Tracking CRE Delinquency Trends: Insights from the Great Financial Crisis to Q1 2025

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June 24, 2025

A CRED iQ Preliminary Analysis

DATA HEREIN PROVIDED TO CRED IQ IS FROM A PRELIMINARY PROSPECTUS AND MAY BE AMENDED OR SUPPLEMENTED PRIOR TO TIME OF SALE

Deal Overview

The BANK5 2025-5YR15 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $556.3 million. The deal is jointly managed by prominent financial institutions including Morgan Stanley, JP Morgan, Wells Fargo, and Bank of America. The deal is collateralized by 31 loans and secured by 68 properties across a variety of sectors, including retail, office, and mixed use. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 53.5%, and the weighted average mortgage interest rate is 6.54%.

Key Metrics

The loan pool for BANK5 2025-5YR15 is structured to include a mix of amortizing and interest-only loans, with 10.9% of the mortgage pool having scheduled amortization. The remainder of the pool (89.1%) consists of interest-only payments throughout the loan term, offering investors a steady income stream. The pool boasts a weighted average debt service coverage ratio (DSCR) of 2.00. The weighted average net operating income (NOI) debt yield is 13.9%.

Geography & Property Types

A key strength of the BANK5 2025-5YR15 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Retail properties constitute 34.0% of the total balance, while office properties account for 30.4% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Miami, and Minneapolis.

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

CRE CLO Distress Rates See-Saws back above 13% while Delinquencies and Post-Maturities Rise

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June 19, 2025

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Following a dramatic reduction, the commercial real estate collateralized loan obligation (CRE CLO) market saw its distress rate rise by 80 basis points to 13.2% in our latest print. Originations in the sector continue to be robust, so a clear picture is murky at best. Let’s dig in into the data.

Investors hoping for a third consecutive reduction in the CRE CLO distress rate are left a bit disappointed as the benchmark added 80 basis points to close at 13.2% in the May print.

The underlying metrics were mixed with the special serving rate shaving 30 BPS to 7.1% while the all-important delinquency rate added 130 BPS reaching 11.0%.

Sector Velocity

Similar to last month, our research team widened the aperture a bit to examine the velocity of the CRE CLO sector over the past year. Here are some metrics from our study:

Total year-to-date CRE CLO issuance totals $10.5 billion across 11 deals. As a comparison, during the first four months in 2024, CRE CLO volume only totaled $2.2 billion (3 deals), meaning CRE CLO issuance velocities have increased 377% when compared to last year. Indeed, it could be argued that CRE CLO is already hot!

Payment Status

Looking across a wider analysis of payment status reveals ongoing challenges. 64.4% of CRE CLO loans have surpassed their maturity date (up from 63.1% last month). 36.6% are classified as “performing matured –down from 37.3%. This suggests that many borrowers are exercising extension options or negotiating month-to-month arrangements to avoid default.

Precisely half (50.0%) of CRE CLO loans have surpassed their maturity date and are not performing, a new record. This metric was 25.6% in our January print.

14.3% of CRE CLO loans are current—down from 16.8% last month.

Delinquent Loans (Pre-Maturity): Account for 21.3% which is the third consecutive month-over-month increase.

These figures reflect a market grappling with the aftermath of loans originated in 2021-2022, when cap rates were compressed, valuations were elevated, and interest rates were historically low. Many of these loans, structured with floating rates and three-year terms, are now hitting maturity walls in a dramatically different economic environment.

Case Study: Norterra Canyon Apartments

A real-world example illustrates the pressures facing CRE CLO borrowers. The $58.6 million Norterra Canyon Apartments loan, backed by a 426-unit multifamily property in Las Vegas, highlights maturity-related challenges. The loan was added to the servicer’s watchlist in November 2024 due to pending loan maturity. Set to mature in May 2025, the loan transitioned to non-performing mature status in May 2025.

or more information, visit CRED iQ or reach out to our research team.

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

Announcing BMO 2025-5C11

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June 16, 2025

A CRED iQ Preliminary Analysis

DATA HEREIN PROVIDED TO CRED IQ IS FROM A PRELIMINARY PROSPECTUS AND MAY BE AMENDED OR SUPPLEMENTED PRIOR TO TIME OF SALE

Deal Overview

The BMO 2025-5C11 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $698.1 million. The deal is jointly managed by prominent financial institutions including BMO, Starwood, Societe Generale, KeyBank, and Greystone. The deal is collateralized by 37 loans and secured by 63 properties across a variety of sectors, including multifamily, retail, and mixed use. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 61.7%, and the weighted average mortgage interest rate is 6.70%.

Key Metrics

The loan pool for BMO 2025-5C11 is structured to include a mix of amortizing and interest-only loans, with 1.9% of the mortgage pool having scheduled amortization. The remainder of the pool (98.1%) consists of interest-only payments throughout the loan term, offering investors a steady income stream. The pool boasts a weighted average debt service coverage ratio (DSCR) of 1.43. The weighted average net operating income (NOI) debt yield is 10.1%.

Geography & Property Types

A key strength of the BMO 2025-5C11 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 47.3% of the total balance, while retail properties account for 20.8% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Dallas, and Houston.

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

Recent Conduit Cap Rate & Interest Rate Trends

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June 12, 2025

CRED iQ analyzed underwriting metrics for the latest 10 transactions that have been packaged into CMBS securitizations. Our analysis examined cap rates, interest rates, and debt yields. We further broke down these statistics by property type and then compared our results to CRED iQ’s previous report issued in February.

Cap Rate Analysis

Office cap rates ranged from 4.31% to 10.63% with an average of 7.34%, down 10 BPS February print (7.44%). Multifamily cap rates ranged from 2.65% to 8.61% with an average of 5.70%, which is down from an average of 5.91% from February. Retail cap rates ranged from 5.13% to 9.19% with an average of 6.28%, down 41 BPS.

Cap Rates for industrial assets ranged from 3.67% to 7.50% with an average of 5.74%, which is down from 6.38% in the February print. Self storage cap rates ranged from 4.50% to 8.20% with an average of 5.81%, which is down 41 basis points from our previous February print. Hospitality cap rates ranged from 5.85% to 9.49% with an average of 7.95%, which is up from 7.31% in Q1. Hospitality was the only segment with a upward trajectory on average cap rates.

Interest Rate Analysis

Office interest rates ranged from 5.49% to 8.05 % with an average of 6.61%, which is down 5 BPS from 6.66% in Q3 2024. Interest rates for multifamily loans in CMBS deals ranged from 5.24% to 7.52% with an average of 6.50%, which is also down 8 basis points from 6.58%. Retail interest rates ranged from 5.23% to 7.60% with an average of 6.67%, which is up from an average of 6.51% in the February print.

Average interest rates for industrial assets ranged from 6.12% to 7.51% with an average of 6.81%, up from 6.38% in mid-Q1. Self storage interest rates ranged from 5.50% to 7.09% with an average of 6.47%, up 18 BPS. Hospitality rates ranged from 5.54% to 8.50% with an average of 7.30%, up from 6.89% in the February print.

Debt Yield Analysis

Debt yield trends for offices ranged from 10.2% to 36.2% with an average of 13.9%, which is up from 13.0% in February. Average debt yields for multifamily loans in CMBS deals ranged from 7.5% to 45.1% with an average of 12.9%, which is up 340 basis points from an average of 9.50% in the prior quarter. Retail debt yields ranged from 8.3% to 21.5% with an average of 12.0%, which is up from an average of 11.6% in mid-Q1.

Macro Takeaways

Comparing loan volumes to our February report, the office segment saw a 123% increase in properties –the highest of all property types. Multifamily came in second with a 71% increase. Meanwhile hospitality and industrial notched the greatest decrease in property/loan volumes at -78% and -76%, respectively. From a deal balance perspective, office saw the greatest increase since February (+92%), while industrial (-58%) logged the biggest decrease.

Access CRED iQ Today

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

CMBS Distress Rate Reaches 11% –Breaking a Streak of 3 Consecutive Reductions

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June 5, 2025

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The commercial mortgage-backed securities (CMBS) distress rate increased from 10.3% in April to 11.0% in May, according to CRED iQ’s latest analysis. The latest print reverses a three-month trend of distress rate reductions.

The underlying metrics saw increases as well with the delinquency rate rising by 40 basis points to 8.4% and our special service rate notched a 30-basis point increase to 10.2%.

Below, we unpack the trends shaping the CMBS landscape and their implications for investors, lenders, and property owners.

Distress Rate Trends: A Reversal

CRED iQ’s distress rate, a composite metric capturing loans 30+ days delinquent (or worse) and those in special servicing, increased by 70 basis points to 11.0% in the latest reporting period. The trend reversal, which is further supported by increases in delinquencies and special servicing underscores the heightened volatility of CRE sector. These upticks highlight the need for vigilance as underlying pressures persist.

Payment Status Breakdown: Some Positive Signs

The CRED iQ research team analyzed the payment status of approximately $58 billion in distressed CMBS loans. The core objective of our research was to achieve a clear view of the current state of payment status reasons and associated near-term trending.

Our team then explored each payment status reason from a historical perspective. We wanted to understand the trending/evolution of each category dating back to February of 2024. Our team built a heat which reveals trends for each category, to potential argument current forecasting models.

Current Loans: Encouragingly, $10.4 billion (17.9%) are current, up from $8.3 billion (15.7%) in the prior month.

Delinquent Loans: $14.7 billion (25.3%) are delinquent, including those within grace periods, holding steady month-over-month –a 40 BPS decrease from a percentage basis

Matured Loans: $33 billion of CMBS loans have passed their maturity date. Of these, 18.1% are performing (up from 16.6%), while 38.6% are non-performing (down from 42%), indicating a notable swing toward non-performance.

Loan Highlight

The $39.9 million Encino Financial Center loan, backed by a 227,223 SF office property in the Los Angeles market highlights maturity-related challenges. Set to mature in May 2025, the loan defaulted to non-performing mature status and transferred to the special servicer. Year end 2024 financials reported a DSCR of 1.67 and 87% occupancy.

CRED iQ’s Methodology: A Comprehensive Approach

CRED iQ’s distress rate provides a holistic view of CMBS performance by combining delinquency (30+ days past due) and special servicing activity, including both performing and non-performing loans that fail to pay off at maturity. Our analysis focuses on conduit and single-borrower large loan structures, while separately tracking Freddie Mac, Fannie Mae, Ginnie Mae, and CRE CLO metrics. This granular approach ensures CRE professionals have a clear, actionable understanding of market dynamics.

Stay Informed with CRED iQ

As the CRE sector continues to adapt to macroeconomic shifts, CRED iQ’s comprehensive analytics offer a critical resource for decision-makers. For a deeper dive into our data or to discuss how these trends impact your portfolio, contact our team today. Stay tuned for our next update, where we’ll continue to track the metrics driving the CMBS market.

For more information, visit CRED iQ or reach out to our research team.

Explore All Specially Serviced Loans

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

Announcing BANK 2025-BNK50

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June 2, 2025

A CRED iQ Preliminary Analysis

DATA HEREIN PROVIDED TO CRED IQ IS FROM A PRELIMINARY PROSPECTUS AND MAY BE AMENDED OR SUPPLEMENTED PRIOR TO TIME OF SALE

Deal Overview

The BANK 2025-BNK50 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $490.9 million. The deal is jointly managed by prominent financial institutions including JP Morgan, Morgan Stanley, Wells Fargo, and Bank of America. The deal is collateralized by 34 loans and secured by 71 properties across a variety of sectors, multifamily, office, and retail. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 42.0%, and the weighted average mortgage interest rate is 5.91%.

Key Metrics

The loan pool for BANK 2025-BNK50 is structured to include a mix of amortizing and interest-only loans, with 31.5% of the mortgage pool having scheduled amortization. The remainder of the pool (68.5%) consists of interest-only payments throughout the loan term, offering investors a steady income stream. The pool boasts a weighted average debt service coverage ratio (DSCR) of 3.02. The weighted average net operating income (NOI) debt yield is 20.1%.

Geography & Property Types

A key strength of the BANK 2025-BNK50 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 34.5% of the total balance, while office properties account for 26.7% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Los Angeles, and Portland.

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

CRED iQ Mid-Year Review: Fannie Mae’s Top Originators and Markets in 2025

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May 30, 2025

As part of CRED iQ’s ongoing Top Originators Series, our research team has turned its focus to the Fannie Mae sector and the multifamily market for a comprehensive mid-year review. With discussions around a potential Fannie Mae public offering gaining momentum, the agency lending ecosystem is under the spotlight. Our analysis dives into the top originators, key metropolitan statistical areas (MSAs), and standout deals shaping the Fannie Mae landscape in 2025. Here’s what our data reveals.

Access Loan Data

Top Fannie Mae Originators by Loan Balance

Leading the pack, Walker & Dunlop solidified its position as the top Fannie Mae underwriter, originating 83 loans with a total balance of $1.7 billion year-to-date (YTD). CBRE Multifamily Capital, Inc. secured second place with 52 loans amounting to $1.4 billion, followed closely by Berkadia Commercial Mortgage in third with 54 loans totaling $1.2 billion. Rounding out the top five, Newmark and JLL Real Estate Capital contributed $806 million and $759 million in new Fannie Mae loan balances, respectively. These figures underscore the competitive strength of these players in the multifamily financing space.

Top MSAs by Property Count and Loan Volume

Our analysis ranks MSAs by property count to highlight activity in key markets, with loan balances providing additional context.

Dallas emerged as the top MSA, leading with 95 properties and $452 million in new loan balances. Its high property count reflects robust multifamily activity in the region.
Los Angeles secured second place with 55 properties and $606 million in loan balances, demonstrating consistent strength in both metrics.
Chicago followed in third, with 48 properties and $482 million in loan volume, reinforcing its position as a Midwest multifamily hub.
New York City metro, with 46 properties, ranked fourth in property count but led in loan balances at $707 million, highlighting the high-value nature of its deals.
Madera, CA, rounded out the top five with 31 properties, though its loan balances were relatively modest compared to larger markets.

This data showcases the geographic diversity of Fannie Mae’s multifamily lending, with major urban centers driving both property volume and loan dollars.

Notable Fannie Mae Originations

Several high-profile multifamily deals stood out in our review:

Altitude Apartments (Boston MSA): This 919-unit complex secured a $189 million, five-year, interest-only loan with a 5.34% interest rate. Valued at $292 million in February 2025, this property highlights Boston’s appeal for large-scale multifamily investments.
Promenade 9 (Los Angeles MSA): A newly constructed 330-unit property, Promenade 9 is backed by a $114 million, 10-year, interest-only loan at a 5.55% interest rate. Valued at $176 million in March 2025, this deal underscores the strength of Los Angeles’ multifamily market.

Why It Matters

The Fannie Mae sector remains a cornerstone of multifamily financing, and the performance of top originators like Walker & Dunlop, CBRE, and Berkadia reflects the resilience and growth potential of this market. As discussions around a potential Fannie Mae public offering intensify, understanding the dynamics of origination activity and key markets becomes critical for commercial real estate professionals. Our data highlights the strength of major MSAs like Dallas, Los Angeles, and New York, while notable deals like Altitude Apartments and Promenade 9 illustrate the scale and sophistication of recent transactions.

At CRED iQ, we’re committed to delivering actionable insights to help you navigate the evolving commercial real estate landscape. Stay tuned for more updates in our Top Originators Series as we continue to track the trends shaping the industry.

For more data-driven insights, visit CRED iQ or contact our team for tailored analytics.

Top CMBS Conduit Originators of 2025 – A Mid-Year Review

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May 22, 2025

As summer 2025 approaches, CRED iQ’s research team has taken a moment to reflect on the year’s commercial mortgage-backed securities (CMBS) conduit originations. Our latest analysis dives into the top originators, loan balances, and property type trends shaping the market. With significant activity in CRE CLO originations earlier this year, we were eager to see if those patterns carried over to the conduit sector. Here’s what we found.

Top CMBS Conduit Originators of 2025

Leading the pack, Citigroup secured the top spot with an impressive $1.9 billion in loan balances across 64.5 loans. This strong performance underscores Citigroup’s dominance in the CMBS conduit space so far this year.

The race for second place was tight, with Wells Fargo edging out Barclays to claim the number two position with $1.371 billion in loan balances, compared to Barclays’ $1.356 billion. However, Barclays originated more loans, with 58.1 compared to Wells Fargo’s 43.8, highlighting their differing approaches to deal volume and size.

Rounding out the top five, Morgan Stanley landed in fourth place with $912 million in originations and 41.1 loans, followed closely by Goldman Sachs in fifth with $806 million across 25.6 loans. These rankings reflect a dynamic and competitive landscape among leading financial institutions.

Property Type Trends

The 2025 CMBS conduit market has shown clear preferences in property type allocations:

Multifamily led the way, commanding 23.8% of all loan originations. This strong showing reflects continued investor confidence in residential rental properties.
Retail secured second place with 16.1% of loans, signaling resilience in the sector despite ongoing challenges.
Office properties staged a notable resurgence, capturing 15.4% of originations, a sign of renewed interest in this asset class.
Hospitality (13.9%) and mixed-use (11.3%) properties rounded out the top five, showcasing diversified investment across property types.

Key Takeaways

The first half of 2025 has been a vibrant period for CMBS conduit originations, with major players like Citigroup, Wells Fargo, and Barclays driving significant loan volumes. The dominance of multifamily properties, alongside a rebound in office and steady retail activity, points to a market adapting to evolving economic conditions.

At CRED iQ, we’re committed to providing actionable insights into commercial real estate trends. Stay tuned for more updates as we continue to track the CMBS market and other CRE developments throughout the year.

About CRED iQ

CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.

With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.

THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING OFFERED AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.

Announcing BMARK 2025-V15

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May 21, 2025

A CRED iQ Preliminary Analysis

DATA HEREIN PROVIDED TO CRED IQ IS FROM A PRELIMINARY PROSPECTUS AND MAY BE AMENDED OR SUPPLEMENTED PRIOR TO TIME OF SALE

Deal Overview

The BMARK 2025-V15 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $733.2 million. The deal is jointly managed by prominent financial institutions including Goldman Sachs, Deutsche Bank, Barclays, and Citigroup. The deal is collateralized by 29 loans and secured by 44 properties across a variety of sectors, including office, hospitality, and retail. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 58.0%, and the weighted average mortgage interest rate is 6.92%.

Key Metrics

The loan pool for BMARK 2025-V15 is structured to include a mix of amortizing and interest-only loans, with 10.2% of the mortgage pool having scheduled amortization. The remainder of the pool (89.8%) consists of interest-only payments throughout the loan term, offering investors a steady income stream. The pool boasts a weighted average debt service coverage ratio (DSCR) of 1.70. The weighted average net operating income (NOI) debt yield is 12.9%.

Geography & Property Types

A key strength of the BMARK 2025-V15 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Office properties constitute 26.8% of the total balance, while hotel properties account for 25.8% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Detroit, and Las Vegas.