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Deutsche Bank predicts $155bn of private sector CMBS
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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
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The US CMBS market is becoming more concentrated, with a smaller number of lenders structuring more deals exposed to the same properties. Lenders will have to make the CMBS experience a better one for borrowers if they want to pump life back into the market. -
More commercial real estate properties are flowing into the single asset, single borrower CMBS market as large loans come up for refinancing, with four deals out in the market this week in addition to a new conduit deal.
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US CMBS volumes have raced past last year’s figures, with CMBS lenders competing harder on pricing with other forms of commercial real estate financing, despite lingering concerns over the retail sector and credit fundamentals.
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Natixis and Ivanhoé Cambridge have teamed up to sell the first green CMBS deal in the US, backed by an energy efficient Manhattan office building, in a move that could encourage other real estate lenders to follow as interest builds in using securitization as a tool for green financing.
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GoldenTree Asset Management and real estate investment firm GTIS Partners have teamed up on a joint venture focusing on financing real estate debt across a host of property types.
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CMBS lenders are resorting to offering more interest only loans to win business as ‘desperate’ local and regional banks step up commercial real estate lending activities, prompting investor concerns about the direction of underwriting standards in the market.
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Non-bank commercial mortgage lender Ladder Capital priced its first commercial mortgage-backed securities (CMBS) transaction last Friday, with investors demanding more spread to compensate for lower credit quality and liquidity compared to bank offerings.
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Single asset single borrower CMBS issuance has picked as spread tightening increases the attractiveness of CMBS financing compared to balance sheet loans.
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A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.
