Page 18 —
COLORADO REAL ESTATE JOURNAL
— November 5-November 18, 2014
Finance
by John Rebchook
Commercial mortgage-backed
securities loans that are healthy
and maturing in the next 12
months outnumber delinquent
CMBS loans by a 7:1 margin,
according to an analysis by a New
York City-based firm.
Ananalysis ofColoradoand five
other states in themountain region
by Trepp LLC shows there are 113
healthy CMBS loans maturing in
Colorado, compared with only 16
delinquent loans maturing.
The balance on the healthy loans
of $1.41 billion is 7½ times the
$151.1million balance of the delin-
quent loans, according to Trepp,
a provider of information analyt-
ics and technology to the CMBS,
commercial real estate and bank-
ing markets.
By contrast, Nevada has 31
delinquent loansmaturing, almost
twice as many as Colorado.
Also, the $444.05 million in
delinquent loans in Nevada is
about three times larger than the
delinquent loans in Colorado.
Nevada accounts for about 71
percent of the $622.8 million in
delinquent CMBS loans in the
mountain region, while Colorado
represents about 24 percent of
them.
In addition to Colorado and
Nevada, other states in the moun-
tain region are Utah, Idaho, Mon-
tana andWyoming.
Utah was a distant third behind
Nevada and Colorado, for both
distressed and healthy loans and
total dollar volume.
Utah had two distressed loans
for a total of $16.04 million and
45 healthy loans with a balance of
$304.27 million
As far as healthy loans, Colo-
rado accounts for about 44 percent
of the 256 loans in the mountain
region and 45 percent of the $2.52
billion in healthy CMBS loans.
Overall, there are 345 CMBS
loans with a balance of about $3.5
billion maturing in the next 12
months in the mountain region,
accounting for about 16 percent of
the total of $20.9 billion.
The report illustrates how well
the state weathered the real estate
recession and shows the strength
of the local commercial real estate
market, said Eric Tupler, senior
managing director in Denver’s
HFF office.
“We do not have a very high
default loan rate in Denver,”
Tupler said.
“That is a testament to the
strength of our local economy and
that we did not become as over-
built as other markets did before
the financial crisis,” he said.
According to Trepp, area build-
ings with healthy CMBS loans
include CoBank, Tamarac Plaza
and Dry Creek Corporate Center
II and III.
Other parts of the country, such
as Nevada, Arizona, Southern
Florida and even Southern Cali-
fornia, were hit much harder dur-
Dry Creek Corporate Center II and III are among the “healthy” CMBS
loans in Colorado.
