Shaping Our Industry

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.

Latest News

News

NCREIF and CREFC Release Fourth Quarter 2023 Debt Fund Aggregate Report 

May 2, 2024

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

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC leaders and data contributing managers, investors, consultants and CREFC.
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined).
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals.
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equal-weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value-weighted.
  • Furthers NCREIF’s and CREFC’s mission:
    • CREFC is the trade association for the commercial real estate finance industry. It promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by acting as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • NCREIF is a member-driven, not-for-profit association that improves private real estate investment industry knowledge by providing transparent and consistent data, performance measurement, analytics, standards, and education.


Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.
  • Be a NCREIF data contributing member once this becomes an official product.


Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

Contact  

Lisa Pendergast
Executive Director
646.884.7570
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release Fourth Quarter 2023 Debt Fund Aggregate Report
May 2, 2024
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2023.

News

CREFC Joins Broad Housing Coalition Calling on Lawmakers to Enact Policies Aimed at Broadening Housing Supply and Lowering Costs

April 30, 2024

WASHINGTON, D.C. — Today, a broad coalition of groups representing America’s housing providers, lenders and residents sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies they can undertake that will expand housing supply while lowering costs as they improve housing equity and opportunity.

In more and more communities, too many hard-working Americans are unable to rent or buy homes due to increased housing costs. These rising costs are driven by a lack of supply created by barriers to development that increasingly make it extremely challenging, if not impossible, to build housing at almost any price point—particularly a price affordable to low- and middle-income families. This is not sustainable, particularly in a period of high inflation.

It is critical that we start now to enact policies that will incentivize new housing production and preservation. We recommend that policymakers immediately move forward on measures that would go a long way to increasing the nation’s housing supply and alleviate the housing affordability challenges communities across the country are facing.

Housing has always been a bipartisan issue. Policymakers at every level of government have a role to play in removing obstacles to housing production and preservation and in addressing the housing affordability challenges that have faced this country for decades.

Using a combination of incentive-based programs, streamlined regulatory burdens and innovative solutions, we stand ready to work with Congress and the administration to address the housing affordability challenges faced by communities across the nation.

 

Letter signatories include:

American Land Title Association

American Seniors Housing Association

Argentum

Building Owners and Managers Association

CCIM Institute

Commercial Real Estate Finance Council

Council for Affordable and Rural Housing

Housing Advisory Group

ICSC

Institute of Real Estate Management

Manufactured Housing Institute

Mortgage Bankers Association

NAIOP, the Commercial Real Estate

Development Association

Nareit

National Affordable Housing Management Association

National Apartment Association

National Association of Home Builders

National Association of Residential Property

Managers

National Housing Conference

National Leased Housing Association

National Multifamily Housing Council

NATIONAL ASSOCIATION OF REALTORS®

The Real Estate Roundtable

 

Contact  

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
CREFC Joins Broad Housing Coalition Calling on Lawmakers
April 30, 2024
CREFC Joins Broad Housing Coalition Calling on Lawmakers to Enact Policies Aimed at Broadening Housing Supply and Lowering Costs

News

CREFC Submits Statement to Congressional Hearing

April 30, 2024

CREFC submitted a statement for the record ahead of a House Oversight and Accountability Subcommittee on Health Care and Financial Services hearing titled “Health of the Commercial Real Estate Markets and Removing Regulatory Hurdles to Ensure Continued Strength.

Click here for the full statement.

The hearing is today at 2:00pm ET and can be livestreamed here.

Witnesses include:

  • Jeffrey DeBoer, President and CEO, The Real Estate Roundtable
  • Jeffrey Weidell, CEO, NorthMarq

What they’re saying: The subcommittee chair’s press release outlines the goals of the hearing:

“President Biden’s policies throughout the pandemic have directly harmed American businesses by creating a worker shortage and inflation. Businesses are still struggling to recover from the impact of these policies as they face a mountain of debt and take out a record number of loans to pay rent. These businesses – including medical centers, warehouses, and offices – are crucial to our local economies and communities. We look forward to putting a spotlight on this issue and finding solutions to ensure lasting strength for American businesses,” said Subcommittee Chairwoman Lisa McClain (R-MI).

Go deeper: CREFC’s statement provides a brief market update and highlights market and regulatory challenges for CRE.

Contact David McCarthy (dmccarthy@crefc.org) with questions. 
 

Contact 

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
CREFC Submits Statement to Congressional Hearing
April 30, 2024
CREFC submitted a statement for the record ahead of a House Oversight and Accountability Subcommittee on Health Care and Financial Services hearing.

More Advocacy Resources

CREFC Policy and Capital Markets Briefing

Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing

CREFC Policy Tracker

CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.

ESG Initiatives

 CREFC’s Sustainability Initiative seeks to align the objectives of our members and the CRE finance industry with the opportunities and challenges of environmental, social and corporate sustainability.
 

Policy Fact Sheets

CREFC’s Fact Sheets are intended to provide a high-level overview of legislative and regulatory policy issues affecting commercial real estate lenders and investors.  Read the facts.

Read the Latest Government Relations Alerts

For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.

Multifamily Housing Affordability

Read CREFC's thought leadership paper: Multifamily Housing Affordability in the Age of COVID and Beyond

Archive

Don't miss a beat! Remain informed on all things CRE and beyond by checking out CREFC's Archive Page. The archive houses legislative and political resources, developed and curated by CREFC's Government Relations team, needed to thrive in today's market.   

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