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Single asset, single borrower deals drove the US CMBS market in 2025, particularly on New York City collateral as office attendance rose. With interest rates predicted to fall further in 2026, market participants are looking forward to a greater variety of deals on commercial real estate from other cities and sectors, writes Pooja Sarkar
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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Blackstone has mandated Morgan Stanley to help it syndicate a €373.4m last mile logistics securitization with assets in the Netherlands and Germany, as conditions improve in the CMBS market. The deal is set to be priced this week. -
Bank of America is betting on the performance of one of Germany’s biggest office buildings known as “the Squaire” by securitizing a loan secured on the airport-adjacent property, following Blackstone's sale of the building to AGC Equity Partners. Investors appear confident in the deal’s prospects, with initial price thoughts guiding the senior tranche at 120bp on Tuesday.
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Goldman-owned hotel chain B&B Hotels has launched a new loan deal for liquidity, in a test for the loan market's capacity for the next generation of rescue funding in the most distressed industries. The deal comes alongside an equity cheque of €80m.
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Noteholders in Deco 11 UK Conduit 3, a defaulted UK CMBS issued in 2006, have questioned the deal's dénouement, which saw special servicer Solutus, responsible for maximising their recoveries, sell the properties backing the deal to another company controlled by its owner, Lancashire property tycoon Tim Knowles.
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Together, the specialist mortgage lender, is bringing a unique UK securitization with a portfolio combining buy-to-let residential properties and commercial real estate, a first of its kind for the market.
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Investors are wolfing down a Blackstone UK logistics CMBS led by Bank of America and Barclays, and books have risen to more than £2bn for the £323m deal. The transaction could help rejuvenate a market scarred by the pandemic, syndicate bankers said.
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Hoist Finance is, unlike most of its competitors, a bank that is hoovering up non-performing assets, at a time when banking supervisors are laser-focused on cutting European bank exposures to those very same assets. That should be a problem for Hoist, whose whole business is based around purchasing NPL portfolios from other banks, but it’s a problem which it has been able to solve using securitization.
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Blackstone has announced a £323.1m ($447m) UK CMBS backed by 45 logistics properties across the UK, mandating Bank of America as arranger and Barclays as joint lead for the deal.
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Conor Downey, a veteran of the CMBS and commercial real estate markets, has left Paul Hastings to join Gunner Cooke, a law firm that operated letting partners keep all of their earnings after paying a flat fee into a central pot.
