News

CRE Securitized Debt Update

November 25, 2025

Private-Label CMBS and CRE CLOs

Six transactions totaling $4.8 billion priced last week:

  1. BDS 2025-FL16, a $1.2 billion CRE CLO sponsored by Bridge Debt Strategies. The managed transaction comprises 11 whole loans and nine loan participations secured by 25 properties. The pool’s property types are multifamily (94.3%) and hotel (5.7%).
  2. BX 2025-DELC, a $970 million SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to refinance the Hotel Del Coronado in Coronado, CA.
  3. LRECS 2025-CRE1, a $794.9 million CRE CLO sponsored by LaSalle Real Estate Credit Strategies. The managed transaction comprises 34 loans secured by 39 properties. The pool’s top property types are multifamily (83.7%), industrial (9%), and hotel (7.3%).
  4. BANK5 2025-5YR18, a $709.9 million conduit backed by 29 five-year loans secured by 72 properties from Wells, JPMorgan, Morgan Stanley, and BofA
  5. LMNT 2025-FL3, a $663.8 million CRE CLO from Lument Commercial Mortgage Trust. The managed transaction comprises 32 loans secured by 49 properties. The pool’s top three property types are multifamily (84.6%), healthcare (9.3%), and manufactured housing (5.2%).
  6. KSL 2025-MH, a $440 million SASB backed by a floating-rate, five-year loan (at full extension) for KSL Capital Partners to refinance 23 hotels in 13 states.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $142.5 billion, representing a 36% increase from the $104.8 billion recorded for same-period 2024. 

Spreads Largely 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 wider by 2 bps, in a range of +115 to +140, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +135 and +340, respectively.

Agency CMBS

  • Agency issuance totaled $5.4 billion last week, comprising $2.8 billion of Fannie DUS, $2.1 billion of Freddie K and Multi-PC transactions, and $492.4 million of Ginnie Mae transactions.
  • Agency issuance year-to-date totals $137.3 billion, 32% higher than the $103.8 billion for same-period 2024.
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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