US special servicer activity has risen over the past two months, resulting in approximately US$3.7bn newly-modified loans. With term extensions being the most common modification strategy, investors are increasingly looking to CMBS extension trades to boost yields.
According to FTN Financial data, across the three largest special servicers, term extensions represent over 70% of LNR Partners' loan modification book and over 50% of CWCapital Asset Management and C-III Asset Management's books.
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