The volume of CMBS loans in special servicing declined by a fraction last month, marking the first time since June 2024 that’s happened. Volumes, however, remain elevated at $59.67 billion, according to Trepp Inc. While that was down 0.46% from the $59.94 billion in February, it’s still nearly 6% greater than the $56.37 billion that was in special servicing in the wake of the Covid lockdowns.

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