CRE Securitized Debt Update
September 23, 2025
Private-Label CMBS and CRE CLOs
Two transactions totaling $1.9 billion priced last week:
- BFLD 2025-5MW, a $1.3 billion SASB backed by a fixed-rate, five-year loan for Brookfield to refinance the 1.7 million square foot Five Manhattan West office building in Manhattan.
- BMO 2025-5C12, a $638.2 million conduit backed by 45 five-year loans secured by 168 properties from BMO, Argentic, Citi, Deutsche, Key, Starwood, UBS, Greystone, and Natixis.
By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $106.7 billion, representing a 42% increase from the $75.1 billion recorded for same-period 2024.
Spreads Unchanged
- Conduit AAA and A-S spreads were unchanged at +76 and +113, respectively. YTD, AAA and A-S spreads are wider by 1 bp and 8 bps, respectively.
- Conduit AA and A spreads were unchanged at +160 and +190, respectively. YTD, t each wider by 25 bps.
- Conduit BBB- spreads were unchanged at +475. YTD, wider by 50 bps.
- SASB AAA spreads moved by +0-2 bps to a range of +105 to +132, depending on property type.
- CRE CLO AAA and BBB- spreads were unchanged at +130 and +335, respectively.
Agency CMBS
- Agency issuance totaled $3.2 billion last week, comprising $2 billion of Fannie DUS, $788.4 million of Freddie Multi-PC and ML transactions, and $415 million of Ginnie Mae Project Loan transactions.
- Agency issuance for the year totaled $102.2 billion, 39% higher than the $73.4 billion for the same period last year.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.