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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.
Eighteen loans were delinquent by 90 days or more, Trepp notes. Of that total, 11 were secured by retail properties and four by office properties. The largest of the current loan balance, $71 million, is tied to the Shoppes at Park Place in Pinellas Park, according to Trepp.
By comparison, the Tampa-St. Petersburg-Clearwater area had the highest percentage of delinquent commercial real estate loans in Florida — and the only MSA tracked where delinquencies increased.
The Miami/Fort Lauderdale MSA, for instance, had just 2.41% of its loans in some stage of delinquency in June, compared to 3.88% a year ago. The Orlando/Kissimmee/Sanford area, by contrast, saw 2.25% of its commercial real estate loans slip into delinquency of 30 days or more, versus 2.51% in June 2016.
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