The Real Deal New York

Riverton ranked as biggest new commercial mortgage delinquency

November 16, 2009 03:44PM

U.S. commercial mortgage-backed securities saw another monthly jump in the rate of delinquencies in October, according to data from Fitch Ratings, with Larry Gluck’s $225 million loan, collateralized by the Riverton Apartments in Harlem, clocking in as the largest newly delinquent loan, even though it was transferred to a special servicer over a year ago. Gluck, however was not alone. Late-pays on all CMBS jumped 3.86 percent since September. Office properties saw the biggest jump in delinquencies out of the different types of commercial properties tracked, with 19.4 percent more recorded in October than the month before. Overall, hotel properties saw the greatest percentage of mortgage defaults, with 6.81 percent of hotel property loans going into default, according to the report. TRD

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