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CREFC Set to Host Largest Gathering of Commercial Real Estate Finance Leaders Next Month in Miami

December 16, 2025

MIAMI, FL — December 16, 2025 — The CRE Finance Council (CREFC) will gather the commercial real estate finance industry's foremost leaders at its flagship CREFC Miami conference, January 11-14, 2026. Widely recognized as the largest and most influential event in commercial real estate finance, CREFC Miami brings together more than 4,000 industry leaders for four days of market insights, high-value connection-building, and forward-looking discussion. 

As the recognized voice of the commercial real estate finance industry, CREFC represents lenders, investors, servicers, issuers, and the full range of professionals powering the commercial real estate capital markets. CREFC plays a vital role in shaping industry standards, delivering trusted research and data, and advocating the policy and regulatory issues that matter most to market participants.

Renowned for its member-driven, content-focused programming, CREFC Miami is the one event that brings the entire CRE finance ecosystem together in one place. Whether attendees are focused on capital markets, CRE loan origination, credit, loan servicing, policy, or investment strategy, the conference offers an unmatched environment in which relationships are strengthened, ideas are exchanged, and the direction of the market comes into focus.

“Those in commercial real estate finance are entering 2026 with both caution and optimism, and CREFC Miami is where those perspectives come together,” said Lisa Pendergast, President and CEO of CREFC. “Our conference delivers candid, member-driven dialogue that reflects real market conditions. This is where industry leaders gain clarity on emerging trends, share what they’re seeing on the ground, and prepare for the year ahead.”

Chris Voss, former Lead International Hostage Negotiator for the FBI and bestselling author of Never Split the Difference, will kick off the conference with the keynote session ─ "Tactical Empathy: Negotiation Secrets from an FBI Negotiator." As CEO of The Black Swan Group, Voss brings battle-tested strategies that empower executives to transform high-stakes standoffs into collaborative victories, a critical skillset as the commercial real estate sector navigates complex restructurings, uncertain capital markets, and approaching debt maturities. 

Scott Galloway, renowned entrepreneur and NYU Stern School of Business marketing professor, will share his annual predictions in a keynote session examining consumer, tech, and business trends that will have the biggest impact in 2026. Using data-informed insights, he will share his vision for the trends and opportunities that will define the year ahead and reflect on his previous year’s predictions.

Pendergast added, "CREFC Miami 2026 delivers precisely what our industry needs: keynote visionaries like Chris Voss and Scott Galloway unveiling high-stakes negotiation frameworks and market trends, paired with deep-dive sessions on today's most pressing industry issues: private credit's evolution, global capital flows, and transformative approaches to distressed office assets. Other sessions will unpack portfolio rebalancing tactics, alternative housing finance models, and data center capital demands.”

Key sessions at CREFC Miami include:

• Private Credit Playbook: Evolving Players in the Debt Stack
• Global Capital Flows: Navigating International Investments in U.S. Real Estate
• Industry Leaders Roundtable
• Portfolio Rebalancing Strategies: Loan Sales, Modifications, and Enforcement
• From Vacancy to Value: Repositioning, Financing and Opportunities in Distressed Office
• Beyond Traditional Multifamily: Exploring Alternative and Affordable Housing
• Powering Digital Infrastructure: Growing Demand for Data Center Capital
• A comprehensive lineup of Forums representing the various market constituents addressing key issues and trends
• Updates on CREFC’s research, policy/regulatory issues, and initiatives supporting transparency and best practices in CRE finance

Event Details: 

• When: January 11-14, 2026
• Where: Loews Miami Beach Hotel | 1601 Collins Avenue | Miami Beach, FL 33139
• Conference Program
• Registration 

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 over 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets and acts 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. For more information visit www.crefc.org

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

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CRE Securitized Debt Update

December 16, 2025

Private-Label CMBS and CRE CLOs

Eight transactions totaling $7.1 billion priced last week:

1. BX 2025-ARIA, a $2.9 billion SASB backed by a fixed-rate, five-year loan for Blackstone to refinance the Aria Resort & Casino and the Vdara Hotel & Spa in Las Vegas.
   
2. BANK 2025-BNK51, a $1 billion conduit backed by 74 primarily 10-year loans secured by 91 properties from Wells, Morgan Stanley, BofA, NCB, and JPMorgan.
   
3. BANK5 2025-5YR19, a $949.1 million conduit backed by 35 five-year loans secured by 85 properties from Morgan Stanley, Wells, BofA, and JPMorgan.
   
4. BBCMS 2025-C39, an $806.6 million conduit backed by 36 10-year loans secured by 69 properties from Barclays, Citi, Starwood, Deutsche, Wells, Goldman, Benefit Street, UBS, and Zions.
   
5. BMARK 2025-V19, a $588.7 million conduit backed by 28 five-year loans secured by 48 properties from Citi, Goldman, Deutsche, and Barclays.
   
6. NYC 2025-77C, a $405 million SASB backed by a fixed-rate, five-year loan for Clipper Equity to refinance the Tower 77 apartment building in the Greenpoint area of Brooklyn.
   
7. GSJP 2025-BEDS, a $271.5 million SASB backed by a floating-rate, five-year loan (at full extension) for Kayne Anderson Real Estate and Core Spaces to refinance five student-housing properties in four states.
   
8. BAMLL 2025-HYT, a $237.5 million SASB backed by a floating-rate, five-year loan (at full extension) for Portman Holdings to refinance the Hyatt Regency Salt Lake City hotel.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $155.3 billion, representing a 37% increase from the $113.4 billion recorded for same-period 2024. 

Spreads Come In

• Conduit AAA and A-S spreads were unchanged at +80 and +115. YTD, they are wider by 5 bps and 10 bps, respectively. 
• Conduit AA and A spreads tightened by 10 bps to +150 and +200. YTD, they are wider by 15 bps and 35 bps, respectively.
• Conduit BBB- spreads were tighter by 10 bps to +465. YTD, they are wider by 40 bps.
• SASB AAA spreads moved -4 bps to +1 bp, depending on property type, to a range of +113 to +136.
• CRE CLO AAA spreads were unchanged at +135/+140 (static/managed); BBB- spreads also held constant at +340 (static/managed).
  

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CREFC Responds to CFPB 1071 Re-Proposal

December 16, 2025

On December 15, CREFC submitted a response to the Consumer Financial Protection Bureau’s (CFPB) 1071 re-proposal. CREFC also signed onto a joint trade letter, also submitted on December 15.

The 1071 reporting requirements, via a final rule originally issued in 2023, prescribe the collection of data on loan applications and originations made to small businesses. 

• The 2023 rule largely exempted multifamily loans, which are reported separately under the Home Mortgage Disclosure Act (HMDA).
• However, it did not exempt loans secured by commercial real estate made to a small businesses.

The Re-proposal makes several helpful changes for CRE lenders, but still falls short of exempting commercial mortgages and similar credit from data collection. 

• Lower Revenue Threshold: The CFPB has proposed to lower the small business revenue threshold from $5 million to $1 million in gross annual revenue.
• Higher Institutional Loan Threshold: The CFPB has recommended making some changes to the definition of covered financial institution, including raising the origination threshold from 100 to 1,000 in each of the preceding two years.
• Multifamily loans continue to be excluded from 1071 reporting.

CREFC argues that as reflected in both the federal regulatory framework and industry practice, CRE finance is fundamentally different from small-business lending. 

• Bringing CRE loans within the scope of section 1071 would stretch the reporting regime beyond its intended focus on small-business credit.

We urge the CFPB, therefore, to exempt from section 1071 rulemaking credit secured by non-owner-occupied commercial real estate. 

• Like other investment properties, these loans are underwritten based on the property’s cash flow and collateral value rather than the operating revenues of a business. 
• The 1071 framework would be more coherent and targeted if it excluded CRE investment properties.

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