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April 17, 2025
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2024. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.
For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast.
Aggregate Furthers CREFC’s and NCREIF’s Missions
About NCREIF
Funds included have different:
News Archive
April 15, 2025
Private-Label CMBS and CRE CLOs
Three transactions totaling $930 million priced last week:
According to Commercial Mortgage Alert, prior to the above noted transactions, no new CMBS have hit the market since President Trump’s April 2 tariff announcement. The three transactions priced last week had been in mid-marketing when tariffs were first announced. According to CMA, “All printed at much wider-than-expected spreads.”
Issuance by the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $47.4 billion, a 126% increase from the $21 billion recorded for same-period 2024. Spreads Trend Wider
Agency CMBS
The Economy, the Fed, and Rates…
In early 2025, the Trump administration launched the Department of Government Efficiency (DOGE) with the stated goal of reducing federal bureaucracy and improving operational efficiency across government agencies. The effort is scheduled to wrap up by July 4, 2026, and set an ambitious goal of saving $2 trillion.
Why it matters: DOGE is an initiative to streamlining federal operations and reducing government expenditures; rather than functioning as a standalone agency, DOGE operates by embedding specialized teams within existing federal agencies
Yes, but: The initiative has also faced internal friction.
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)
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. By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments. View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions.
Sign Up for Forum
Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing
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.
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.
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.
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 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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