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.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.
 

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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