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July 21, 2026
CREFC recently launched CREFC Signal, a podcast featuring timely conversations with leaders across the commercial real estate finance industry.
The inaugural episode, hosted by CREFC President & CEO Lisa Pendergast, traces CREFC’s evolution from its founding through decades of market cycles to its role today as the leading voice of the commercial real estate finance industry. Lisa is joined by past CREFC Chairs and industry leaders Leland F. Bunch, Annemarie DiCola, Chris Hoeffel, Rick Jones, Dan Olsen, and Patrick Sargent.
What's next: Stay tuned for the next episode which will examine recently released bank capital proposals from U.S. regulators, what they could mean for CRE lenders, investors, and the broader market, and CREFC’s plan of action in response.
Listen to the first episode and subscribe for future conversations shaping commercial real estate finance.
Where to listen:
We welcome your ideas and suggestions for future podcast episodes and guests. Contact us at info@crefc.org.
News Archive
Private-Label CMBS and CRE CLOs
Only one transaction priced last week:
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $101.1 billion, up 19% from the $85 billion for the same period last year.
Spreads Hold Steady
Agency CMBS
New York Governor Kathy Hochul (D-NY) just signed into law a one-year moratorium on the building of new hyperscale data centers in the State of New York.
What they're saying: In the announcement, Governor Hochul noted that the increase in New Yorkers’ energy bills was a key reason to sign the data center moratorium:
Why it matters: Across the country, opposition to data centers is growing.
If moratoriums on data centers gain steam across the country and locations for data center construction become more scarce, it could heighten competition and increase costs.
What’s next: The State of New York is the first state to enact a data center ban. However, 14 other states have proposed or introduced legislation to ban or halt the construction of data centers. For a full list, please click here.
Please contact James Montfort (jmontfort@crefc.org) with any questions.
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.
NCREIF and CREFC announced the launch of the NCREIF/CREFC Fund Index Open-end Moderate-Yield Debt in December 2025, the first-ever institutional fund-level benchmark for private real estate debt funds. Developed jointly by the National Council of Real Estate Investment Fiduciaries and the CRE Finance Council, the Moderate-Yield Debt Index fills a long-standing market need for a standardized, transparent benchmark that reflects the risk-return characteristics of actively managed open-end commercial real estate debt strategies.
Consultation Phase. The Moderate-Yield Debt Index will be issued in a consultation phase for one to two years to solicit the appropriate level of feedback from industry professionals and ensure the index’s methodology and governance align with market expectations. During this period NCREIF and CREFC will engage stakeholders on methodology refinements, data standards, and reporting practices. After the initial consultation, if appropriate, the NCREIF/CREFC Fund Index Open-end Moderate-Yield Debt will be memorialized as an official NCREIF/CREFC product.
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
Sign up for CREFC's Women's Network. Join
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
Take your career to the next level with our programming, mentoring, career planning, and continuing education. Sign up
CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry.
View CREFC's Advocacy resources below, and get involved today!
Sign Up for a Forum
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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