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September 1, 2026
Two Markets at Once - Inside the CREFC BOG Sentiment Index Survey
Raj Aidasani, Managing Director of Research at CREFC, is joined by Toby Cobb, Co-Founder and Managing Partner at 3650 Capital, and David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, to discuss the latest CREFC Board of Governor’s Sentiment Index Survey. The conversation explores what the Index’s stabilization near its 4Q 2017 baseline says about market sentiment, why new capital is functioning well while legacy credit continues to work through the system, and what these two dynamics mean for the commercial real estate finance market going forward.
“Thirty-eight of the 40 members of CREFC’s Board of Governors just told us what they think happens next. On seven of the nine questions we asked, the most popular answer was no change. Since that survey closed, delinquencies have hit their highest level since 2020, while new issue activity is running ahead of last year. Both of those are true. This episode is about why.” – Raj Aidasani, CRE Finance Council
Listen to Episode #3 now.
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News Archive
August 14, 2026
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CRE Finance Council has released a report on CMBS loan performance for July.* Key takeaways: DELINQUENCY JUMPS ON MATURED BALLOONS BUT SPECIAL SERVICING EASES
*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $660.5B: 51% ($336.6B) conduit CMBS, 49% ($323.9B) single-asset/single-borrower (SASB) CMBS.
Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance.
August 13, 2026
As physical climate risks continue to reshape commercial real estate, better property data can help owners, lenders, and insurers make more informed decisions. CREFC, the Urban Land Institute (ULI), and the Insurance Institute for Business & Home Safety (IBHS) have published an article summarizing insights from a recent roundtable that explored how more consistent building and resilience data can help stakeholders better evaluate physical risk, strengthen underwriting, and support investment choices. The discussion brought together more than 30 leaders from the real estate, finance, and insurance industries to examine how the commercial real estate ecosystem can move beyond risk transfer to risk reduction. An overarching theme emerged: greater consistency in how property attributes are collected, categorized, and shared can improve risk assessment, strengthen market signals, and help justify investments in resilience. The article also highlights seven key takeaways, including the importance of standardized property data, early coordination among stakeholders, new tools to evaluate resilience, and innovative approaches to financing risk reduction.
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For more information contact Sairah Burki at sburki@crefc.org.
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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Connect, grow, and thrive with the CREFC Women's Network – a dynamic community of professionals dedicated to advancing women's leadership in the CRE finance industry.
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Ready to get involved? Join a network of accomplished women who are shaping the future of commercial real estate finance.
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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 Raj Aidasani
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.
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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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!
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