At a glance
- The delinquent $1.13 billion sits inside a $28.44 billion SASB multifamily balance, a 3.96% rate.
- Sponsor A's $600.0 million, or 53.2% of the delinquent balance, comes from three loans secured by a single portfolio of 31 New York City properties, held in JPMCC 2021-NYAH and JPMCC 2021-NYAH MZ.
- The two senior notes matured in June 2024 and transferred to special servicing that October for maturity default.
Two borrowers account for $1.00 billion of the $1.13 billion of delinquent single-asset, single-borrower multifamily loans, or 89.0% of the total, according to Trepp research published Oct. 19.
The delinquent $1.13 billion sits inside a $28.44 billion SASB multifamily balance, a 3.96% rate. Six of the 83 SASB multifamily loans in the five states are delinquent; without the two sponsors' loans, Trepp calculates the rate would be 0.45%.
Two sponsors hold 89% of delinquent SASB multifamily debt
Delinquent balance by sponsor, $ millions
- Sponsor A — 3 NYC loans$600M
- Sponsor B — Parkhill City, MFP Portfolio$403.7M
- Other sponsor — Parkmerced$123.5M
Show as table
| Item | Value ($M) |
|---|---|
| Sponsor A — 3 NYC loans | $600M |
| Sponsor B — Parkhill City, MFP Portfolio | $403.7M |
| Other sponsor — Parkmerced | $123.5M |
Sponsor A: three notes, 31 New York City buildings
Sponsor A's $600.0 million, or 53.2% of the delinquent balance, comes from three loans secured by a single portfolio of 31 New York City properties, held in JPMCC 2021-NYAH and JPMCC 2021-NYAH MZ.
The two senior notes matured in June 2024 and transferred to special servicing that October for maturity default. Trepp lists modification as the workout strategy.
Sponsor B: Parkhill City and MFP Portfolio
Sponsor B's two loans add $403.7 million, or 35.8%.
Parkhill City, a $225.0 million loan in PKHL 2021-MF, is secured by two properties with 538 units in Jamaica, Queens; it moved to special servicing in February 2023 for payment default, and a receiver took control in July 2025.
The MFP Portfolio, a $178.7 million loan in JPMCC 2019-MFP, was originally $384.8 million across 43 properties. It transferred to special servicing in July 2022 after a maturity default, and its remaining six properties sold at an August 2026 auction, subject to court approval.
Sixth loan and CRE CLO multifamily
The sixth delinquent loan, $123.5 million, accounts for 11.0% and has a different sponsor: a Parkmerced note in MRCD 2019-PARK secured by a 3,221-unit San Francisco property, in special servicing since March 2024 and in foreclosure.
Trepp's separate read on CRE CLO multifamily loans securitized in 2021 and 2022 puts them at 12.2% of CRE CLO multifamily balance in the five largest securitized multifamily states and 80.2% of its delinquent balance.
The loans are floating-rate with a median coupon of 7.16%, and median DSCR based on net cash flow has fallen to 0.64x from 1.60x at securitization.
A 0.64x ratio means net cash flow covers less than two-thirds of debt service. Trepp cautions that the delinquency rate does not capture the full extent of debt-service pressure among loans that are still performing.
Reported by the Real estate debt desk from Trepp — Research. Published . Corrections