Announcing BMARK 2025-V16

By

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July 23, 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

Access Loan Details

Deal Overview

The BMARK 2025-V16 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $624.7 million. The deal is jointly managed by prominent financial institutions including Citigroup, Goldman Sachs, BMO, Barclays, and Deutsche Bank. The deal is collateralized by 31 loans and secured by 157 properties across a variety of sectors, including mixed use, multifamily, 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 56.4%, and the weighted average mortgage interest rate is 6.28%.

Key Metrics

The loan pool for BMARK 2025-V16 is structured to include a mix of amortizing and interest-only loans, with 2.0% of the mortgage pool having scheduled amortization. The remainder of the pool (98.0%) 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 1.93. The weighted average net operating income (NOI) debt yield is 12.5%.

Geography & Property Types

A key strength of the BMARK 2025-V16 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Mixed Use properties constitute 20.3% of the total balance, while multifamily properties account for 19.1% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Dallas, and Houston.

Access Loan Details

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.

MarySue Lundy Joins CRED iQ as Director of Sales

By

Michael Haas

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July 22, 2025

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CoStar and Bloomberg Veteran Joins as CRED iQ Growth Accelerates

CRED iQ, a rapidly expanding data and analytics platform specializing in commercial real estate (“CRE”) finance, is excited to announce that MarySue Lundy has joined the company as Director of Sales.

Learn more about CRED iQ’s Data & Products

MarySue comes to CRED iQ with extensive and diverse experience in CRE finance. Most recently, MarySue was with CoStar where she served as Senior Sales Executive. Prior to CoStar MarySue served clients at Bloomberg and Fitch.

“MarySue has a stellar reputation, and we are thrilled to welcome her to our team” noted Chris Aronson, Chief Commercial Officer”.

Throughout her career MarySue has forged strong relationships with CMBS Desks, CRE Lenders, Owner/Operators and Institutional Investors.

“MarySue’s relationships and deep knowledge are tremendous assets that will drive value for years to come,” said Michael Haas, Founder and CEO of CRED iQ. “We are so excited to welcome MarySue to CRED iQ as we continue to build our New York team”

“I am honored to be part of CRED iQ. We have a client-focused team that has created an exceptional product. CRED iQ is utilized by some of the most respected in the industry – and this is only the beginning!”

MarySue earned her master’s in finance and marketing from Columbia Business School. She is based in New York City.

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 BBCMS 2025-5C36

By

Michael Haas

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July 21, 2025

0

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

Access Loan Details

Deal Overview

The BBCMS 2025-5C36 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $613.5 million. The deal is jointly managed by prominent financial institutions including Barclays, Citigroup, Deutsche Bank, Societe Generale, and UBS. The deal is collateralized by 31 loans and secured by 163 properties across a variety of sectors, including multifamily, industrial, 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 61.1%, and the weighted average mortgage interest rate is 6.54%.

Key Metrics

The loan pool for BBCMS 2025-5C36 is structured to include a mix of amortizing and interest-only loans, with 6.8% of the mortgage pool having scheduled amortization. The remainder of the pool (93.2%) 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 1.49. The weighted average net operating income (NOI) debt yield is 10.4%.

Geography & Property Types

A key strength of the BBCMS 2025-5C36 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 45.0% of the total balance, while industrial properties account for 10.8% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Los Angeles, and Atlanta.

Access Loan Details

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 Rate Drops 230 Basis Points in June

By

Michael Haas

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July 17, 2025

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The commercial real estate collateralized loan obligation (CRE CLO) market is experiencing a turbulent 2025, with distress and delinquency rates reflecting the challenges of a shifting economic landscape. According to CRED iQ’s June 2025 CRE CLO Distress Report, the distress rate—encompassing loans 30+ days delinquent, past maturity, or in special servicing—dropped significantly by 230 basis points (BPS) to 10.9% from 13.2% in May. This follows a volatile pattern, with an 80 BPS rise in May and reductions in three of the past four months, leaving investors questioning the market’s long-term trajectory.

Delinquency rates, a critical indicator, fell 260 BPS to 8.4% in June, while the special servicing rate declined 40 BPS to 6.7%. These improvements are underpinned by a surge in current loans, with 20.9% ($1.4 billion) of CRE CLO loans current, up 660 BPS from $979.3 million in May. However, 59.3% of loans have surpassed their maturity dates, with 26.5% classified as “performing matured” (up from 14.4%) and 32.8% as “non-performing matured” (down from 50%). Pre-maturity delinquencies also eased to 17.7% from 19.1%.

This volatility stems from loans originated in 2021–2022, when low interest rates and high valuations fueled aggressive lending. These floating-rate, three-year loans are now hitting maturity walls in a high-rate environment, complicating refinancing. Borrowers are increasingly relying on extension options or month-to-month arrangements to avoid default, as seen in the case of Harmon at 370 Apartments in Las Vegas. This $91.4 million multifamily loan, with a $12.9 million future funding commitment, transitioned to performing matured status in June 2025 due failure to pay off at maturity.

Historical data from CRED iQ highlights the broader trend. Distress rates climbed from 8.6% in January 2024 to 15.1% in January 2025, driven by maturing loans and rising rates.

For investors and lenders, the CRE CLO market’s seesaw trends underscore the need for vigilance. Platforms like CRED iQ provide critical insights into loan performance, helping stakeholders navigate risks and seize opportunities in this resilient yet volatile market.

Explore All Distressed 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.

$460M Loan Tied To 5 Bryant Park Misses Maturity Deadline (Bisnow)

By

Michael Haas

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July 16, 2025

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CRED iQ in the News – July 16, 2025

Bisnow Article

Article Snapshot:

After executing five one-year extensions, Park Avenue-based real estate investment firm Savanna has run out of time to pay off a nearly half-billion-dollar loan tied to a Midtown Manhattan office tower.
The $463M CMBS loan tied to 5 Bryant Park matured on June 8. Savanna failed to make the required balloon payment, according to a report from CMBS tracking firm CRED iQ.

Announcing MSBAM 2025-C35

By

Michael Haas

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July 16, 2025

0

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

Access Loan Details

Deal Overview

The MSBAM 2025-C35 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $597.8 million. The deal is jointly managed by prominent financial institutions including Morgan Stanley, Bank of America, and Citigroup. The deal is collateralized by 40 loans and secured by 65 properties across a variety of sectors, including office, retail, and mixed-use properties. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 54.5%, and the weighted average mortgage interest rate is 6.52%.

Key Metrics

The loan pool for MSBAM 2025-C35 is structured to include a mix of amortizing and interest-only loans, with 23.8% of the mortgage pool having scheduled amortization. The remainder of the pool (76.2%) 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 1.94. The weighted average net operating income (NOI) debt yield is 14.0%.

Geography & Property Types

A key strength of the MSBAM 2025-C35 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Office properties constitute 22.3% of the total balance, while retail properties account for 19.4% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Boston, and Washington, DC.

Access Loan Details

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 Trims 20 BPS, While Delinquencies Increase

By

Michael Haas

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July 10, 2025

0

The commercial mortgage-backed securities (CMBS) distress rate shaved 20 basis points to 10.8% in June, according to CRED iQ’s latest analysis. The latest print, albeit modest, represents the fourth distress rate reduction in the past five months.

The underlying metrics also saw decreases as well. Our delinquency rate was reduced by 30 basis points to 8.1% and our special service rate shaved 10 BPS to 10.1%.

A blip on an otherwise positive distress trend, or a sign of more volatility to come. Let’s dig unpack the data for answers.

Distress Rate Trends

CRED iQ’s distress rate, a composite metric capturing loans 30+ days delinquent (or worse) and those in special servicing, came in at 10.8% in the latest reporting period. This follows last month’s 70 BPS increase, which snapped a three-month trend of distress rate reductions.

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.

Explore All Distressed Loans

Payment Terms

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 map which reveals trends for each category, to potential argument current forecasting models.

Current Loans: $9.4 billion in loans were current in June –that is down by ~$1 billion from the May print (17.9% to 16.2%)—partially offsetting the gain of ~$2.1 billion last month.

Delinquent Loans: $16.5 billion (28.3%) of loans are delinquent, including those within grace periods, up from $14.7 billion (25.3%) last month

Matured Loans: $32.4 billion in CMBS loans have passed their maturity date (largely flat from last month). Of these, 18.5% are performing (up from 18.1%), while 37.0% are non-performing (down from 38.6%).

Loan Highlight

The $463 million 5 Bryant Park loan, backed by a 682,988 SF office property in the Times Square South market failed to payoff at the adjusted June 2025 maturity. Originally slated to mature in June 2020, closing documents indicate the loan was subject to five 12-month extension options. The borrower has exercised all five extension periods. Year end 2024 financials reported a DSCR of 0.83 and 81% 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.

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 Distressed 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 WFCM 2025-5C5

By

Michael Haas

-

July 9, 2025

0

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

Access Loan Details

Deal Overview

The WFCM 2025-5C5 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $596 million. The deal is jointly managed by prominent financial institutions including Wells Fargo, BMO, Citigroup, and UBS. The deal is collateralized by 32 loans and secured by 46 properties across a variety of sectors, including multifamily, industrial, and office. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 55.3%, and the weighted average mortgage interest rate is 6.74%.

Key Metrics

The loan pool for WFCM 2025-5C5 is structured to include a mix of amortizing and interest-only loans, with 13.6% of the mortgage pool having scheduled amortization. The remainder of the pool (86.4%) 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 1.66. The weighted average net operating income (NOI) debt yield is 12.2%.

Geography & Property Types

A key strength of the WFCM 2025-5C5 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 29.3% of the total balance, while industrial properties account for 24.2% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Los Angeles, and Dallas.

Access Loan Details

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.

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

By

Michael Haas

-

July 2, 2025

0

At CRED iQ, our mission is to provide commercial real estate (CRE) professionals with the data and insights needed to navigate an ever-evolving market. This week, our research team took a deep dive into loan delinquency trends, expanding our lens from the Great Financial Crisis (GFC) to the present day. By focusing on FDIC-insured commercial banking and savings institutions, which includes community banks, we’ve uncovered critical patterns in CRE loan performance, offering a clearer perspective on today’s marketplace.

A Broader Perspective on CRE Loan Delinquencies

Our analysis spans from March 2007 to March 2025, shifting focus from securitized and agency markets to FDIC-insured institutions. We examined two key segments: Multifamily properties and Core CRE, which includes office, retail, hotel, industrial, self-storage, and other property types. This approach builds on our earlier research, providing a comprehensive view of delinquency trends and their implications for the CRE industry.

Key Findings from Q1 2025
Our analysis revealed several notable trends in loan performance:

Core CRE Lending Growth Slows: The long-term average annual growth rate for Core CRE lending balances is 4.55%. However, Q1 2025 saw an annualized growth rate of just 1.22%, the lowest since 2012, signaling a cautious lending environment.
Core CRE Delinquencies Rise: Total delinquencies across Core property types reached $31.4 billion in Q1 2025, equating to a 1.70% overall delinquency rate. Of this, $25.1 billion are loans 90+ days delinquent, while $6.3 billion are 30–89 days delinquent.
Net Losses Decline for Core CRE: Net losses in the Core sector totaled $3.9 billion in Q1 2025, down from $5.9 billion in the prior quarter, suggesting some stabilization.
Multifamily Losses Hit a Peak: Multifamily properties reported net losses of $767 million in Q1 2025, the highest quarterly total since 2012, highlighting growing challenges in this sector.

Five-Year Comparison: March 2020 to March 2025
To contextualize recent trends, we compared delinquency metrics from March 2020 to March 2025:

Multifamily Delinquencies Surge: Delinquent loan balances in the Multifamily sector grew from $1.5 billion (0.3% delinquency rate) in 2020 to $9.4 billion (1.5%) in 2025. Loans 90+ days delinquent increased dramatically, from $0.56 billion to $6.71 billion.
Core CRE Delinquencies Double: Delinquent loan balances in the Core segment rose from $15.4 billion (1.0%) in 2020 to $31.4 billion (1.7%) in 2025, with 90+ day delinquencies climbing from $9.7 billion to $25.1 billion.

These shifts underscore the increasing pressures on CRE loan performance, particularly in the Multifamily sector, where rising delinquencies and losses signal heightened risk.

Why These Insights Matter
For CRE professionals—lenders, investors, brokers, and property managers—understanding delinquency trends is critical for managing risk and identifying opportunities. CRED iQ’s granular data and advanced analytics empower clients to:

Monitor Portfolio Health: Track loan performance and delinquency metrics in real time to proactively address potential issues.
Assess Market Risks: Identify vulnerabilities in specific property types or regions to inform lending and investment strategies.
Optimize Decision-Making: Leverage historical and current data to forecast trends and make informed decisions in a competitive market.

CRED iQ: Your Partner in CRE Intelligence
At CRED iQ, we go beyond data aggregation to deliver actionable insights tailored to your needs. Our platform provides comprehensive, real-time data on loan performance, property financials, and market trends, all validated for accuracy and accessible through an intuitive interface. Whether you’re navigating rising delinquencies or seeking growth opportunities, CRED iQ equips you with the tools to stay ahead.

Explore the Data with CRED iQ
Ready to dive deeper into CRE market trends? Visit CRED iQ to explore our platform and discover how our data-driven insights can transform your approach to commercial real estate.

Access CRED iQ Data

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 BANK5 2025-5YR15

By

Michael Haas

-

June 24, 2025

0

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

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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.

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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.