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NEARLY $3B IN SPECIAL SERVICING

Atlanta
NEARLY $3B  IN SPECIAL SERVICING
One of the  big trends  in 2011 was the  rise of the special servicer. (Similar in many ways to the Return of the Jedi.) And more importantly, the number of troubled loans in the region. The latest TREPP report  indicates that trend isn't letting up.
 
kris miller ackerman second wave foreclosure cre atlanta trepp cmbs 2012
Nor should we expect an easing of  distressed commercial real estate  in Atlanta, says Ackerman & Co's  Kris Miller (snapped at an event last year). In fact, Kris says he's seeing a ?second wave? of properties headed to default as owners who performed just after the financial crisis because the debt was below market back then are having a tough time refinancing now. ?We're going to continue to see that level of foreclosures,? he says. Trepp's latest report indicates, at least on the CMBS side, that $2.7B  of the more than $12B in CRE loans in Atlanta are deliquent.