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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.
  

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CREFC Participates in Treasury Roundtables on GSE Reform 

September 16, 2025

On September 8, CREFC’s President & CEO Lisa Pendergast, along with leaders from other CRE/Multifamily trade organizations and think tanks, met with senior Treasury officials to discuss GSE reform, strategies around an exit from conservatorship, and potential privatization. 

• Treasury will continue to hold similar sessions next week. CREFC’s Pendergast will attend a Roundtable focused on the GSEs’ multifamily business. 

Contact Sairah Burki (sburki@crefc.org) or David McCarthy (dmccarthy@crefc.org) with any comments or questions.

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CRE Securitized Debt Update

September 16, 2025

Private-Label CMBS and CRE CLOs

1. MAD 2025-11MD, a $1.4 billion SASB backed by a fixed-rate, five-year loan for a joint venture between SL Green and PGIM to refinance 11 Madison, a 30-story Class A office property totaling 2.3 million square feet in Manhattan.
2. SCG 2025-SNIP, a $930 million SASB backed by a floating-rate, five-year loan (at full extension) for Starwood Capital to refinance 55 industrial properties totaling 8.2 million square feet in five states.
3. BMARK 2025-V17, a $629 million conduit backed by 27 five-year loans secured by 145 properties from Deutsche, Citi, Goldman, BMO, and Barclays.
4. WFCM 2025-HI, a $325 million SASB backed by a floating-rate, five-year loan (at full extension) for KSL Capital Partners to refinance two full-service, beachfront resorts in Hawaii.
5. MAC 2025-801B, a $229 million SASB backed by a floating-rate, five-year loan (at full extension) for a joint venture between Monarch Alternative Capital and Tourmaline Capital Partners to refinance a 415,000 square foot office building in Miami.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $104.8 billion, representing a 48% increase from the $71 billion recorded for the same period in 2024. 

Spreads Mostly Unchanged

• Conduit AAA spreads were wider by 2 bps to +76 while A-S spreads were unchanged at +113. 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 tighter by 25 bps to 475. YTD, they are wider by 50 bps.
• SASB AAA spreads were wider by 1 - 2 bps to a range of +105 to +128, depending on property type.
• CRE CLO AAA and BBB- spreads were unchanged at +130 and +335, respectively.

Agency CMBS

• Agency issuance totaled $4.4 billion last week, comprising $2.4 billion of Fannie DUS, $1.7 billion of Freddie K and Multi-PC transactions, and $396.6 million of Ginnie transactions.
• Agency issuance for the year totaled $98.1 billion, 38% higher than the $70.8 billion for the same period last year.

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

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Government Funding Update

September 16, 2025

With 14 days to go until a government shutdown, lawmakers are considering a short-term funding deal that would keep federal operations running through November 21, sources confirmed this weekend. The proposed continuing resolution (CR) would buy more time for Congress to negotiate full-year appropriations. 

• House Republicans just released the legislative text of their CR. 

Why it matters: The new plan comes as negotiations between the White House and Capitol Hill remain tense. The Trump administration has pushed for a longer stopgap bill running through January 31, 2026, but House Republicans appear to favor the shorter extension to maintain leverage over spending priorities. 

• While no deal is finalized, leadership aides say the November 21 CR is gaining traction in both chambers as the most realistic path to avoid a shutdown when current funding expires September 30. Its passage in the House can be done without Democratic support.
• However, in the Senate seven Democrats will need to work with Republicans to pass any bill, to reach the 60 -vote threshold to pass this bill, and their support is far from guaranteed.
• Without action, many federal agencies would face closure, with services halted and employees furloughed. Lawmakers have seven legislative days remaining to find a path, as they are out of town next week on recess.
  

If you want to make it about trying to get an extension so we actually have time to try and run a normal appropriations process and get some of the bills passed under regular order, then I think you want to have it as clean as possible.

Source: The Hill

In addition, the Trump administrations use of pocket recissions is being litigated in court. The controversial technique allows the President to claw back congressionally appropriated funds. Democrats argue that their use of this provisions could make spending negotiations moot, as they could just retract the funds later.

Democrats have focused their criticism on the GOP regarding healthcare, and have said they will not vote for any spending measure that failures to address the extension of Affordable Care Act subsidies, which expire on Jan. 1, 2026. They warn that if this is not addressed, millions of Americans will be forced to pay more for health coverage. 

What’s next: The upcoming days will be crucial as lawmakers negotiate to avoid a government shutdown, with key issues such as the extension of Affordable Care Act subsidies and the Trump administration's use of pocket recissions shaping the discussions.

Contact James Montfort (jmontfort@crefc.org) with any questions.

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CREFC Continues Productive Engagement with Regulators

September 23, 2025

CREFC continues its productive engagement with regulators and policymakers on issues most significant to our members. Through ongoing dialogue, we seek to ensure that member perspectives are represented in the policymaking process and that regulatory outcomes support a healthy, functioning CRE finance market.

• This roundtable was one of several hosted by the Treasury Department on this issue. CREFC CEO Pendergast also attended a high-level discussion on September 8, as covered in CREFC’s September 16 Policy & Capital Markets Briefing.

SEC Discussions on SEC Rule 17g-5 and 17g-7: CREFC also met with leadership at the Securities and Exchange Commission’s (SEC) Office of Credit Ratings (OCR) on September 18. The discussion covered CREFC members’ concerns with SEC Rule 17g-5 and Rule 17g-7.

• Any information provided to one hired rating agency is made available to any other hired agency. Under certain conditions, it is also available to non-hired agencies to encourage unsolicited ratings.
• However, the industry is unaware of any unsolicited ratings since the promulgation of this rule 15 years ago. 
• Additionally, the requirement has unnecessarily impeded information flow and added expense to transaction parties.

Rule 17g-7. The rule aims to enhance transparency and investor protection by requiring rating agencies to provide information about the legal protections available to investors.

• One of the requirements is that rating agencies include in any report accompanying an ABS credit rating a description of (a) the representations, warranties, and enforcement mechanisms available to investors, and (b) how they differ from similar issuances.
• However, these reports do not impact the quality of reps, warranties, and enforcement provisions and is not used widely by investors.
  

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