicing rate added 57...
Office CMBS Loan Distress Rate Climbs to Record 19.3%

1 month ago | commercialobserver.com | Mike Haas

Office CMBS Loan Distress Rate Climbs to Record 19.3% CRED iQ As part of our monthly distress update, the CRED iQ research team evaluated payment statuses reported for each loan securitized by commercial mortgage-backed securities (CMBS) financing along with special servicing status. The CRED iQ overall distress rate fell by 70 basis points (bps) in February to 10.8 percent, breaking a streak of four record highs through January’s print. SEE ALSO: One of Post Brothers’ D.C. Resi Conversions...
Community Bank Multifamily Loans See Rising Distress

1 month ago | commercialobserver.com | Mike Haas

Community Bank Multifamily Loans See Rising Distress CRED iQ CRED iQ’s latest analysis of multifamily loans held by community banks shows a dramatic rise in delinquent loans and realized losses. CRED iQ’s data shows that over $6.1 billion of community bank loans secured by apartment buildings are delinquent. The $6.1 billion of delinquent loans yields a 0.97 percent delinquency rate based on a total multifamily loan amount of $629.7 billion. For this analysis, CRED iQ’s definition of...
CMBS Cap Rates Steadily Increasing

1 month ago | commercialobserver.com | Mike Haas

CMBS Cap Rates Steadily Increasing CRED iQ The CRED iQ research team focused upon the underwriting of the latest market transactions in our most recent report as we wanted to understand the key loan metrics across this universe to get a real-time sense of the current environment and lending trends. CRED iQ analyzed underwriting metrics for the new CMBS conduit deals issued since our previous report in October. We reviewed 819 properties associated with 284 new loans totaling just over $7...
CRE CLO Distress Rate Tops 15%

2 months ago | commercialobserver.com | Mike Haas

CRE CLO Distress Rate Tops 15% Photo: CRED iQ The CRED iQ commercial real estate collateralized loan obligation (CLO) distress rate added 130 basis points in January, reaching a new high of 15.1 percent. A year ago, the distress rate was only 8.6 percent, but distress has been steadily rising as these floating-rate loans are failing to pay off at their maturity dates. Underpinning the distress rate, December’s delinquency rate came in largely flat at 11.7 percent, while the special servicing...
Maturity Wall Grows With $440B Coming Due in Next Two Years

2 months ago | commercialobserver.com | Mike Haas

Maturity Wall Grows With $440B Coming Due in Next Two Years Image: CRED iQ The CRED iQ research team wanted to offer an initial glimpse of our upcoming 2025 almanac, which is set for publication in early February. We analyzed the securitized commercial mortgages with maturity dates scheduled in 2025 and 2026. Within the securitized universe, approximately $277 billion in commercial mortgages are scheduled to mature in 2025, with an additional $163 billion maturing in 2026. In total, CRED iQ...