CRE Securitized Debt Update

July 1, 2025




Private-Label CMBS and CRE CLOs

Three transactions totaling $1.6 billion priced last week:

  1. VDCM 2025-AZ, a $735 million SASB backed by a fixed-rate, five-year loan for Vantage Data Centers to refinance three recently constructed data centers in Goodyear, AZ.
  2. BANK5 2025-5YR15, a $556.3 million conduit backed by 31 five-year loans secured by 68 properties from Morgan Stanley, BofA, JPMorgan, and Wells.
  3. GSAT 2025-BMF, a $330 million SASB backed by a floating-rate, five-year loan (at full extension) for Buckingham Cos. to refinance seven multifamily properties totaling 2,381 units in five states.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $76.6 billion, representing a 62% increase from the $47.3 billion recorded for same-period 2024. 

Spreads Hold Steady

  • Conduit AAA and A-S spreads were unchanged at +86 and +115. YTD, they are wider by 11 bps and 10 bps, respectively.
  • Conduit AA and A spreads were unchanged at +160 and +205. YTD, they are wider by 25 bps and 40 bps, respectively.
  • Conduit BBB- spreads were unchanged at +540. YTD, they are wider by 115 bps.
  • SASB AAA spreads were tighter by 1 - 3 bps to a range of +110 to +138, depending on property type. YTD, they are wider by 3-21 bps. 
  • CRE CLO AAA and BBB- spreads were unchanged at +145 and +390, respectively.

Agency CMBS

  • Agency issuance totaled $1.2 billion last week, comprising $910.3 million of Fannie DUS, $262.2 million of Freddie Multi-PC transactions, and $74.4 million of Ginnie transactions.
  • Agency issuance for the year totaled $67.1 billion, 44% higher than the $46.5 billion for the same-period 2024.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.
 

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
Data chart representing Economy, The Fed and Rates
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.

Become a Member

CREFC offers industry participants an unparalleled ability to connect, participate, advocate and learn!
Join Now

Sign Up for eNews

Subscribe