CRE Securitized Debt Update
March 24, 2026
Private-Label CMBS and CRE CLOs
Three transactions totaling $2.8 billion priced last week:
- SLG 2026-OMA, a $1.65 billion SASB backed by a fixed-rate, five-year loan for SL Green and its partners, South Korea’s National Pension Service and Hines, to refinance One Madison Avenue, a 27-story office tower in the Flatiron District of Manhattan.
- PRPM 2026-CRE1, a $615.5 million CRE CLO sponsored by Balbec Capital. The initial pool of the managed transaction comprises 12 whole loans and seven loan participations secured by 20 properties across eight states and Washington. There are 13 multifamily properties (68.4%) and seven hotels (31.6%).
- PNW 2026-ARTE, a $525 million SASB backed by a floating-rate, three-year loan for Schnitzer West and Baupost Group to refinance an office tower in Bellevue, WA.
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $42.5 billion, down 3% from the $44.1 billion for the same period last year.
Spreads Hold Steady
- Conduit AAA and A-S spreads were unchanged at +78 and +105, respectively.
- Conduit AA and A spreads were unchanged at +145 and +205, respectively.
- Conduit BBB- spreads were unchanged at +450.
- SASB AAA spreads moved by +3 to +4 bps, depending on property type, to a range of +111 to +180.
- CRE CLO AAA and BBB- spreads were unchanged at +145/+150 (static/managed) and +350/+360 (static/managed), respectively.
Agency CMBS
- Agency issuance totaled $2.4 billion last week, comprising $1.3 billion in Freddie K, ML, and Multi-PC transactions, $781 million in Fannie DUS, and $300 million in Ginnie transactions.
- Agency issuance for YTD 2026 totaled $40.8 billion, 36% higher than the $29.9 billion recorded for the same period in 2025.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.