News

CRE Securitized Debt Update

September 30, 2025

Private-Label CMBS and CRE CLOs

1. ESA 2025-ESH, a $1.9 billion SASB backed by a floating-rate, five-year loan (at full extension) for a joint venture between Blackstone and Starwood to refinance a portfolio of 220 extended-stay hotels operated by Extended Stay America, Inc., totaling 24,560 rooms across 33 states.
2. BSPRT 2025-FL12, a $1.1 billion CRE CLO sponsored by Benefit Street Partners. The managed transaction comprises 44 loans secured by 73 properties. The pool’s top three property types are multifamily (61.8%), hotel (22.3%), and industrial (12.1%).
3. BANK5 2025-5YR17, a $1 billion conduit backed by 44 five-year loans secured by 66 properties from JPMorgan, Morgan Stanley, Wells, and BofA.
4. NRTH 2025-PARK, a $900 million SASB backed by a floating-rate, five-year loan (at full extension) for NorthPark Management to refinance the 1.9 million square foot NorthPark Center super-regional mall in Dallas.
5. BMO 2025-C13, an $814.2 million conduit backed by 47 10-year loans secured by 89 properties from BMO, Deutsche, Key, Citi, Goldman, JPMorgan, Zions, Benefit Street, LMF, Starwood, and Greystone.
6. WFCM 2025-5C6, a $622.7 million conduit backed by 26 five-year loans secured by 51 properties from Wells, JPMorgan, LMF, Rialto, Argentic, Citi, Goldman, and UBS
7. VTR 2025-STEM, a $475 million SASB backed by a fixed-rate, four-year loan for Ventas and GIC to refinance two life-science properties totaling 811,000 square feet in Pennsylvania.
8. HAVN 2025-MOB, a $278.3 million SASB backed by a floating-rate, five-year loan (at full extension) for Welltower and Wafra to refinance 22 medical office properties in 13 states.
9. WFCM 2025-AURA, a $275 million SASB backed by a floating-rate, five-year loan (at full extension) for BTG Pactual and Morning Calm Management to refinance a portfolio of 24 industrial properties totaling 4.8 million square feet across Ohio and Michigan.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $114.1 billion, representing a 43% increase from the $79.6 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, they are each wider by 25 bps.
• Conduit BBB- spreads were unchanged at +475. YTD, they are wider by 50 bps.
• SASB AAA spreads held steady in 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 $3.4 billion last week, comprising $1.4 billion of Fannie DUS, $1.2 billion of Freddie K, Q, and Multi-PC transactions, and $797.3 million of Ginnie Mae Project Loan transactions.
• Agency issuance for the year totals $105.7 billion, 39% higher than the $75.9 billion for same-period 2024.
  

Contact 

News Archive

News

CRE Securitized Debt Update

November 10, 2025

Private-Label CMBS and CRE CLOs

Four transactions totaling $3.5 billion priced last week:

1. BX 2025-JDI, a $1.5 billion SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to refinance 94 primarily industrial properties in seven states.
2. ELP 2025-ELP, an $859 million SASB backed by a fixed-rate, five-year loan for EQT Real Estate, GIC, Blackstone, and APG to refinance a portfolio of 60 industrial properties in nine states.
3. BBCMS 2025-5C38, an $834.2 million conduit backed by 41 five-year loans secured by 76 properties from Barclays, Goldman, Citi, LMF, Rialto, Deutsche, Starwood, Benefit Street, and UBS.
4. A10 2025-FL6, a $350 million CRE CLO sponsored by A10. The managed transaction comprises nine whole loans and 12 participations secured by 27 properties. The pool’s top three property types are multifamily (54%), retail (27.9%), and industrial (9.6%).

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totals $132.1 billion, a 31% increase from the $101.1 billion recorded for same-period 2024. 

Spreads Hold Steady

• Conduit AAA and A-S spreads were unchanged at +80 and +115. YTD, they are wider by 5 bps and 10 bps, respectively. 
• Conduit AA and A spreads were unchanged at +160 and +210. YTD, they are wider by 25 bps and 45 bps, respectively.
• Conduit BBB- spreads were unchanged at +475. YTD, they are wider by 50 bps.
• SASB AAA spreads were unchanged in a range of +113 to +137, depending on property type.
• CRE CLO AAA and BBB- spreads were unchanged at +135 and +340, respectively.

Agency CMBS

• Agency issuance totaled $3.9 billion last week, comprising $2.1 billion in Freddie Multi-PC and K transactions, $1 billion in Fannie DUS transactions, and $755.4 million in Ginnie-Mae Project Loan transactions.
• Agency issuance for the year totaled $126.5 billion, 33% higher than the $95.5 billion for the same period last year.

Contact 

News Archive

News

NDAA Passage Includes Housing Bill

Contact 

News Archive

News

Economy, the Fed, and Rates…

October 21, 2025

Economic Data 

• Shutdown distorts the picture: The government shutdown is delaying key releases and, if it persists, could trim roughly 0.1 percentage point of GDP per week, leaving policymakers "semi-blind" on the data.
• Inflation (near-term read): PriceStats points to 0.24% month-over-month for September, lifting the annual pace to 2.66%, the highest since October 2023. The strongest category was household equipment and furniture, now above 5% year-over-year, consistent with tariff costs feeding into prices of import-heavy categories (e.g., furniture, appliances), not local services.
• Labor market is weakening at the margin: Fed Chair Powell said "the downside risks to employment have risen," noting that private-sector gauges and internal research show cooling conditions; ADP estimated companies shed 32,000 jobs in September.
• Growth mix remains uneven: The AI investment boom has supported output, but the expansion is increasingly driven by wealth effects among stock-owning households, while lower-income consumers are being squeezed.

Federal Reserve: Policy Signals & Debate

• Bias toward another cut (Oct 29): Powell said longer-term inflation expectations are "aligned with our 2% goal" and indicated the Fed could halt quantitative tightening "in the coming months."
• "Proceed with care": Governor Christopher Waller backed continued easing but not a larger 50-basis-point move, citing mixed signals on growth and jobs.
• What markets price: Futures imply very high odds of a quarter-point cut on October 29, with debate intensifying beyond year-end as conflicting data and the shutdown muddle visibility.

Treasury Yields & Market Dynamics

• 10-year breaks below 4%: The 10-year Treasury yield fell below 4% last week (3.97%), its lowest level since April, driven by regional bank credit concerns and trade tensions, though it later recovered as fears abated.
• Repo market stress emerges: Banks used the Fed’s Standing Repo Facility for more than $15 billion—the largest two-day use since the pandemic—while the overnight repo benchmark (SOFR) printed 4.29% Thursday and 4.30% Friday, briefly above the 4.25% upper bound of the policy range. The episode appears settlement-related and short-lived, but it highlights tighter reserves and supports a slower pace of balance-sheet runoff.
  

Contact 

News Archive

News

New York City COPA Bill Amended

December 9, 2025 

The New York City Council has released an updated version of the Community Opportunity to Purchase Act (COPA) Int 0902-2024 that would mandate a time window to allow qualified nonprofits the right of first refusal on multifamily properties. 

Why it matters: As originally drafted, the broad scope of the legislation would have applied an additional waiting period and processes to every multifamily building in the city. The revised bill narrows the scope, but it could still have a negative impact. 

By the numbers: The bill originally applied to all NYC multifamily with three or more units. The Commissioner of Housing Preservation and Development would have regulatory and administrative responsibility for the program. 

The amended version made the following updates: 

• Multifamily Building Criteria: The waiting periods would only apply to 4+ unit multifamily properties that also are experiencing distress or have expiring affordability protections. The bill lists the specific distress criteria (foreclosure, fine, or safety related), but the regulator would have the power to expand the criteria. 
• Vacant Lots Included: The COPA timelines also would apply to vacant lots zoned for multifamily.
• Time Periods Adjusted: The time periods below can be extended by the commissioner. Overall, the minimum time could lengthen the sales timeline by at least six months. 
  • Owners must file a notice of intent to sell at least five days before listing. 
  • Nonprofits have 45 days to submit a statement of interest. 
  • Interested nonprofits have 90 days to submit a bona fide offer. 
  • The owner must act on the offer within 10 days. If accepted, the nonprofit has 30 days to execute a contract of sale. 
  • If rejected, the owner must still notify the interested nonprofit if another buyer puts in an offer and then gives the interested nonprofit 15 days to execute a right of first refusal.
• Penalty Increased: Noncompliant sales would be charged a penalty of 3% of the sales price. The fine was originally $30,000.

The big picture: While the changes narrowing the scope indicate that the bill was not necessarily on a glide path to enactment, the original legislation has nearly enough councilmembers as sponsors to override a mayoral veto. 

• The national conversation on housing affordability has also encouraged progressive advocates to work on advancing similar bills. 
• CREFC will continue to monitor developments and alert members on any developments.

Please contact David McCarthy (dmccarthy@crefc.org) with questions.

Contact  

News Archive