CRE Securitized Debt Update
April 14, 2026
Private-Label CMBS and CRE CLOs
Five transactions totaling $3.1 billion priced last week:
- BX 2026-LP3, a $1.56 billion SASB backed by a floating-rate, interest-only loan for Blackstone to refinance a 69-property portfolio totaling 10.5 million square feet across 13 states. The collateral, managed by Link Logistics, is primarily industrial, including 37 warehouses and 25 light-industrial assets, plus a data center, a retail site, and other industrial/flex properties. The loan has a two-year initial term plus three one-year extension options.
- HLTN 2026-DPLO, a $600 million SASB backed by a floating-rate, interest-only loan for Trinity Real Estate Investments and UBS to refinance the Diplomat Beach Resort, a 1,000-key full-service luxury oceanfront resort in Hollywood, FL. The loan has a two-year initial term plus three one-year extension options.
- KRE 2026-ICNA, a $475 million SASB backed by a floating-rate, interest-only loan for KKR to refinance the Icona life-science campus in San Francisco's Mission Bay. The 752,000-square-foot office and lab property, developed by Kilroy Realty in 2018, is 85.9% leased and was financed as part of a $600 million debt package that also includes a $125 million mezzanine loan. The loan has a two-year initial term plus three one-year extension options.
- NYC 2026-1325, a $282.5 million SASB backed by a fixed-rate, five-year loan for Rithm Capital to refinance 1325 Avenue of the Americas, an 826,000-square-foot Class A office tower in Midtown Manhattan. The 34-story property is 89.7% leased and was acquired as part of Rithm's $1.6 billion take-private of Paramount Group in December 2025.
- NMR 2026-CGCTR, a $216.8 million SASB backed by a floating-rate, interest-only loan for a joint venture among Monarch Alternative Capital, Tourmaline, and CP Group to refinance Citigroup Center, an 805,877-square-foot, 34-story Class A office tower in downtown Miami. The mortgage is paired with $58.2 million of mezzanine debt. The property is 74.9% leased, with Citigroup as the largest tenant at 15.2% of NRA. The loan has a three-year initial term plus two one-year extension options.
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $50.8 billion, up 5% from the $48.3 billion for the same period last year.
Spreads Hold Steady
- Conduit AAA spreads were tighter by 3 bps to +77, while A-S spreads were up by 5 bps to +110.
- Conduit AA and A spreads were unchanged at +145 and +205, respectively.
- Conduit BBB- spreads were unchanged at +450.
- SASB AAA spreads were tighter by 5 bps to a range of +95 to +130.
- CRE CLO AAA spreads were unchanged at +145/+150 (static/managed), while static BBB- spreads were tighter by 25 bps to +325 and managed BBB- spreads were tighter by 10 bps to +350.
Agency CMBS
- Agency issuance totaled $5 billion last week, comprising $3.7 billion in Freddie K and Multi-PC transactions, $951.7 million in Fannie DUS, and $331.7 million in Ginnie transactions.
- Agency issuance for YTD 2026 totaled $50.7 billion, 35% higher than the $37.5 billion recorded for the same period in 2025.