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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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Goldman Sachs has published initial guidance on the £427m of notes issued under its UK single loan CMBS, Ribbon Finance 2018-1, while Lloyds is out with initial guidance on UK RMBS Charter Mortgage Funding 2018-1. -
LoanCore Capital priced the largest commercial real estate CLO of the year on Friday, selling the $1.05bn LNCR 2018-CRE1 via lead arrangers Goldman Sachs and Morgan Stanley, and co-managers Wells Fargo and Jefferies.
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Bookrunners priced a $901.17m conduit CMBS transaction late Tuesday at tight spreads, although market activity so far in 2018 has skewed further towards single borrower, single asset transactions
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Goldman Sachs has announced Ribbon Finance 2018 PLC, a single loan £427.3m CMBS backed by full service UK hotels. It is the fourth CMBS this year and only the third UK CMBS in three years.
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A new single asset CMBS deal from Natixis is backed by cashflows from a mixed use development in Manhattan’s Times Square that includes LED signage, partly unoccupied retail space and a Marriott hotel that is not slated to open until the summer of 2018.
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Blackstone has inked a $7.6bn agreement to buy Gramercy Property Trust, a real estate investment trust that focuses on industrial commercial properties — an asset type Blackstone has brought to the securitization market several times this year.
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Clifden IOM No.1, an opportunistic fund seeking to pile into pre-crisis and distressed CMBS Fairhold Securitization, announced Thursday that it intends to mop up £104m of class ‘A’ bonds with a revised offer of 54.5.
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Taurus 2018–IT, a Blackstone sponsored CMBS secured on Italian real estate and led by a Bank of America Merrill Lynch, achieved tight pricing on Tuesday across the capital structure, demonstrating investor demand for rare European CMBS paper.
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Wells Fargo and Barclays priced their latest conduit CMBS deal on Tuesday, with senior spreads at the wide end of the recent range. With just one more conduit deal in the pipeline, some analysts expect light volumes to drive spreads tighter.
