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CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the nearly $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals.
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of approximately 400 companies and 19,000 individual members

CREFC News

News Archive

News

CREFC announces Test

July 2, 2025

 

CREFC Announces new TEST

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Contact: Maria Jones

Contact 

Maria Jones 

CREFC

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News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
CREFC announces TEST
July 2, 2025
CREFC announces TEST
More info...

News

First 100 Days: Cabinet Nominee Update

February 4, 2025

President Donald Trump’s cabinet nominees are in various stages of the confirmation process with nine officials confirmed by the Senate in the last week and others awaiting a Senate vote or confirmation by committee.

A comprehensive tracker of President Trumps’ entire slate of cabinet nominees can be found here.

Confirmed Cabinet Nominees

Voted Out of Committee, Awaiting Full Senate Vote

The following cabinet nominees have yet to be confirmed by the full Senate. They have been voted out of committee, a sign that they are likely to be confirmed by the Republican-majority Senate.

Click on each nominee’s name below to learn more about where they stand in the process and their background.


Pending Confirmation by Committee

The following nominees have not yet been voted out of their committee of jurisdiction.
CREFC will continue to closely follow the cabinet nominee confirmation process.

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

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
First 100 Days: Cabinet Nominee Update
February 4, 2025
President Donald Trump’s cabinet nominees are in various stages of the confirmation process with nine officials confirmed by the Senate in the last week and others awaiting a Senate vote or confirmation by committee.
More info...

News

Capital Markets Update Week of 2/4

February 4, 2025

Private-Label CMBS and CRE CLOs

Four transactions totaling $3.6 billion priced last week:

  • HGMT 2025-HGLR, a $1.2 billion SASB backed by a fixed-rate, 10-year loan for a joint venture between Simon Property Group and Institutional Mall Investors to refinance the Houston Galleria super-regional mall.
  • FSRIA 2025-FL10, a $1 billion CRE CLO from FS Credit REIT, comprised of 23 loans secured by 59 properties. The pool’s top property type concentrations are multifamily (45.6%), industrial (21.9%), and hotel (18.9%).
  • BX 2025-DIME, a $950 million SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to finance the recent acquisitions of 57 industrial properties in seven states.
  • NY 2025-299P, a $435 million SASB backed by a fixed-rate, 10-year loan for Fisher Brothers and Alaska Permanent Fund to refinance 299 Park Avenue in Midtown Manhattan.
     

By the numbers: Year-to-date, private-label CMBS and CRE CLO issuance totaled $13.3 billion, nearly double the $6.8 billion for same-period 2024.

CMBS/CRE CLO Spreads Hold Steady

  • Conduit CMBS AAA and A-S spreads were unchanged at +71 and +105, respectively, as were AA and A spreads at +130 and +160, respectively. 
  • Conduit CMBS BBB- spreads were unchanged at +415.
  • SASB CMBS AAA spreads were unchanged in a range of +90 to +110, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +125 / +130 (Static / Managed) and +350 / +365 (Static / Managed), respectively. 
     
Agency CMBS

  • Agency issuance totaled $2.1 billion last week, consisting of $990.8 million in Fannie DUS, $904.4 million in Freddie K, and $167.6 million in Ginnie Mae Project Loan transactions.
  • Agency issuance year-to-date totals $11.1 billion, 24% higher than the $9 billion for same-period 2024.
The Economy, the Fed, and Rates…

Economic Data
  • The economy demonstrated resilience in late 2024, growing at a 2.3% annual rate in Q4. While this marked a deceleration from Q3's 3.1% pace, it capped off a stronger-than-expected year that saw 2.8% annual growth, on par with the 2.9% expansion in 2023.
  • Consumer spending emerged as a powerful economic engine in Q4, surging to a 4.2% growth rate - the strongest pace in nearly two years. December proved particularly robust with a 0.7% monthly increase, though this strength came with a concerning caveat: the personal savings rate dropped to 3.8%, its lowest level in two years. This declining savings buffer suggests consumers might be stretching to maintain spending levels, potentially foreshadowing future consumption constraints.
  • The inflation picture shows gradual improvement but remains complex. Core PCE inflation - the Fed's preferred measure - rose 0.2% in December and 2.8% year-over-year, still notably above the Fed's 2% target. However, encouraging signs emerged in the three-month annualized rate, which slowed to 2.2%, marking the lowest pace since July. The "market-based" core PCE, which strips out imputed prices, showed even more moderation at 2.4% annually.

Federal Reserve Policy

  • The Federal Reserve maintained its cautious stance at the January meeting, holding rates steady at 4.25% -4.50%. Chair Powell's messaging marked a clear shift from last year's rate-cutting cycle, emphasizing that the Fed doesn't "need to be in a hurry" to adjust policy. The bar for further rate cuts appears to have risen, with officials seeking "real progress on inflation" or meaningful labor market weakening before acting.
  • Notable divisions emerged among Fed officials regarding policy effectiveness. Governor Michelle Bowman questioned whether current policy is truly "meaningfully restrictive," citing persistent economic strength and elevated equity prices. Meanwhile, Chicago Fed President Austan Goolsbee offered a more optimistic view on inflation progress while advocating for a measured approach to rate reductions.

Trade Policy Impact

  • A potentially seismic shift in trade policy remains on the horizon, though temporarily delayed, as the Trump administration has paused the implementation of 25% tariffs on Mexico and Canada for 30 days following border security concessions from both nations. The possibility of these sweeping tariffs - along with an additional 10% on Chinese imports - continues to loom over the economy, with economists warning of significant macroeconomic repercussions that could push the overall inflation rate toward 3%.
  • President Trump's comments about reaching a "final Economic deal with Canada" suggest the threat of tariffs remains a powerful negotiating tool, maintaining uncertainty in the trade landscape. Industries are already adapting to the tariff threat, with particularly notable movements in the auto sector. Companies like General Motors are expediting vehicle imports and exploring domestic production expansion. 
  • Oxford Economics projects significant supply chain disruptions, with analysts suggesting imports from Canada and Mexico could eventually decline by up to 70% if tariffs are ultimately implemented and economies adjust to the new trade landscape.

Treasury Market Dynamics

  • Despite the Fed’s move to cut rates by a full percentage point last year, long-term Treasury yields have drifted higher. The 10-year yield is hovering around 4.50% – 4.60% (closing last week at 4.54%), and, at times, has neared 4.80%. The bond market is increasingly reacting to fiscal policy rather than Fed policy, with concerns that aggressive tax cuts and tariffs could fuel inflation and increase government borrowing needs.
  • Market projections for Treasury yields show remarkable divergence, highlighting the unusual level of uncertainty in current conditions. While BlackRock's CEO suggests the 10-year yield could climb to 5.50%, Morgan Stanley maintains a contrarian view, projecting yields to fall to 3.55% by year-end. This forecast disparity underscores the challenging environment facing investors as they navigate multiple policy crosscurrents.


You can download CREFC’s one-page MarketMetrics with statistics covering the economy and the CRE debt capital markets here.

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

 

Contact  

Raj Aidasani
Managing Director, Research
646.884.7566

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Capital Markets Update Week of 2/6
February 4, 2025
Four transactions totaling $3.6 billion priced last week.
More info...

We are lenders, investors & servicers.​

YOUNG PROFESSIONALS

Young Professionals


The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.

YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.

Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.

There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate.

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Take your career to the next level with our programming, mentoring, career planning, and continuing education.
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WOMEN'S NETWORK

Women's Network



Looking for networking, learning opportunities, and professional development? Join women professionals in the CRE industry in networking and educational events throughout the year.  Our mission is to enhance the visibility, profile, and advancement opportunities of women in the commercial real estate finance industry, provide a structured platform within CREFC dedicated to women's initiatives and provide opportunities for networking, mentoring, and development of professional women. With members all across the country, we are the largest network of professional women in the industry. 
 

  

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Events

Conferences & Programs

The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.

Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.

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Advocacy

CREFC Government Relations: Shaping Our Industry

CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry.

By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments.

View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions.

The First 100 Days

CREFC's Government Relations Team is closely monitoring key legislative and regulatory developments shaping the commercial real estate finance industry. Explore our First 100 Days: Legislative Update and First 100 Days: Regulatory Update for insights into the evolving policy landscape.

  • First 100 Days: Legislative Update (1/28/25)
  • First 100 Days: Regulatory Update (1/28/25)


    • Election 2024 Outcome Analysis: Implications for CRE and Multifamily Finance

    The 2024 election results are in, and CREFC has prepared an in-depth Election 2024 Outcome Analysis to explore how the outcomes will shape policy in 2025 and beyond. This comprehensive analysis examines key issues in the commercial and multifamily real estate finance industry, providing insights into the potential legislative and regulatory landscape.

    While members of CREFC's Government Relations team do not forecast election results, our goal remains to dig deeper into the factors that influence critical areas of legislation and regulation.

    Outcome Analysis:
  • CREFC Election 2024 Outcome Analysis (11/18/24)

    • Scenario Analyses:
  • CREFC Election 2024 Scenario Analysis (10/28/24)
  • CREFC Election 2024 Scenario Analysis (10/22/24)
  • CREFC Election 2024 Scenario Analysis (10/8/24)


    • Recent Policy Developments (as of Q3 2024)
    Basel Endgame Advocacy
    The federal banking regulators plan to repropose the Basel Endgame Capital rules with significant changes. CREFC had submitted comments and coordinated a real estate industry letter on proposed rules and is waiting for the re-proposal to see the extent to which our comments were taken into consideration. CREFC plans to continue advocacy as needed following the release of the re-proposal.

    Tax Policy Working Group
    Convened a group of member experts on tax to analyze and triage key tax priorities ahead of 2025. With the expiration of key provisions in the 2017 Tax Cuts and Jobs Act, Congress is expected to take up a tax bill next year. CREFC will engage with lawmakers and staff on key tax issues through the end in preparation the tax push early next year. 

    15c2-11 No Action Letter Expiration
    CREFC is engaging with CMBS broker dealers on the upcoming application of 15c2-11 public data requirements for conduit CMBS. While CREFC and other trades successfully exempted 144A bonds from the public disclosure requirements, the public CMBS requirements are scheduled to come online in January 2025. CREFC will follow up with the SEC and/or on Capitol Hill as necessary. 

    Conflicts of Interest Rule
    Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. CREFC partnered with other organization on an implementation toolkit.

     

     

    Sign Up for Forum

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    CREFC Policy and Capital Markets Briefing

    Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing

    CREFC Policy Tracker

    CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.

    ESG Initiatives

     CREFC’s Sustainability Initiative seeks to align the objectives of our members and the CRE finance industry with the opportunities and challenges of environmental, social and corporate sustainability.
     

    Read the Latest Government Relations Alerts

    For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
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    DEI COMMITTEE
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    Grow Your Expertise

    CREFC has everything you need to grow your career and stay current with the industry. We provide educational programs that are timely and responsive to the changing market, keeping all our members up-to-date on current issues and best practices. From mentorship programs to courses, your CREFC membership gives you access to a growing pool of resources to help you become a competent commercial real estate professional, whether you are in school or moving to our industry later in your career. Explore your opportunities below.

    Learning Opportunities

    Resource Center

    The CREFC Resource Center houses data and research on all facets of CRE and multifamily finance. This members-only portal not only contains CREFC developed content, but also the highly valued and well sought after reports and thought leadership pieces published by our members.

    CRE and Multifamily Finance in the Spotlight

    Monthly thought leadership articles are published to inform, educate and stimulate meaningful discussions and exchanges on the issue and trends of the entire commercial real estate finance industry. 

    CRE Finance Data

    A compilation of data on the current state of the CRE market with a primary focus on the debt capital markets.

    CRE Finance Council's Education Portal

    Explore CREFC’s educational offerings at your own pace and on your schedule. On-demand videos and video series will expand your knowledge on a variety of industry-focused topics.  

    Investor Reporting Package (IRP) 

    The CRE Finance Council Investor Reporting Package (CREFC IRP) is a transparent, standardized set of loan, property, bond and deal level information including numerous report format standards. It also includes guidelines and methodologies to be used in connection with the loan administration required to aggregate and ultimately report all such information.

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    News

    The CRE Finance Council Announces its 2024 Class of 20 Under 40

    June 5, 2024

    New class introduced at Annual June Conference acknowledges industry talent from lenders, investors, borrowers, rating agencies, legal and accounting firms

    NEW YORK — June 5, 2024 — The CRE Finance Council (CREFC), the trade association that exclusively represents the nearly $6 trillion commercial and multifamily real estate finance industry, today unveiled its 2024 class of accomplished 20 Under 40 professionals. The 2024 class will be introduced at CREFC’s Annual Conference in New York City.

    This year’s 20 Under 40 recipients include market participants from rating agencies, lenders, investors, borrowers, legal and accounting firms, among others. These professionals structure transactions that finance affordable housing, advise dispositions, work with different aspects of structured finance, fund developments, and mentor younger colleagues. Their new ideas, energy, and varied approaches to our work help ensure the commercial real estate (CRE) finance industry evolves and thrives in the decades to come.

    “We want to congratulate and welcome members of the 2024 class of 20 Under 40 who represent the bright future of CRE finance. They have persevered through a challenging high-rate environment, not to mention the lingering impact of the COVID pandemic,” said Lisa Pendergast, Executive Director, at CREFC. “We celebrate this class of talented professionals, many of whom actively support CREFC committees and help shape the development of novel and engaging CREFC programming.”

    The annual 20 Under 40 awards are part of CREFC’s ongoing efforts to recognize the next generation of leaders in the CRE finance industry. CREFC’s Young Professionals Network offers career development, networking, and educational opportunities for this group of CRE finance professionals.

    The following are members of CREFC’s 2024 class of 20 Under 40:

    Laurine Amiel
    Investment Director, Private Credit
    AustralianSuper

    Travis Bailey
    Director
    Newmark

    Gemma Bell
    Director, Securitization
    KPMG LLP

    DaJuan Bennett
    Senior Associate
    Calmwater Capital

    Samuel Browne
    Vice President
    ACRE

    Melissa Che
    Senior Director, North America CMBS
    Fitch Ratings

    Kristin Croce
    Co-Chair of Capital Markets and
    Commercial Lending Practice Group
    Polsinelli

    Christina Fernandez
    Senior Associate
    Arnold & Porter

    Matthew Fischer
    Partner
    Dechert LLP

    Jared Gans
    Associate
    Holland & Knight LLP

    Aaron Greenberg
    Managing Director and Assistant Portfolio Manager
    Oaktree Capital Management, L.P.

    Ross Gusler
    Senior Vice President, Corporate Finance and Capital Markets
    Greystone

    Anu Joseph
    Director – CRE Warehouse Financing
    Barclays

    Roderick Kemp
    Head of Portfolio Analytics and Reporting
    K-Star Asset Management

    Katie Kennedy
    SVP Commercial Real Estate
    Truist

    Molly Lovedale
    Special Counsel
    Cadwalader, Wickersham & Taft LLP

    Akshay Maheshwari
    Senior Director
    Kroll Bond Rating Agency, LLC

    Alex Paroda
    Vice President
    Kuvare Insurance Services

    Eno Usoro
    Partner
    Sidley Austin LLP

    Gary Zhu, CFA
    Senior Vice President and Director of Insurance Portfolio Management
    AllianceBernstein

    To learn more about this year’s class of 20 Under 40 click here.

    About CREFC
    The CRE Finance Council (CREFC) is the trade association for the commercial real estate finance industry with member firms including balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers and rating agencies, among others. CREFC promotes liquidity, transparency, and efficiency in the commercial real estate finance markets, and acts as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants. 

    Media Contact
    Aleksandrs Rozens
    Senior Director, Communications
    ARozens@crefc.org

    News Archive

    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
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    The CRE Finance Council Unveils its 2024 Class of 20 Under 40

    Debt Aggregate

    NCREIF/CREFC Open-End Debt Fund Aggregate

    CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product.

    For questions or to get involved, contact Lisa Pendergast

    NCREIF/CREFC Open-end Debt Fund Aggregate Third Quarter 2024 Public Snapshot Report

     
    CREIF/CREFC Open-end Debt Fund Aggregate Third Quarter 2024 Membership Report

     

    Overview of Debt Fund Index
    (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)   

    Watch the Video
    (video replay from CREFC's September 28, 2023 Capital Markets Conference)   
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    NCREIF/CREFC Open-End Debt Fund Aggregate

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    Leadership

    The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members.  View the CREFC By-Laws.

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