Fitch: The U.S. CMBS Maturity Wave Begins in 2Q'15

U.S. CMBS loan maturities will spike in the second quarter next year following a measured start to 2015, according to Fitch Ratings in its latest U.S. CMBS weekly newsletter.

According to Fitch, $3.7 billion of U.S. CMBS loans in Fitch-rated transactions are scheduled to mature in first-quarter 2015 (1Q'15). The figure jumps to $9.7 billion in 2Q'15 and to $12 billion in each of 3Q'15 and 4Q'15. A breakdown by quarter follows:

--1Q'15: $3.7 billion (512 loans);

--2Q'15: $9.7 billion (828 loans);

--3Q'15: $12 billion (1,198 loans);

--4Q'15: $12 billion (1,042 loans).

By vintage, approximately 70% of the $37.4 billion in 2015 maturities are from 2005 transactions. Another 15% represents loans securitized in 2006. The Top-5 largest exposures in 1Q'15 are listed below:

--$142.6 million Grand Plaza (JPMCC 2005-LDP5);

--$100 million Park 80 West - A and B notes (LBUBS 2005-C2);

--$88.9 million Century Centre Office (GSMS 2005-GG4);

--$59 million SLS Beverly Hills (JPMCC 2013-FL3);

--$56.2 million 401 Fifth Avenue (GECMC 2005-C2).

Additional information is available in Fitch's weekly e-newsletter, 'U.S. CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. The link below enables market participants to sign up to receive future issues of the E-newsletter:

'http://pages.fitchemail.fitchratings.com/CMBSMktOptin/'

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