...The first defaults of loans from CMBS 2.0, or loans issued between 2010 and 2013, appeared in 2013. Fitch Ratings classifies loans as defaulted when they are 60 days or more past due. Nine loans with a combined balance of $74.9 million, or 0.06% of total CMBS 2.0 issuance, have defaulted thus far in Fitch-rated securitizations. Six conduit loans defaulted totaling $54.1 million, or 0.07% of total CMBS 2.0 conduit issuance. Three loans in agency deals defaulted totaling $20.8 million, or 0.06% of total agency issuance between 2010 and 2013. The majority of these defaults were related to idiosyncratic events such as tenant bankruptcies or sponsors with financial troubles. There were an additional 10 loans totaling $148 million that transferred to special servicing but did not default. Multifamily Leads 2.0 Defaults: The majority of the defaults were from loans secured by multifamily properties. Seven loans comprising 76% of total CMBS 2.0 defaults were secured by multifamily properties. Three...
