CRE Pulse —
Spartanburg, SC
The state of disclosed CRE credit in this market · SC
The read
$186M of CMBS across 12 loans. The heaviest maturity load lands in 2032 ($64M, 35% of the book). Distress is flat in the filed record — 0.0% as of 2026-07. 7 on-the-ground distress events in the past year (660 jobs).
Overview
CMBS
Banks & Operators
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 →
CMBS Distressed UPB
under $1M / 0.0%
in special servicing or 60+ days delinquent
CMBS Maturing ≤ 24mo
$17M
Local Banks (stressed)
0 / 1
Bank Early-Warning
0 flagged
Store Closures (1y)
2
Layoff Notices (1y)
5 / 660 jobs
0.49% of metro employment
CMBS Loans / UPB
12 / $186M
Unemployment · May 2026
4.0%
-0.2pp yr
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 · May 2026
4.0%
-0.2pp yr
Last 24 months
3.9%5.6%
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; 135,474 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 →
No CMBS sector data for this metro.
Submarket Heat — where in the metro the distress sitsOpen the submarket →
The top three submarkets hold $186M of the metro's $186M; each bar's colored share is its distress rate.
Maturity Wall — CMBS coming due by year, distress within eachSee what’s maturing →
$17M — 9% 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 — 0.0% now (2026-07), +0.0pp 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. The newest quarter is withheld until enough of the book has filed, which is why it ends a quarter behind.
Share of the metro’s CMBS in special servicing, 60+ days delinquent, or sub-1.0 DSCR, by quarter — a firmer, backward-looking read.
Bank Door — what the local bank sector could absorbSee it on every loan’s exit read →
$17M of CMBS matures here within two years.
The 6 regional and local banks that gather deposits here could write roughly
$23M more CRE before the 300% supervisory line, so the maturing balance is
0.74× that room.
The median metro sits at 0.28×.
Regional Bank Room
$23M
Maturing ÷ Room
0.74×
Banks In Footprint
6 / 5 at the line
Counted — 6 regional & local CRE lenders
| Bank | Deposit share | CRE / Capital | Room contributed | Noncurrent CRE |
|---|---|---|---|---|
| The Park National Bank OH | 3.1% | 235% | 🔒 | 1.01% |
| Arthur State Bank SC | 73.5% | 404% | 🔒 | 0.00% |
| Southern Bank GA | 35.4% | 485% | 🔒 | 0.07% |
| Coastal Carolina National Bank SC | 1.2% | 409% | 🔒 | 0.00% |
| The Fidelity Bank NC | 0.6% | 482% | 🔒 | 0.28% |
| Synovus Bank GA | 0.3% | 338% | 🔒 | 0.33% |
Not counted — 14 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
Truist Bank NC · Bank Of America, National Association NC · Wells Fargo Bank, National Association SD · First Piedmont Federal Savings And Loan Association Of Gaffney SC · Td Bank, National Association DE · Fifth Third Bank, National Association OH · Regions Bank AL · The Huntington National Bank OH
national — operates in more than 5 states, so deposits stop indicating where it lends
First-Citizens Bank & Trust Company NC · First Horizon Bank TN · Pinnacle Bank TN · Southstate Bank, National Association FL · United Community Bank SC · Woodforest National Bank TX
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 2025) — a proxy for
where they lend, not a measurement; call reports carry no collateral geography. Room = 3× equity capital less CRE held
(SR 06-26), from Q4 2025 call reports, apportioned by that share.
Banks in more than 5 states, single-branch bookers and banks that do not lend CRE are excluded —
411 banks holding $299.3B of national capacity not counted here.
Local Lenders — banks headquartered here, worst CRE noncurrent firstUnlock each bank’s early-warning flag →
| Bank | Total CRE | CRE / Capital | Noncurrent CRE | Early Warning |
|---|---|---|---|---|
| Southern Bank | $152M | 485% | 0.07% | 🔒 |
Banks are matched to their HQ metro (a proxy for footprint). Noncurrent CRE = CRE-balance-weighted blend of multifamily / nonresidential / construction noncurrent (distress already arrived). Early Warning is a validated leading signal — the bank’s 30-89 early-delinquency rank among all CRE lenders this quarter, which has predicted ~2.3× forward CRE distress. Per-bank flags are on a plan.
On The Ground — recent closures, layoffs & CRE bankruptciesTie these events to loans →
7 local distress events in the past year (660 jobs) — store closures, layoffs, and CRE bankruptcies near this metro's collateral.
2026-09-30
LAYOFF
195 jobs · Spartanburg
2026-07-05
LAYOFF
110 jobs · Spartanburg
2026-06-28
LAYOFF
99 jobs · Spartanburg
2026-04-17
LAYOFF
126 jobs · Union
2026-03-05
LAYOFF
130 jobs · Spartanburg
2025-12-31
CLOSURE
Spartanburg
2025-10-01
CLOSURE
Lyman
2025-06-30
LAYOFF
350 jobs · Spartanburg
2025-04-19
LAYOFF
90 jobs · Spartanburg
2024-04-06
LAYOFF
71 jobs · Spartanburg
2024-03-05
LAYOFF
32 jobs · Spartanburg
2023-12-17
LAYOFF
71 jobs · Spartanburg
2023-02-10
LAYOFF
30 jobs · Spartanburg
2022-12-12
LAYOFF
133 jobs · Spartanburg
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. The Verstavo platform goes loan‑by‑loan — stress
scores, maturity walls, special‑servicing transfers, bank CRE, and your own portfolio benchmarked
against the market.