News

CRE Securitized Debt Update

November 18, 2025

Private-Label CMBS and CRE CLOs

Five transactions totaling $6.2 billion priced last week:

  1. BX 2025-VOLT, a $3.5 billion SASB backed by a floating-rate, five-year loan (at full extension) to Blackstone to refinance 10 data center properties across six markets.
  2. STWD 2025-FL4, a $1.1 billion CRE CLO sponsored by Starwood. The managed transaction comprises 22 loan participations secured by 35 properties. The pool’s top-three property types are multifamily (82.9%), industrial (9%), and hotel (8.1%).
  3. BLP 2025-IND2, a $620 million SASB backed by a floating-rate, five-year loan (at full extension) to Brookfield to refinance 20 industrial properties in seven states.
  4. BSP 2025-44A, a $606.2 million CRE CLO sponsored by Benefit Street Partners.
  5. UNIV 2025-APTS, a $431 million SASB backed by a floating-rate, five-year loan (at full extension) for a joint venture between Varde Partners and Hawkins Way to refinance three student-housing properties in Boston, Manhattan, and Brooklyn.

By the numbers - CMBS and CRE Volume Soars: Year-to-date private-label CMBS and CRE CLO issuance totaled $138.3 billion, representing a 36% increase from the $101.8 billion recorded for same-period 2024. 

Spreads Hold Steady

  • 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 were unchanged at +160 and +210. YTD, they are wider by 25 bps and 45 bps, respectively.
  • Conduit BBB- spreads were unchanged at +475. YTD, they are wider by 50 bps.
  • SASB AAA spreads were flat, in a range of +113 to +138, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +135 and +340, respectively.

Agency CMBS

  • Agency issuance totaled $4.4 billion last week, comprising $2.5 billion of Fannie DUS, $1.4 billion of Freddie K and Multi-PC transactions, and $488.3 million of Ginnie-Mae Project Loan transactions.
  • Agency issuance for the year totaled $131.1 billion, 31% higher than the $99.9 billion for the same period last year.

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

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
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.

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