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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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Barclays is preparing to go toe-to-toe with the market leading US firms with its revived asset finance operation in EMEA — and it is adding commercial real estate capabilities as well. It has backed the effort with senior hires, and serious balance sheet but is it late to the party? -
Joint arrangers and joint leads Bank of America Merrill Lynch and Morgan Stanley announced a £299.5m CMBS transaction on Tuesday, BAMS CMBS 2018–1, adding yet more supply to a resurgent European CMBS sector.
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In its mid-year outlook on structured finance, JP Morgan analysts said that while valuations of MBS are attractive in an evolving macro context, evolving dynamics in mortgage bond supply and a rising CRE CLO market could create some degree of spread widening across the market.
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The White House has floated proposals to end the duopoly of Fannie Mae and Freddie Mac in mortgage finance and scale back the government’s footprint in the housing market, as part of a broader plan to reform and downsize the US federal government.
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Janus Henderson filed documents with the Securities and Exchange Commission on Wednesday announcing the launch of an actively managed exchange-traded fund (ETF) set to outperform the Bloomberg Barclays US mortgage-backed securities Index, which are tracked by several MBS ETFs.
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Real estate investment trust LaSalle Hotel Properties on Monday batted down yet another takeover bid from Pebblebrook Hotel Trust, nearly a month after it agreed to be acquired by Blackstone fund Real Estate Partners VIII for $3.7bn. LaSalle owns 41 commercial properties across the US, including two high-end resorts in Key West and the luxury Gild Hall hotel in New York.
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A flurry regulatory documents filed on Thursday and Friday point to a number of CMBS deals hitting the market this week, including conduit deals from Wells Fargo and UBS and several single asset-single borrow (SASB) deals. CRE CLOs are also on the radar, as that market experiences a "frenzy" of activity.
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A pair of single borrower deals were priced this week — the hotel-backed AHTP 2018-ATRM and WFCM 2018-1745, a securitization of a $319m loan partially used to refinance an office complex on 1745 Broadway in New York. Meanwhile, the market for commercial real estate CLOs is showing no signs of fatigue.
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Freddie Mac has issued a new multifamily CMBS offering from its K shelf, K-077, which is backed by a pool of mortgages on apartment properties. The deal marks Freddie Mac’s 21st K-Series deal of the year.
