We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2023. The full Membership Report is located in the CREFC Resource Center for Members only. This Snapshot Report is available to the public and can be found on the CREFC website.
For any questions or suggestions and/or if you wish to be a debt fund contributor to the Aggregate please contact Lisa Pendergast.
The NCREIF/CREFC Open-end Debt Fund Aggregate
The NCREIF/CREFC Open-end Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to borrowers who own commercial real estate. This report will be issued in a draft “consultation” format for at least one year to obtain industry feedback before it is rolled out as an official NCREIF/CREFC product.
About the NCREIF/CREFC Open-end Debt Fund Aggregate
Fund Inclusion
Investment Managers must:
Funds included have different:
News Archive
April 30, 2024 On April 17, the House Financial Services Committee voted to pass, along party lines, Congressional Review Act (CRA) resolutions that would nullify regulations from the Consumer Financial Protection Bureau, the Securities and Exchange Commission, and other financial regulators.
What it is. The CRA allows a new Congress to nullify rules issued within the last 60 legislative days of the prior Congress. The exact calendar for this period is somewhat of a confusing calculus, but will likely start in May or June 2024 for the current Congress.
Since CRA resolutions are subject to presidential vetoes, we see more of this activity in potential presidential transition years.
Why it matters: As noted by American Banker, the use of the CRA is:
“An accelerating trend, and not specific to bank regulation. But in the last few weeks, it's become particularly noticeable in that arena.”
The application of the CRA does not only undo these rules, but also prevents regulators from issuing similar ones, thereby reining in regulatory influence in certain areas.
What they’re saying: Employing the CRA to attempt to nullify rules can also be a messaging tool. According to American Banker:
“The CRA resolutions make it easier for Republicans to communicate where a future Republican administration would want to focus its energy. It also forces Democratic lawmakers, particularly those in vulnerable seats in the 2024 election season, into potentially politically unpopular votes.”
While presidential transition years often see an increase in CRA resolutions, current activity has eclipsed typical activity.
The bottom line: As reported in several CREFC Policy and Capital Markets Briefings, uncertainty regarding financial regulation has grown while the courts weigh in on an increasing number of final regulations. The heightened use of the CRA will likely add to that uncertainty.
April 30, 2024 This week, a number of hearings are being held by the Financial Services and Tax Committees. As covered above, a House Oversight subcommittee also will have a hearing on commercial real estate.
Tuesday, April 30
Wednesday, May 1
Thursday, May 2
Contact David McCarthy (dmccarthy@crefc.org) with questions.
CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product. For questions or to get involved, contact Lisa Pendergast
Overview of Debt Fund Index (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)
Watch the Video (video replay from CREFC's September 28, 2023 Capital Markets Conference)
The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members. View the CREFC By-Laws.
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The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.
Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.
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The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.
YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.
Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.
There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate. Sign up TodayCREFC members Only
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Our members shape the commercial real estate finance industry with our advocacy initiatives. Through a collaborative process with our members, CREFC develops official policy positions that are presented as needed to legislators and regulators. These policies are developed through participation in our forums. CREFC also maintains fact sheets in online and PDF format on all major CRE issues and informs members weekly of the latest regulatory developments. To make a difference in the direction of our industry, sign up for a forum and participate in our advocacy efforts below. Contact David McCarthy with any CREFC policy or advocacy questions.
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