CRE Securitized Debt Update
May 6, 2025
Private-Label CMBS and CRE CLOs
Three transactions totaling $2.3 billion priced last week:
- INCREF 2025-FL1, a $1.2 billion CRE CLO sponsored by Invesco Commercial Real Estate Finance Trust. The managed transaction is comprised of 28 loans secured by 98 properties. The pool is split between multifamily (54.9%) and industrial (45.1%) properties.
- BMO 2025-5C10, a $628 million conduit backed by 34 five-year loans secured by 67 properties across 20 states from BMO, Citi, Deutsche, Starwood, Goldman, Greystone, SocGen, Zions, and UBS.
- BAY 2025-LIVN, a $430 million SASB backed by a floating-rate, five-year loan (at full extension) to finance PCCP’s acquisition of 75 multifamily properties, totaling 1,759 units, in the San Francisco Bay Area.
By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $51.4 billion, representing an 84% increase from the $27.9 billion recorded for the same period in 2024.
Spreads Largely Steady
- Conduit AAA and A-S spreads were unchanged at +103 and +150. YTD, they have widened by 28 bps and 45 bps, respectively.
- Conduit AA and A spreads were unchanged at +205 and +265. YTD, they have widened by 70 bps and 100 bps, respectively.
- Conduit BBB- spreads were unchanged at +615. YTD, they have widened by 190 bps.
- SASB AAA spreads were tighter by 5 bps to a range of +137 to +160, depending on property type. YTD, they have widened by 30 – 45 bps.
- CRE CLO AAA spreads were unchanged at +175, while BBB- spreads were tighter by 10 bps at +425.
Agency CMBS
- Agency issuance totaled $1.3 billion last week, comprising $904.4 million of Fannie DUS, $195.4 million in Freddie Multi-PCs, and $164.9 million of Ginnie transactions.
- Agency issuance for the year totaled $44.1 billion, 30% higher than the $34 billion for the same period last year.
Contact
Raj Aidasani (
raidasani@crefc.org) with any questions.