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Commercial Real Estate Credit —
Bridgeport-Stamford-Danbury, CT
The state of disclosed CRE credit in this market · CT
The read
$1.2B of CMBS across 41 loans. Office is both the largest book ($593M) and the most distressed (28.5% vs 11.1% national). The heaviest maturity load lands in 2027 ($334M, 28% of the book). Distress is flat in the filed record — 13.7% as of 2026-07. 13 on-the-ground distress events in the past year (187 jobs).
Overview
CMBS
Submarkets
Local Banks
Jobs & Demand
On The Ground
Loading map…
The CMBS properties our stress model flags here, plus recent store closures and layoffs. Stressed is a wider net than distressed — the distressed figure above counts only loans already in special servicing or 60+ days delinquent, while these dots also include performing loans facing maturity or coverage pressure. Property dots sit at the center of their ZIP code, not the building — they show where stress concentrates, not which asset. Closures and layoffs are pinned to address where we have it. Open any dot to the building and the loan behind it →
Office carries the weight in Bridgeport-Stamford, and the record has stopped moving
Bridgeport-Stamford-Danbury runs on a $1.2 billion CMBS book spread across 41 loans, and the story sits in one sector. Office is both the metro's largest exposure at $593 million and its most troubled, with a distress rate of 28.5% against an 11.1% national mark — a spread that leaves local office running at more than twice the country's pace. That is distress in the hard sense: loans the servicer has already flagged as 60-plus days delinquent or in special servicing, not a projection.
The maturity wall is front-loaded into 2027, when $334 million comes due — 28% of the entire book in a single year. For now the filed record is holding still: distress reads 13.7% as of July 2026 and has been flat, with median DSCR at 1.7. The quiet in the servicer data stands against a metro where unemployment sits at 4.5% in August 2026, up 0.6 point year over year, across roughly 101,559 office-using jobs.
On the ground, the past year brought 14 distress events — 11 store closures and 3 layoff notices accounting for 187 jobs. It is a modest tally, but it is the live edge of a book whose weight is concentrated in office and whose heaviest test is dated for 2027.
Written 2026-10-27
CMBS Distressed UPB
$169M / 14.3%
in special servicing or 60+ days delinquent
CMBS Maturing ≤ 24mo
$449M
Banks HQ’d Here (stressed)
0 / 0
Bank Early-Warning
0 flagged
Store Closures (1y)
10
Layoff Notices (1y)
3 / 187 jobs
0.05% of metro employment
CMBS Loans / UPB
41 / $1.2B
Unemployment · Aug 2026
4.5%
+0.6pp yr
Office-Using Jobs · 2024
101,559
How much CRE distress is there in Bridgeport-Stamford-Danbury, CT right now?
In Bridgeport-Stamford-Danbury, CT, the four feeds read 10 closures, or 2.78 per 100k jobs, for store closures; 3 notices, or 0.04%, for layoff notices (WARN); $344.1mm, or 1.66%, for bank CRE at lenders over the noncurrent line; and 3 loan records, or 13.88%, for securitized loans in special servicing. Only one of the four legs is elevated, and of 6 pairs total, 3 pairs with both legs quiet and 3 pairs where the legs disagree, with 0 pairs with both legs elevated and 0 pairs that cannot be read because a leg is blind. No legs are legs that cannot be read. The bank leg is allocated rather than directly observed, so its reading is finer than the others.
The figures behind this answer
| Signal | Level | Rate | Rank by count | Rank by rate | Reading |
|---|---|---|---|---|---|
| store closures store closures per 100,000 jobs |
10 closures | 2.78 per 100k jobs | 47 of 392 | 127 of 392 | elevated trailing 365 days to today
|
| layoff notices (WARN) workers on layoff notices as a share of the metro's employment |
3 notices | 0.04% | 137 of 382 | 210 of 382 | quiet trailing 365 days to today
|
| bank CRE at lenders over the noncurrent line share of the CRE lent into this metro that sits at a lender over the blended-noncurrent line |
$344.1mm | 1.66% | 83 of 393 | 250 of 393 | quiet
allocated 2026-06-30
|
| securitized loans in special servicing share of the securitized balance read here that is in special servicing |
3 loan records | 13.88% | 52 of 335 | 36 of 335 | quiet 2026-09-29
|
6 pairs compared
0 both elevated
3 both quiet
3 disagreeing
0 unreadable — a side is blind
1 of four legs elevated
one metro, four independent feeds, each on its own denominator
124 of 447 metros have at least one blind leg and 54 are blind on all four. Those 54 are the same metros the board's map cannot place and the metro resolver cannot name: one ZIP-to-CBSA crosswalk boundary, showing up three ways.
Elevation is computed on the COUNT, over a flat threshold, which is a size filter. New York is 2nd of 392 by store closures and 264th of the same 392 by closures per job — both true, and which one you lead with decides what the reader believes.
Where two legs disagree, that is usually a fact about WHICH mechanism is running, not an error in either feed and not a worse metro.
A leg with no denominator, or whose numerator cannot be measured, reads LOW and means nothing. Each leg publishes a measurement state (allocated, floor, measured, no denominator, no rate, not measurable) for that reason.
Store closures: divided by 359,661 jobs
— all metro jobs, QCEW annual average — a SIZE normaliser, not a matched population: the feed spans retail, food service and pharmacy and no single QCEW sector covers it. The MATCHED read sits beside it as this leg's second reading (trailing 365 days to today).
Layoff notices (WARN): divided by 480,357 employed
— employed persons, BLS LAUS, not seasonally adjusted (trailing 365 days to today).
Bank CRE at lenders over the noncurrent line: divided by $20,756.9 mm
— bank CRE allocated to this metro by branch deposits (2026-06-30).
Securitized loans in special servicing: divided by $1,218.0 mm
— current balance on the non-pari-passu rows of this tape — the trust's slice, not the whole loan, on both sides of the ratio (2026-09-29).
Written from the figures above · CBSA 14860 · stress_metro · last changed 01 Nov 2026
· Ask your own question →
Which distress signals are elevated in Bridgeport-Stamford-Danbury, CT, and which cannot be read?
In Bridgeport-Stamford-Danbury, CT, the elevated distress signal is store closures, with 10 store closures in the past year, while the CMBS picture shows $169.0mm in special servicing, equal to 13.9% of this metro's CMBS balance. On the bank side, 16.8% of bank CRE is at risk at the 90th percentile out of $20.76bn of bank CRE lent into this metro, and CRE at lenders over the noncurrent line stands at $344.1mm. The reading on assets at those lenders is $0.00bn, and only 10.1% of bank CRE needs no branch-deposit allocation. The phase is early, with the ground deteriorating but CRE credit not yet hit — the leading edge; the legs agreeing figure is 1.
The figures behind this answer
- CMBS in special servicing
- $169.0mm
- … as a share of this metro's CMBS balance
- 13.9%
- Bank CRE lent into this metro
- $20.76bn
- … at risk at the 90th percentile
- 16.8%
- CRE at lenders over the noncurrent line
- $344.1mm
- Assets at those lenders
- $0.00bn
- … share needing no branch-deposit allocation
- 10.1%
- Signals reading elevated
- store closures
- Legs agreeing
- 1
- Phase
- early
- CMBS loans in special servicing
- 3
- Distressed banks
- 0
- Store closures (past year)
- 10
- WARN notices (past year)
- 3
the ground is deteriorating but CRE credit has not yet been hit — the leading edge
tens of millions of distressed CRE exposure
the ground is wobbling (closures / layoffs) but little CRE-credit distress sits behind it yet — a real-economy signal, not (yet) a CRE-credit event
Written from the figures above · CBSA 14860 · geo_metro_signals · last changed 01 Nov 2026
· Ask your own question →
Jobs & Demand — the labor market under the collateralWatch it change →
Every other zone on this page reads the credit — what the loan is doing.
This one reads the demand underneath it. Office jobs pay office rent;
office rent services the office loan. When the jobs go, the DSCR follows — but not for another year or two.
That lag is the whole point of looking here.
Unemployment · Aug 2026
4.5%
+0.6pp yr
Last 24 months
2.9%5.7%
Monthly metro unemployment (BLS LAUS) — the freshest labor signal there is,
about six weeks behind. Read the direction, not the level: a 4% metro that is rising and a 6% metro that is
falling are not telling you the same thing.
Jobs by CRE-relevant sector · 2024
Annual employment by sector (BLS QCEW, 2024; 359,661 jobs in the metro).
QCEW lags — it is the structural read, not the current one, and we pair it with the monthly unemployment above on purpose.
Office-using sums five supersectors; where BLS withholds any one of them for
disclosure, we show nothing rather than a number we know is too low — so a missing sector here means
“suppressed at the source,” not “zero.”
Sector Heat — CMBS distress rate by property type (metro vs national)See the loans behind the bar →
This metro's CMBS runs 14.3% distressed where its own property mix predicts 7.8% — $77M more than this book would carry at the rate each property type runs elsewhere in the country, dollar-weighted and excluding this metro. The gap is measured; the cause is not. 1 of 1 property types here run a higher distress rate than the national average for that type (the tick on each bar).
Elimination — does the gap survive a control?
Each row re-prices this metro's book on a finer cell — its own property types, then those types split by loan size, then by vintage — always at the rate that cell runs elsewhere in the country, dollar-weighted. A gap that shrinks toward zero is explained by the control; one that stays has ruled it out. What is measured is what survives, not a cause.
property mix alone
+6.5pp
… and loan size held fixed
+6.2pp
the gap is still there with loan size held fixed too
… and vintage held fixed
+5.0pp
the gap is still there with vintage held fixed too
The largest single contributor is Office: 17 loans, $593M, running 28.5% where the same type runs 10.9% elsewhere — worth 8.8pp of this metro's own rate.
Maturity Wall — CMBS coming due by year, distress within eachSee what’s maturing →
$449M — 38% of the metro's balance — matures within two years; the red slice of each bar is already distressed.
Distress Trend — is this market turning?Track it quarter by quarter →
Realized distress is FLAT — 13.7% now (2026-07), -0.4pp over the year.
Same definition as the cards above — distressed means in special servicing or 60+ days delinquent, dollar-weighted — on a different clock. The cards are today’s tape; this is the disclosed history panel, quarter by quarter, so you can read direction rather than level. Trusts file monthly, so a quarter is usually well covered within weeks of opening and the newest one shown is normally the current one; it is withheld only when its filed book falls below 60% of recent quarters.
Share of the metro’s CMBS in special servicing or 60+ days delinquent, by quarter — a firmer, backward-looking read. A loan under 1.0x DSCR that is still paying is not counted here.
Submarket Heat — where in the metro the distress sitsOpen the submarket →
The top three submarkets hold $925M of the metro's $1.2B; each bar's colored share is its distress rate.
Bank Door — what the local bank sector could absorbSee it on every loan’s exit read →
$449M of CMBS matures here within two years.
The 12 regional and local banks that gather deposits here could write roughly
$2.4B more CRE before the 300% supervisory line, so the maturing balance is
0.18× that room.
The median metro sits at 0.13×.
Regional Bank Room
$2.4B
After Committed Draws
$1.4B / −45%
Maturing ÷ Room
0.18×
Banks In Footprint
12 / 4 at the line
The room above is already part-sold. Construction lending is a promise drawn
down over two or three years, and the undrawn part is an obligation the bank cannot decline while the borrower performs
— every one of those dollars lands in the same CRE book the 300% line governs. These banks
have $1.5B of construction committed and not yet
advanced, of which $1.1B
comes out of the room above, leaving $1.4B,
with 4 banks
whose entire remaining room is spoken for.
A bank with no room contributes zero here, never a negative one — capacity does not net
across balance sheets — so $391M of what has
been promised is not deducted at all, because there is nothing left to deduct it from. On today’s
capital that is funding already contracted which would cross the line as it draws.
SR 07-1 draws a second line at 100% of capital for construction and land:
2 more cross it
once their own commitments fund.
Counted — 12 regional & local CRE lenders
| Bank | Deposit share | CRE / Capital* | Room contributed | Noncurrent CRE |
|---|---|---|---|---|
| Webster Bank, National Association CT | 44.9% | 256% total 287%
|
🔒 | 0.84% |
| Ives Bank CT | 88.5% | 155% total 212%
|
🔒 | 2.74% |
| Newtown Savings Bank CT | 71.7% | 122% total 178%
|
🔒 | 0.12% |
| Fairfield County Bank CT | 100.0% | 224% total 315%
|
🔒 | 0.05% |
| Connecticut Community Bank, National Association CT | 71.2% | 127% total 203%
|
🔒 | 0.00% |
| Fieldpoint Private Bank & Trust CT | 85.5% | 257% total 330%
|
🔒 | 1.66% |
| Patriot Bank, National Association CT | 94.1% | 289% total 374%
|
🔒 | 2.34% |
| The Milford Bank CT | 9.9% | 137% total 238%
|
🔒 | 0.36% |
| First County Bank CT | 100.0% | 369% total 468%
|
🔒 | 0.14% |
| Bankwell Bank CT | 87.6% | 331% total 549%
|
🔒 | 0.66% |
| The First Bank Of Greenwich CT | 83.7% | 367% total 486%
|
🔒 | 0.66% |
| Union Savings Bank CT | 76.2% | 336% total 381%
|
🔒 | 0.12% |
Not counted — 13 banks with deposits here
These hold deposits in this metro but are left out of the capacity above, because for them deposit location stops indicating where they lend — or they do not lend CRE at all. Real money that could refinance here is deliberately not counted.
no CRE book — CRE under 100% of capital — not a CRE lender
Jpmorgan Chase Bank, National Association OH · Bank Of America, National Association NC · Citibank, National Association SD · Wells Fargo Bank, National Association SD · Td Bank, National Association DE · The Northern Trust Company IL · Keybank National Association OH · Citizens Bank, National Association RI · Capital One, National Association VA · Bny Mellon, National Association PA · Wilmington Trust, National Association DE
national — operates in more than 5 states, so deposits stop indicating where it lends
booked here — books nearly all deposits to one branch — a charter address, not a footprint
Dr Bank CT
* Two ratios, two perimeters.
The large figure is supervisory CRE over total risk-based capital —
construction, multifamily and non-owner-occupied nonfarm nonresidential. That is the book SR 07-1 draws its
300% line against, and it is what the red coloring and the room contributed are both measured on.
Total beneath it adds owner-occupied CRE — lending to a business on
its own premises — which the guidance deliberately leaves out. A bank can sit well above 300% on total CRE and
still be inside the line, with real room to lend; both are shown so the gap is visible rather than surprising.
How to read this. It is not whether any particular loan can refinance — a borrower also reaches
national banks, life companies, agencies and debt funds. It is how much of this metro’s maturing volume the local
bank sector could absorb if it were the only door.
Banks are placed by deposit share (FDIC Summary of Deposits, June 2026) — a proxy for
where they lend, not a measurement; call reports carry no collateral geography. Room = 3× total risk-based capital less CRE held
(SR 07-1, the capital base the rule names — not book equity), from Q2 2026 call reports, apportioned by that share.
Committed construction comes from FFIEC Schedule RC-L as filed at 2026-06-30 —
the undrawn half of loans already written, which the balance sheet above does not show.
Banks in more than 5 states, single-branch bookers and banks that do not lend CRE are excluded —
315 banks holding $263.8B of national capacity not counted here.
Local Lenders — banks headquartered here, worst CRE noncurrent firstUnlock each bank’s early-warning flag →
No locally-headquartered banks in our FDIC data for this metro.
Do the banks lending in Bridgeport-Stamford-Danbury, CT have the capacity to refinance its maturing CRE?
Yes, on this reading the local banks appear to have ample capacity: Bridgeport-Stamford-Danbury's CMBS maturing in the window is $449.4mm across 11 loans, against local bank room before committed draws of $2.44bn, or $1.35bn after those draws of $1.48bn — a wall-to-room ratio of 0.33, or 0.18 before committed draws. Twelve qualifying local banks are counted here, with 2 excluded from the calculation, and the metro sits at rank 116 out of 275 metros ranked, with a distressed share of 14.3% against a total CMBS balance here of $1.18bn; the reading should be treated as an upper bound, since the wall covers only CMBS maturing within 24 months and room is a deposit-footprint proxy rather than a measurement of lending.
The figures behind this answer
- CMBS maturing in the window
- $449.4mm
- … across this many loans
- 11
- Local bank room, before committed draws
- $2.44bn
- Committed construction draws
- $1.48bn
- Local bank room, after those draws
- $1.35bn
- Wall-to-room ratio
- 0.33
- Rank, most strained
- 116
- … out of this many metros ranked
- 275
- … before committed draws
- 0.18
- Population ranked against
- CMBS maturing within 24 months against regional/community bank room in this metro
- Qualifying local banks
- 12
- … excluded from the calculation
- 2
- Distressed share of this metro's CMBS
- 14.3%
- Total CMBS balance here
- $1.18bn
- Capacity band
- slack
Compared against a median wall-to-room ratio of
0.24 across the ranked metros.
0.33 is ABOVE the median of 0.24, so this metro is MORE strained than the typical ranked metro
116 of 275, counting from the MOST strained — a LOWER rank number means MORE strain
Room is what regional and community banks could still write before the SR 06-26 concentration line, after deducting construction draws already committed. Deposit footprint is a proxy for lending footprint, not a measurement of it.
The most extreme ratios belong to the smallest metros.
The wall is the CMBS balance maturing within 24 months — the maturing debt this platform can see, not the metro's whole maturity load. Every ratio is an upper bound on how much of it local banks would have to absorb.
A high ratio is as often an exclusion artifact as a credit event. Banks whose deposits do not indicate where they lend (nationals, card and charter banks) are excluded from the room, so a metro served mainly by those reads strained while its credit is simply invisible here.
Written from the figures above · CBSA 14860 · capacity_metro · last changed 30 Oct 2026
· Ask your own question →
On The Ground — recent closures, layoffs & CRE bankruptciesTie these events to loans →
13 local distress events in the past year (187 jobs) — store closures, layoffs, and commercial real estate bankruptcies near this metro's collateral.
2026-10-21
LAYOFF
143 jobs · Wilton
2026-09-22
CLOSURE
Norwalk
2026-09-07
LAYOFF
Norwalk
2026-07-23
CLOSURE
Brookfield
2026-07-15
CLOSURE
Stamford
2026-07-15
CLOSURE
Stamford
2026-06-20
CLOSURE
Trumbull
2026-04-07
CLOSURE
Norwalk
2026-02-28
CLOSURE
Westport
2026-02-13
LAYOFF
44 jobs · Southport
2025-12-31
CLOSURE
Norwalk
2025-12-31
CLOSURE
Brookfield
2025-11-30
CLOSURE
Norwalk
2025-10-31
CLOSURE
Greenwich
2025-10-24
LAYOFF
59 jobs · Westport
What has actually happened on the ground in Bridgeport-Stamford-Danbury, CT recently?
Over the most recent 365 days in Bridgeport-Stamford-Danbury, CT, the reviewed record shows 10 store closures and 3 WARN layoff notices covering 187 jobs on those notices, with cRE-related bankruptcies at 0 — noting that the jobs figure is a floor, since notices stating no headcount are counted but contribute nothing, and that the bankruptcy count is a state-level proxy rather than a metro-native reading.
The figures behind this answer
- Store closures
- 10
- WARN layoff notices
- 3
- Jobs on those notices
- 187
- CRE-related bankruptcies
- 0
- Window, in days
- 365
STATE PROXY — a court case counts in its filing district and an SEC 8-K in the filer's state, not where the property is, so this counts CRE-likely filings in the states this metro's collateral sits in. It is not a metro-native count. Each court case is counted once even when both PACER and CourtListener carry it. A court case's state is its filing district; an SEC 8-K or news item carries the filer's state. Coverage widened to both court feeds on 2026-09-16, so counts before and after that date are not comparable.
affected_employees is nullable — notices that state no headcount are counted but contribute 0 jobs, so this is a floor.
Closures are matched ZIP -> CBSA and only APPROVED rows count (a pending, machine-extracted row is not yet a closure). This mirrors the Metro Pulse page, not the convergence board — the board applies neither filter and counts higher. Layoffs take the same ZIP -> CBSA and review treatment, and a WARN notice counts if it affects >= 10 people or does not state a headcount (a NULL is not 'fewer than 10').
Written from the figures above · CBSA 14860 · geo_events · last changed 01 Nov 2026
· Ask your own question →
What this page can’t do
Everything above is a snapshot — one market, as it stands today, and
it’s yours to read. What a snapshot can’t tell you is when it moves: which loan slipped a DSCR band
this month, which bank’s early-warning rank crossed into the top quartile, which submarket started turning
while the headline number still looked fine. Distress doesn’t announce itself on the day you happen to check.
This page
One metro · one moment · you come looking.
Verstavo
Every metro · every month · it comes looking for you.
CMBS covers the securitized slice of CRE; bank, closure and layoff signals widen the view.
“No data” in a zone means we don’t observe it here, not that there is no stress.
Employment is BLS (QCEW annual, LAUS monthly) — public data, and the demand leg under all of it.
See the whole picture, not just the pulse.
Metro Pulse is the free, public read — one page for every market we cover. The platform goes loan‑by‑loan inside it: which buildings carry the stress, when their debt comes due, and your own portfolio benchmarked against the market you are standing in.