CRE Securitized Debt Update
December 9, 2025
Private-Label CMBS and CRE CLOs
Four transactions totaling $3.3 billion priced last week:
- BOCA 2025-BOCA, a $1.2 billion SASB backed by a floating-rate, five-year loan (at full extension) for BDT & MSD Partners to refinance The Boca Raton, a 1,014-room resort and club in Boca Raton, FL.
- AREIT 2025-CRE11, a $951.6 million CRE CLO sponsored by Argentic. The managed transaction comprises 23 loans secured by 53 properties. The pool’s top three property types are multifamily (60.1%), industrial (14.1%), and hotel (13.4%).
- WFCM 2025-5C7, a $949.9 million conduit backed by 25 five-year loans secured by 265 properties from Wells, Zions, Citi, JPMorgan, UBS, Benefit Street, Goldman, and SocGen. In addition, the transaction includes the junior portions of the Mall at Bay Plaza loan ($110 million) and the Crossgates Mall loan ($68 million), which are separate from the main pool and tied to their own groups of certificates.
- BAMLL 2025-1105W, a $245 million SASB backed by a floating-rate, five-year loan (at full extension) for Selig Enterprises and the State Board of Administration of Florida to refinance a 654,000 square foot office tower in Atlanta.
By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $148.1 billion, representing a 32% increase from the $112.6 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 +115 to +140, depending on property type.
- CRE CLO managed AAA spreads were wider by 5 bps to +140, while static AAA held steady at +135; BBB- spreads held constant at +340 for both.
Agency CMBS
- Agency issuance totaled $4.7 billion last week, comprising $2.5 billion in Freddie Multi-PC transactions, $1.8 billion in Fannie DUS transactions, and $395.6 million in Ginnie transactions.
- Agency issuance for the year totaled $143.3 billion, 27% higher than the $112.9 billion for the same period last year.