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For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

Throughout our annual magazine, weekly email newsletters and 24/7/365 website, Cabling Installation & Maintenance digs into the essential topics our audience focuses on.

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KBRA Releases Research – CMBS Loan Performance Trends: July 2025

KBRA releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the July 2025 servicer reporting period. The delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) in July increased to 7.5% from 7.3% in June. However, the total delinquent plus current but specially serviced loan rate (collectively, the distress rate) only increased 7 basis points (bps) to 10.6%. The conduit mixed-use delinquency rate increased 146 bps month-over-month (MoM) to 13.2%, largely due to the Columbus Square Portfolio ($293.5 million in three conduits (KBRA-rated) out of $361.2 million total), which became delinquent.

In July, CMBS loans totaling $1.4 billion were newly added to the distress rate, of which 57.7% ($790.4 million) involved imminent or actual maturity default. The office sector experienced the highest volume of newly distressed loans (35.6%, $487.4 million), followed by retail (27.2%, $372.6 million) and mixed-use (22.7%, $310.5 million).

Key observations of the July 2025 performance data are as follows:

  • The delinquency rate increased to 7.5% ($24.6 billion) from 7.3% ($23.9 billion) in June.
  • The distress rate remained stable at 10.6% ($34.7 billion).
  • The office delinquency rate decreased 34 bps this month to 11.8%. The sector registered its first monthly improvement after a three-month streak of rising delinquencies. Among KBRA-rated loans, Federal Center Plaza ($130 million in COMM 2013-CR6) and One Riverway ($68.8 million in COMM 2015-CR22) became performing matured balloon this month. The Federal Center Plaza loan borrower was granted a 12-month forbearance in May, contingent on the outcome of anchor lease negotiations.
  • The retail delinquency rate increased 97 bps this month to 6.1%. However, the current but specially serviced rate decreased 63 bps to 3.2%, which resulted from several specially serviced loans becoming delinquent. Notably, Walden Galleria ($210.5 million in JPMCC 2012-WLDN, KBRA-rated) is now in foreclosure as it failed to pay off at its May 2025 maturity. Tucson Mall ($179.3 million in BBUBS 2012-TFT) became nonperforming matured this month as its forbearance agreement was terminated and the special servicer is evaluating enforcement options including filing for receivership.
  • Eight lodging loans became delinquent this month, of which two loans were already in special servicing. The delinquent loans range from $4.3 million to $26.8 million with an average balance of $12.4 million; four loans have a balance above $14 million and four loans are below $6 million. The two loans that were already specially serviced, Hilton Garden Inn Pittsburgh/Southpointe ($26.8 million in GSMS 2015-GC32) and Motel 6 Tropicana ($22.4 million in BMARK 2023-V2), are the two largest loans in this mix.

In this report, KBRA provides observations across our $335.7 billion rated universe of U.S. private label CMBS including conduits, single-asset single borrower, and large loan transactions.

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1010594

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