CRE Securitized Debt Update 

June 3, 2025

Private-Label CMBS and CRE CLOs

Five transactions totaling $3.4 billion priced last week:

  1. PFP 2025-12, a $1 billion CRE CLO sponsored by Prime Finance’s Short Duration 9 fund. The managed transaction comprises 13 whole loans and 15 loan participations, secured by 39 properties in 16 states. The pool’s top three property types are multifamily (75.1%), industrial (10.6%), and hotel (7.5%).
  2. BX 2025-LUNR, a $950 million SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to refinance a portfolio of 59 primarily industrial assets across 13 states.
  3. IP 2025-IP, a $675 million SASB backed by a fixed-rate, five-year loan for Stellar Management and Vornado Realty Trust to refinance the Independence Plaza multifamily complex in the Tribeca neighborhood of Manhattan.
  4. BANK 2025-BNK50, a $490.9 million conduit backed by 34 10-year loans secured by 71 properties across 18 states from JPMorgan, BofA, Morgan Stanley, NCB, and Wells.
  5. BPR 2025-ALDR, a $290 million SASB backed by a fixed-rate, five-year loan for Brookfield and New York State Common Retirement Fund to refinance Alderwood, a regional shopping mall in Lynnwood, WA.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $67.4 billion, representing a 76% increase from the $38.2 billion recorded for the same period in 2024. 

Spreads Tighten

  • Conduit AAA and A-S spreads were tighter by 2 bps and 15 bps to +88 and +115. YTD, they are wider by 13 bps and 10 bps, respectively.
  • Conduit AA and A spreads were tighter by 5 bps and 10 bps to +165 and +215. YTD, they are wider by 30 bps and 50 bps, respectively.
  • Conduit BBB- spreads were tighter by 20 bps at +555. YTD, they are wider by 130 bps.
  • SASB AAA spreads were tighter by 1 - 2 bps to a range of +115 to +142, depending on property type. YTD, they are wider by 8 - 25 bps. 
  • CRE CLO AAA and BBB- spreads were unchanged at +150 and +425, respectively.

Agency CMBS

  • Agency issuance totaled $959.8 million last week, comprising $567.2 million of Fannie DUS, a $328.5 million Freddie Q transaction, and $64.1 million of Ginnie transactions.
  • Agency issuance for the year totaled $55.1 billion, 42% higher than the $38.8 billion for the same period last year.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.

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