CRE Securitized Debt Update
February 3, 2026
Private-Label CMBS and CRE CLOs
Six transactions totaling $3.9 billion priced last week:
- BMARK 2026-V20, an $886.9 million conduit backed by 34 five-year loans secured by 59 properties from Deutsche, Goldman, Citi, Barclays, and BMO.
- BRSP 2026-FL3, an $856.7 million CRE CLO sponsored by BrightSpire. The managed transaction comprises 29 loans secured by 30 properties. The pool is 95% multifamily and 5% mixed-use.
- BMO 2026-C14, a $631.6 million conduit backed by 27 mostly 10-year loans secured by 88 properties from BMO, Starwood, SocGen, Argentic, UBS, Natixis, Zions, Citi, and Goldman.
- CSTL 2026-GATE3, a $630 million SASB backed by a fixed-rate, five-year loan for West Shore to refinance a portfolio of 13 garden-style apartment complexes in five states.
- LS 2026-HTL6, a $500 million SASB backed by a floating-rate, five-year loan (at full extension) for Lone Star Funds to refinance six hotels in four states.
- GGP 2026-TY, a $435 million SASB backed by a fixed-rate, five-year loan for GGP to refinance the Tysons Galleria mall in McLean, VA.
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $15.4 billion, representing a 15% increase from the $13.3 billion recorded for the same period in 2025.
Spreads Hold Steady
- Conduit AAA and A-S spreads were unchanged at +75 and +105 bps, respectively.
- Conduit AA and A spreads were unchanged at +125 and +175 bps, respectively.
- Conduit BBB- spreads were unchanged at +435 bps.
- SASB AAA spreads moved by -7 to 0 bps, depending on property type, to a range of +100 to +135 bps.
- CRE CLO AAA spreads were unchanged at +135/+140 bps (static/managed), while BBB- spreads were unchanged at +275/+285 bps (static/managed).
Agency CMBS
- Agency issuance totaled $4.5 billion last week, comprising $3 billion in Fannie DUS, a $1.3 billion in Freddie K transactions, and $266.5 million in Ginnie Mae Project Loan transactions.
- Agency issuance for YTD 2026 totaled $19.2 billion, 75% higher than the $11 billion recorded for same-period 2025.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.