More than 2,600 conduit and SBLL CMBS loans with a combined balance above $100 billion mature within nine months, and the pool's balance-weighted distress rate is 5.55%, according to CRED iQ. Multifamily shows a 7.5% distress rate on $5.01 billion of maturing balance, above retail at 3.5% and hotel at 4.4%, while office leads at 9.4% on $23.86 billion. Loans maturing in this window carry an average note rate of 5.44%, versus 6.58% for loans originated between May and August of this year, a gap of roughly 114 basis points that applies even to performing loans. Mixed-use faces the widest reset at 178 basis points, followed by retail at 173 and office at 172, while hotel faces just 32. Just 10 of 371 metro areas account for 57.8% of the full $87.8 billion balance, with New York, Newark and Jersey City alone representing $15.87 billion, or 18.1% of the national total.
