CRE Securitized Debt Update
June 24, 2025
Private-Label CMBS and CRE CLOs
Four transactions totaling $3 billion priced last week:
- BX 2025-GW, a $1 billion SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to refinance the 846-room Grand Wailea Resort in Maui.
- WHARF 2025-DC, an $875 million SASB backed by a fixed-rate, five-year loan for PSP Investments on the mixed-use Wharf development in Washington, D.C. The loan is part of a $1.025 billion fixed-rate mortgage, and the remaining A-notes are expected to be placed in future conduit transactions.
- BMO 2025-5C11, a $698.1 million conduit backed by 37 five-year loans secured by 63 properties across 19 states from BMO, Starwood, SocGen, KeyBank, and Greystone.
- PRM6 2025-PRM6, a $415 million SASB backed by a fixed-rate, three-year loan for Prime Group Holdings to refinance a portfolio of 33 self-storage properties.
By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $75 billion, representing a 71% increase from the $43.8 billion recorded for same-period 2024.
Spreads Tighten
- 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 tighter by 5 bps and 10 bps to +160 and +205. YTD, they are wider by 25 bps and 40 bps, respectively.
- Conduit BBB- spreads were tighter by 15 bps at +540. YTD, they are wider by 115 bps.
- SASB AAA spreads were tighter by 1 - 2 bps to a range of +113 to +142, depending on property type. YTD, they are wider by 8 - 25 bps.
- CRE CLO AAA and BBB- spreads were unchanged at +145 and +390, respectively.
Agency CMBS
- Agency issuance totaled $3 billion last week, comprising $1.5 billion of Fannie DUS, $1.2 billion of Freddie K and Q transactions, and $251.8 million of Ginnie Mae transactions.
- Agency issuance for year-to-date totals $65.6 billion, 44% higher than the $45.6 billion for same-period 2024.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.