Tampa area CRE loan defaults rise

Commercial real estate loan defaults in the Tampa/St. Petersburg/Clearwater area jumped in June versus the same period in 2016, primarily the result of mortgage-backed securities debt maturities, according to real estate research firm Trepp.

Of the more than $2.7 billion in outstanding commercial real estate loans in the metro statistical area, 8.6% were considered delinquent for 30 days or more last month. That compares to 4.96% of the $2.86 billion worth of outstanding commercial real estate loans out in June 2016, according to Trepp.

In all, 19 loans valued at $231 million were delinquent in June, while a year earlier 21 loans valued at $142 million were considered delinquent, the firm notes.