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CREFC Hosts Annual Conference in New York City

May 27, 2025

Industry conference features Danny Meyer as keynote speaker 
  
NEW YORK, May 27, 2025 – The CRE Finance Council (CREFC), the trade association that exclusively represents the nearly $6 trillion commercial and multifamily real estate finance industry, will host its Annual Conference in New York City on June 9-11, 2025. This year’s conference will examine how the industry is managing a broad array of challenges and update conference goers on all sectors of commercial real estate, including hospitality, multifamily, office, and retail, and the newest entrant to the sector – data centers. 
  
CREFC’s Annual Conference is the largest gathering of senior CRE finance professionals who attend to learn about the latest industry developments and issues and exchange experiences and information. This year, panel speakers will examine the growing CRE CLO market and warehouse financing, the increased participation of insurance capital in the commercial property market, and the impact of rising operating expenses on income-producing properties. 
  
Attendees will engage with industry peers through networking events, and our Annual Conference will recognize and celebrate contributions to the industry and the association made by CREFC members with its Founders, Woman of Distinction, and ‘20 Under 40’ awards. Additionally, CREFC will announce its new leadership and members on its Executive Committee and Board.
  
Talk about treats, Danny Meyer, Founder of Shake Shack and Union Square Hospitality Group, will keynote at CREFC’s luncheon. Mr. Meyer will explore the critical difference between service and hospitality, the role of emotional intelligence in leadership, and how the principles that drive success in restaurants can translate to real estate, tenant relationships, and business growth. Through compelling stories, he will share how embracing a hospitality mindset can elevate employee engagement, customer loyalty, and long-term success in any industry. 
  
"I am proud of the powerful ensemble of industry professionals and keynote speakers we have brought together to enlighten and engage CRE finance market participants at our Annual Conference this year in New York," said Lisa Pendergast, President and CEO, CREFC. She added, “I look forward to hearing Mr. Meyer’s compelling anecdotes about one of today’s leading restaurant and hospitality brands.” 
  
In addition to CREFC’s seven industry-sector forum sessions, the conference provides programming tailored to CREFC’s multitude of young professionals via a Roundtable and a Career Conversations and Speed Networking session. 
  
Other panel sessions at the Annual Conference include:

• Funding the Alternative Lender Universe: Warehouse Financing & CRE CLOs
• The Data Boom: Investment & Financing Strategies for Data Centers
• Industry Leaders Roundtable
• Risk, Reward, and Returns: How Insurance Capital Is Changing CRE Investment 
• Hitting the Bottom Line: OpEx Drivers in CRE Investing
• Hotel Strategies from The White Lotus to the Rosebud Motel
• Office Recovery & Opportunities in 2025 

  
When: June 9-11, 2025
Where:  New York Marriott Marquis |1535 Broadway |New York, NY 10036
Program:

• Monday
• Tuesday
• Wednesday

Registration
 
Live stream options are available.
  
About CREFC
The CRE Finance Council (CREFC) is the trade association for the nearly $6 trillion commercial real estate finance industry with a membership that includes approximately 400 companies and 19,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, rating agencies, and borrowers. For more than 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and functioned 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.
  
Contact:
Aleksandrs Rozens
arozens@crefc.org
646-884-7567 

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CREFC's April 2025 Monthly CMBS Loan Performance Report

May 27, 2025

CRE Finance Council has released a report on CMBS loan performance for April.* 

• Conduit/SASB CMBS combined delinquency of 7.03%
  • Delinquency rate increased 38 bps in April
  • Second consecutive monthly increase; follows increase of 35 bps in March
  • On a YOY basis, the overall combined delinquency rate is up 196 bps (7.03% vs. 5.07% in April 2024)
• Multifamily delinquency rate surged 113 bps in April to 6.57%
  • Multifamily rate has climbed 527 bps over the past year, from 1.33% in April 2024 to its current level of 6.57% – the highest it has been since December 2015 (8.28%)
• Office delinquency rate rose 52 bps in April to 10.28% and remains the highest delinquency rate of all property types
• Overall March delinquency rate still 329 bps below the 10.32% peak in June 2020 – the height of pandemic-related lockdowns
• Loans in special servicing (SS) increased 6 bps to 10.17% in April; SS rate has increased in 15 of last 18 months and is up 206 bps YOY 
• BofA examined payoff trends for the $11.5 billion of conduit loans that came due between January and April of this year
  • 55% paid off as scheduled, with 45% unable to do so; when office was removed, the successful payoff rate increased to 61%
  • Office underperformed the overall pool by 13% with a 42% payoff rate; multifamily reported the highest on-time payoff rate at 85%

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Regulatory Update: SEC Agenda, More Color on Rule 15c2-11

May 20, 2025

The Securities and Exchange Commission (SEC) and the Practicing Law Institute (PLI) held their SEC Speaks program on May 19 and 20. 

• This is particularly important given that the Office of Information and Regulatory Affairs has not yet updated its semi-annual regulatory calendar, which provides industry with a roadmap on regulatory policy priorities. The last update was in November 2024.

The event featured remarks from Chair Paul Atkins and Commissioners Mark Uyeda, Hester Peirce, and Caroline Crenshaw. 

• In his opening remarks, according to Politico, Chair Atkins focused on the need for a friendlier regulatory environment for financial start-ups, particularly within the cryptocurrency industry. He said that the SEC has until now been operating with a "shoot-first-and-ask-questions-later" approach to the industry in recent years.
  • He also stated that he has instructed staff to revisit a more than two decades-old rule that limits the ability of closed-end funds to invest in private funds. He is interested in regulatory changes that would allow average investors to participate in private funds.
• Uyeda said that he was pleased to witness the SEC’s “major course correction” since January, returning to its “core mission” of regulating the capital markets. He also shared that he looks forward to “refocusing regulatory resources and tools” with Chair Atkins.
• Peirce, as chair of the SEC’s crypto task force, shared her thoughts on the crypto market and related regulation. She noted, “My short answer to the question—Are crypto assets securities?—is that most currently existing crypto assets in the market are not.” She also noted that “important work lies ahead of us in areas such as expanding access to capital, reinvigorating our public markets, regrounding disclosure in materiality.”
• Crenshaw, the sole Democrat on the Commission, cautioned against the SEC’s deregulatory stance, characterizing it as “playing a game of regulatory jenga.” She said that the agency has rescinded rules and guidance without enough analysis and that with a 15% reduction in staff, the SEC has lost a “deep well of institutional knowledge.”

The conference also featured senior staff at the Divisions of Investment Management, Trading and Markets, Corporation Finance, Enforcement, Examinations, and Economic and Risk Analysis, and the Offices of the Chief Accountant and General Counsel. 

• Saltiel shared that the Division is considering next steps for relief from 15c2-11 for public fixed income. (He noted that the SEC has already provided exemptive relief for the application of Rule 15c2-11 to 144A fixed income securities and, more recently, an indefinite no-action extension for public debt.)
• In response to former SEC Commissioner Elad Roisman’s question about how the industry can best share their 15c2-11 concerns with the agency, Director Saltiel asked for more detail on the challenges in meeting 15c2-11 requirements and the impacts to underlying markets.
• CREFC has been deeply engaged in advocacy related to 15c2-11, both on the exemptive relief and no-action extension, and will continue to meet with SEC leadership and staff on this topic. We will also monitor SEC Speaks today. 

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