CRE Securitized Debt Update
July 29, 2025
Private-Label CMBS and CRE CLOs
Only one transaction priced last week:
- BMARK 2025-V16, a $624.7 million conduit backed by 31 five-year loans secured by 157 properties across 36 states and Washington, D.C., from Citi, Goldman, DB, BMO, and Barclays.
By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $84.7 billion, representing a 45% increase from the $58.5 billion recorded for same-period 2024.
Spreads Hold Steady
- Conduit AAA spreads tightened 2 bps to +81, while A-S spreads were unchanged at +113. YTD, AAA and A-S spreads are wider by 6 and 8 bps, respectively.
- Conduit AA and A spreads were unchanged at +160 and +200, respectively. YTD, they are wider by 25 bps and 35 bps, respectively.
- Conduit BBB- spreads were unchanged at +500. YTD, they are wider by 75 bps.
- SASB AAA spreads were tighter by 1 - 2 bps to a range of +102 to +128, depending on property type.
- CRE CLO AAA spreads were tighter by 5 bps to +130, while BBB- spreads were unchanged at +375.
Agency CMBS
- Agency issuance totaled $2.5 billion last week, comprising $1.4 billion of Fannie DUS, $932.6 million of Freddie K, Q, and Multi-PC transactions, and $194.8 million of Ginnie Mae transactions.
- Agency issuance for the year totaled $79.1 billion, 38% higher than the $57.4 billion for same-period 2024.