CRE Securitized Debt Update
March 3, 2026
Private-Label CMBS and CRE CLOs
Two transactions totaling $1.4 billion priced last week:
- BMARK 2026-B42, a $729.2 million conduit backed by 62 loans secured by 123 properties across 34 states. All but one loan have 10-year terms. The loan contributors are Deutsche, Citi, Goldman, NCB, Barclays, UBS, and BMO.
- FS 2026-HULA, a $650 million SASB backed by a floating-rate, interest-only loan for BDT & MSD Partners to refinance the 249-room Four Seasons Resort Hualalai in Kailua-Kona (Big Island of Hawaii). The loan has a two-year initial term plus three one-year extension options.
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $23.2 billion, 15% lower than the $27.2 billion for same period last year.
Conduit Spreads Steady; SASB Spreads Widen
- Conduit AAA and A-S spreads were unchanged at +68 and +100, respectively.
- Conduit AA and A spreads were unchanged at +125 and +175, respectively.
- Conduit BBB- spreads were unchanged at +435.
- SASB AAA spreads moved from -1 to +25 bps, depending on property type, to a range of +100 to +165.
- CRE CLO AAA spreads were unchanged at +135/+140 (static/managed); BBB- spreads were also unchanged at +275/+285 (static/managed).
Agency CMBS
- Agency issuance totaled $3 billion last week, comprising an $1.6 billion in Freddie K and ML transactions, $1.2 billion in Fannie DUS, and $218.4 million in Ginnie transactions.
- Agency issuance for YTD 2026 totaled $31 billion, 39% higher than the $22.3 billion recorded for the same period in 2025.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.