CRE Securitized Debt Update
March 17, 2026
Private-Label CMBS and CRE CLOs
Six transactions totaling $3.9 billion priced last week:
- GSREFT 2026-FL1, a $1.1 billion CRE CLO sponsored by Goldman Sachs Asset Management. The initial pool of the managed transaction comprises 23 loans secured by 32 properties. The pool comprises multifamily (67.1%), industrial (22.4%), and hotel (10.5%).
- BAR 2026-FL1, a $1 billion CRE CLO sponsored by Barings. The initial pool of the managed transaction comprises one whole loan and 19 loan participations secured by 21 properties across nine states and Washington, D.C. The pool’s top three property types are industrial (31.3%), multifamily (28.9%), and office (12.9%).
- ARCREN 2026-FL1, a $762.6 million CRE CLO sponsored by Arbor Realty Trust. The initial pool of the managed transaction comprises 11 whole loans and four loan participations, secured by 15 multifamily properties across 10 states. The pool is 100% multifamily.
- ARES1 2026-AZURE, a $500 million SASB backed by a floating-rate, five-year loan (at full extension) for Ares to acquire 36 industrial properties across 13 states.
- GSMS 2026-DAWN, a $425 million SASB backed by a fixed-rate, five-year loan for CBL Properties to refinance 13 regional malls in nine states.
- MLTI 2026-FAM1, a $121 million CRE CLO sponsored by A&E Real Estate Finance, LLC (AEREF), a joint venture between Peter Kraus, Jon Estreitch, Oaktree Capital Management, and A&E Real Estate Holdings, LLC. The pool of the static transaction comprises multifamily (60.3%) and mixed-use (39.7%).
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $39.7 billion, down 1% from the $40.1 billion for same-period 2025.
Spreads Mixed
- Conduit AAA and A-S spreads were unchanged at +78 and +105, respectively.
- Conduit AA and A spreads were each 10 bps wider, at +145 and +205, respectively.
- Conduit BBB- spreads were unchanged at +450.
- SASB AAA spreads moved by +4 to +5 bps, depending on property type, to a range of +108 to +177.
- CRE CLO AAA and BBB- spreads were unchanged at +145/+150 (static/managed) and +350/+360 (static/managed), respectively.
Agency CMBS
- Agency issuance totaled $3.6 billion last week, comprising $1.7 billion in Fannie DUS, $1.6 billion in Freddie K and Multi-PC transactions, and $358.9 million in Ginnie-Mae Project Loan transactions.
- Agency issuance for YTD 2026 totaled $38.4 billion, 43% higher than the $26.8 billion recorded for same-period 2025.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.