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News

SEC Issues Concept Release on ABS Disclosure

September 30, 2025

On Sept. 26, 2025, the Securities and Exchange Commission (SEC) issued a concept release to solicit public comment on the current SEC rules governing ABS, with a largely RMBS focus. Comments are due 60 days after publication in the Federal Register.

The SEC notes in an accompanying Fact Sheet that despite a “growing interest” among market participants for the return of publicly-issued RMBS, these securities have been issued only privately since 2013.

  • Market participants often cite RMBS asset-level disclosure requirements, particularly for private or confidential information, as key obstacles to the issuance of publicly-offered RMBS. 

The concept release further states:

There are several factors that may be contributing to the absence of registered offerings, including the dominance of the Agencies, which may be attributed to deep market liquidity, beliefs among some market participants regarding the availability of U.S. Government guarantees, more favorable underwriting standards compared to private-label RMBS, and attractive yields and returns for investors. Nevertheless, it is important to consider whether the Commission’s rules may be contributing to this absence.
While most of the release focuses on RMBS, it also posits whether the definition of “asset-backed security” in Regulation AB should be revised to facilitate expanded access to the public ABS market:
We are seeking public comment about whether we should amend the definition of ABS in Regulation AB to better align with the Exchange Act ABS Definition… Such revisions may bring clarity and uniformity to the current ABS regulatory regime and remove potentially unnecessary definitional and/or structural impediments to accessing the registered market for ABS issuers and investors, while providing sufficient flexibility and accommodating future developments in the ABS market.
  • The SEC also welcomes comments on any other aspects of the ABS registration and reporting regime. 
  • CREFC will review the concept release and work with members to provide comment. 

Please contact Sairah Burki (sburki@crefc.org) if you have any questions or would like to join this effort.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@crefc.org
Image of a document with "Proposal" written on it
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
SEC Issues Concept Release on ABS Disclosure
September 30, 2025
On Sept. 26, 2025, the Securities and Exchange Commission (SEC) issued a concept release to solicit public comment on the current SEC rules governing ABS, with a largely RMBS focus.

News

CRE Securitized Debt Update

September 30, 2025

Private-Label CMBS and CRE CLOs

Nine transactions totaling $7.4 billion priced last week:

  1. ESA 2025-ESH, a $1.9 billion SASB backed by a floating-rate, five-year loan (at full extension) for a joint venture between Blackstone and Starwood to refinance a portfolio of 220 extended-stay hotels operated by Extended Stay America, Inc., totaling 24,560 rooms across 33 states.
  2. BSPRT 2025-FL12, a $1.1 billion CRE CLO sponsored by Benefit Street Partners. The managed transaction comprises 44 loans secured by 73 properties. The pool’s top three property types are multifamily (61.8%), hotel (22.3%), and industrial (12.1%).
  3. BANK5 2025-5YR17, a $1 billion conduit backed by 44 five-year loans secured by 66 properties from JPMorgan, Morgan Stanley, Wells, and BofA.
  4. NRTH 2025-PARK, a $900 million SASB backed by a floating-rate, five-year loan (at full extension) for NorthPark Management to refinance the 1.9 million square foot NorthPark Center super-regional mall in Dallas.
  5. BMO 2025-C13, an $814.2 million conduit backed by 47 10-year loans secured by 89 properties from BMO, Deutsche, Key, Citi, Goldman, JPMorgan, Zions, Benefit Street, LMF, Starwood, and Greystone.
  6. WFCM 2025-5C6, a $622.7 million conduit backed by 26 five-year loans secured by 51 properties from Wells, JPMorgan, LMF, Rialto, Argentic, Citi, Goldman, and UBS
  7. VTR 2025-STEM, a $475 million SASB backed by a fixed-rate, four-year loan for Ventas and GIC to refinance two life-science properties totaling 811,000 square feet in Pennsylvania.
  8. HAVN 2025-MOB, a $278.3 million SASB backed by a floating-rate, five-year loan (at full extension) for Welltower and Wafra to refinance 22 medical office properties in 13 states.
  9. WFCM 2025-AURA, a $275 million SASB backed by a floating-rate, five-year loan (at full extension) for BTG Pactual and Morning Calm Management to refinance a portfolio of 24 industrial properties totaling 4.8 million square feet across Ohio and Michigan.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $114.1 billion, representing a 43% increase from the $79.6 billion recorded for same-period 2024. 

Spreads Unchanged 

  • Conduit AAA and A-S spreads were unchanged at +76 and +113, respectively. YTD, AAA and A-S spreads are wider by 1 bp and 8 bps, respectively. 
  • Conduit AA and A spreads were unchanged at +160 and +190, respectively. YTD, they are each wider by 25 bps.
  • Conduit BBB- spreads were unchanged at +475. YTD, they are wider by 50 bps.
  • SASB AAA spreads held steady in a range of +105 to +132, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +130 and +335, respectively.

Agency CMBS

  • Agency issuance totaled $3.4 billion last week, comprising $1.4 billion of Fannie DUS, $1.2 billion of Freddie K, Q, and Multi-PC transactions, and $797.3 million of Ginnie Mae Project Loan transactions.
  • Agency issuance for the year totals $105.7 billion, 39% higher than the $75.9 billion for same-period 2024.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
CRE Securitized Debt Update Chart
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
CRE Securitized Debt Update
September 30, 2025
Nine transactions totaling $7.4 billion priced last week.

News

GSE Update: Sen. Warren Asks for Roundtable Details

September 30, 2025

In a Sept. 24 letter, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) asked Treasury Secretary Scott Bessent for more details on a potential Fannie Mae and Freddie Mac (GSEs) privatization. 

Why it matters: Treasury and the Federal Housing Finance Agency (FHFA) have been holding roundtables with industry stakeholders—including CREFC—on potentially ending the conservatorship and re-privatization. 

What they’re saying: Warren referenced comments by President Trump, Bessent, Commerce Secretary Howard Lutnick, and FHFA Director Bill Pulte and urged Bessent to involve Congress in the discussion. In a direct criticism of Pulte, Warren’s letter hinted at a lack involvement from FHFA and coordination among administration officials:

I have been led to the conclusion, however, that FHFA Director Pulte may have no information, insight, or answers on the topic, in part due to his focus on ousting members of the Federal Reserve Board of Governors and certain Democratic leaders.

What’s next: Warren posed nine questions on the GSE effort and asked for a response by October 8. 

  • While senior administration officials keep hinting at an IPO in the near-term, Congress and others remain skeptical of major action this year.
  • Treasury’s roundtables indicate GSE reform is a priority, though the plan for government involvement from a guarantee and regulatory oversight perspective remain elusive.
Contact Sairah Burki (sburki@crefc.org) and David McCarthy (dmccarthy@crefc.org) with any questions.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@crefc.org

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
Image of buildings
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
GSE Update: Sen. Warren Asks for Roundtable Details
September 30, 2025
In a Sept. 24 letter, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) asked Treasury Secretary Scott Bessent for more details on a potential Fannie Mae and Freddie Mac (GSEs) privatization.

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