The overall special servicing rate increased 12 bps month-over-month in April 2023, increasing to 4.9% (see chart 5). Loans that are 120-plus-days delinquent (those reported in the CRE Finance Council investor reporting package with a loan code status of "6") represented 22.0% (totaling $4.4 billion) of the delinquent loans in April 2023 (see chart 4). Loans that are 60-plus-days delinquent (i.e., seriously delinquent loans) represented 90.7% of the delinquent loans in April 2023 (see chart 3). Seriously Delinquent Loan Levels Are Still High Top five newly delinquent loans in April 2023 The loan was transferred to the special servicer on March 28, 2023, due to payment default. According to the servicer, the property's debt service coverage ratio was 1.72x and occupancy was 88.0% as of year-end 2022.
6, 2024, first appeared on the servicer's watchlist in January 2020 due to high exposure to WeWork (51.7% of NRA March 2035 expiration), which continues to have financial troubles. downtown office building located in San Francisco. The largest delinquent loan in April 2023 was 600 California Street, which is secured by a 20-story, 359,154 sq.-ft. Table 1 shows the top five of these loans by balance. The overall DQ rate increased, with 72 loans totaling $2.0 billion becoming delinquent in April. Several Large Loans Moved Into Delinquency By dollar amount, total delinquencies increased to $20.2 billion, representing a net increase of $145.4 million month-over-month and a decrease of $1.2 billion year-over-year (see chart 2). However, the rate remains 13.2 bps lower than 2.9% from a year earlier (see chart 1). CMBS delinquency rate (DQ rate) increased 3 basis points (bps) month-over-month in April 2023, increasing to 2.8%. The Overall Delinquency Rate Increased 3 Basis Points By balance, the delinquency rate increased for office (6 basis points) loans for the fourth consecutive month, and also increased for industrial (2) and retail (2) loans, while the rate for lodging (7) and multifamily (4) loans decreased.Special servicing rates increased for office loans (65 basis points the largest month-over-month increase since we began collecting data in July 2020), and also for lodging (25), and multifamily (2) loans and decreased for retail (59) and industrial (1) loans.Seriously delinquent loans (60-plus-days delinquent) represented 90.7% of delinquent loans in April, with 120-plus-days delinquent loans accounting for 22.0% of delinquent loans in April.CMBS overall delinquency rate increased by 3 basis points month-over-month to 2.8% in April.
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