Announcing BMO 2025-C12

By

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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

Access Loan Details

Deal Overview

The BMO 2025-C12 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $648.6 million. The deal is jointly managed by prominent financial institutions including BMO, Deutsche Bank, KeyBanc, Societe Generale, UBS, and Goldman Sachs. The deal is collateralized by 37 loans and secured by 52 properties across a variety of sectors, including retail, office, and multifamily. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 56.0%, and the weighted average mortgage interest rate is 6.56%.

Key Metrics

The loan pool for BMO 2025-C12 is structured to include a mix of amortizing and interest-only loans, with 38.9% of the mortgage pool having scheduled amortization. The remainder of the pool (61.1%) 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 1.72. The weighted average net operating income (NOI) debt yield is 12.7%.

Geography & Property Types

A key strength of the BMO 2025-C12 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Retail properties constitute 34.7% of the total balance, while office properties account for 13.9% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Dallas, and Portland.

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 Rates Drop by 410 BPS While Originations Soar

By

Michael Haas

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May 16, 2025

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The commercial real estate collateralized loan obligation (CRE CLO) market offers lenders flexibility and investors exposure to diversified real estate debt. As interest rates elevated the sector experienced notable shifts in loan performance. But are those trends now reversing? Let’s dig into the numbers.

Access CRE CLO Loan & Financial Data

CRED iQ’s latest report on the April results reveal some encouraging trends. Our overall distress rate notched a 410-basis point decline, the largest such favorable move in over a year. The CRE CLO distress rate now stands at 10.3%.

Similarly, the underlying metrics saw meaningful declines as well. Our delinquency rate dropped 220 basis points to 9.7% and special servicing shaved 110 BPS landing at 7.4%

Is CRE CLO Getting Hot?

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 $11.4 billion, which includes Invesco’s first CLO deal that totaled $1.2 billion
- Also notable TPG’s $1.1 billion managed CRE CLO deal, of which $962 million was rated investment grade.

As a comparison, during the first four months in 2024, CRE CLO volume only totaled $2.2 billion, meaning CRE CLO issuance velocities have increased 400% when compared to last year. Indeed, it could be argued that CRE CLO is already hot!

Payment Status

While these improvements are encouraging, the broader picture reveals ongoing challenges. 63.1% of CRE CLO loans have surpassed their maturity date (down from 69.5% 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.

Current Loans: 16.8% of loans were current (up from 15% in last month’s print).

Non-Performing Matured Loans: Represent 36.6% of CRE CLO loans (up from 32.2% last month)

Delinquent Loans (Pre-Maturity): Account for 15.7% of CRE CLO Loans (a jump up from 13.1% last month).

These figures reflect a market grappling with the aftermath of loans originated in 2021, 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: Haven at Bellaire

A real-world example illustrates the pressures facing CRE CLO borrowers. The $46.3 million Haven at Bellaire loan, backed by a 384-unit multifamily property in the Houston market, highlights maturity-related challenges. Set to mature in April 2025, the loan included two, one-year extension options at origination. The loan was added to the servicer’s watchlist in November 2024 due to pending loan maturity and transitioned to performing mature status in April 2025.

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.

CRED iQ Appoints Matthew DeVoe as VP of Sales

By

Michael Haas

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May 13, 2025

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Former Head of CRE Sales at Trepp Joins CRED iQ

PHILADELPHIA, May 13, 2025 /PRNewswire/ — CRED iQ, a rapidly expanding data and analytics platform specializing in Commercial Real Estate Finance, is excited to announce that Matthew DeVoe has joined the company as Vice President of Sales.

Matt brings a wealth of experience in CRE finance. He was most recently head of CRE & Valuation Sales at Trepp. Prior to Trepp, Matt served as Vice President of Sales at Lending Front, as well has head of the Lender Solutions sales team at EDR (now Lightbox).

“I am thrilled to be working with Matt again here at CRED iQ noted Chris Aronson, Chief Commercial Officer. “Matt cultivates extraordinary relationships with his clients through his legendary work ethic, deep knowledge and steadfast empathy.”

Matt will ensure that CRED iQ’s explosive growth rate will accelerate and expand into new markets as he hits the ground running.

“I knew within minutes that Matt is the perfect addition to our growing sales team, said Michael Haas, Founder and CEO of CRED iQ. “We value his market knowledge and are inspired by his client advocacy.”

“I could not be happier to be part of CRED iQ. We have an incredible team and a very special culture. Not to mention an exceptional product suite, and blue-chip clients…..and we are just getting started!”

Matt is based in St Augustine Florida where he lives with his wife and 2 daughters. In his free time, Matt enjoys DIY projects, coaching and playing roller hockey, and is an avid New York Islanders fan.

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 2025-5C4

By

Michael Haas

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May 13, 2025

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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 2025-5C4 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $581.6 million. The deal is jointly managed by prominent financial institutions including Wells Fargo, Citigroup, and JP Morgan. The deal is collateralized by 32 loans and secured by 82 properties across a variety of sectors, including 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 61.3%, and the weighted average mortgage interest rate is 6.75%.

Key Metrics

The loan pool for WFCM 2025-5C4 is structured to include a mix of amortizing and interest-only loans, with 15.1% of the mortgage pool having scheduled amortization. The remainder of the pool (84.9%) 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 1.63. The weighted average net operating income (NOI) debt yield is 11.9%.

Geography & Property Types

A key strength of the WFCM 2025-5C4 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 33.8% of the total balance, while office properties account for 18.2% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, San Francisco, and Los Angeles.

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.

CRED iQ’s Special Servicing Rate Reaches 9.9%

By

Michael Haas

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May 9, 2025

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The commercial mortgage-backed securities (CMBS) market is showing signs of stabilization, with the overall distress rate declining for the third consecutive month, according to CRED iQ’s latest analysis. However, modest increases in delinquency and special servicing rates, coupled with a shift toward non-performing loans past maturity, warrant close attention from commercial real estate (CRE) professionals. Below, we unpack the trends shaping the CMBS landscape and their implications for investors, lenders, and property owners.

Distress Rate Trends: A Cautious Optimism

CRED iQ’s distress rate, a composite metric capturing loans 30+ days delinquent (or worse) and those in special servicing, fell by 30 basis points to 10.3% in the latest reporting period. This marks the third straight month of declines, signaling potential relief in the CRE sector after a period of heightened volatility. Despite this positive trend, the delinquency rate ticked up slightly from 7.9% to 8.0%, while the special servicing rate increased by 20 basis points to 9.9%. These upticks highlight the need for vigilance as underlying pressures persist.

Explore All Specially Serviced Loans

Payment Status Breakdown: A Closer Look

Analyzing the payment status of approximately $52.9 billion in distressed CMBS loans reveals critical shifts:

Current Loans: $8.3 billion (15.7%) remain current, down from $10.3 billion in the prior month, reflecting a reduction in performing loans.
Delinquent Loans: $13.6 billion (25.7%) are delinquent, including those within grace periods, holding steady month-over-month.
Matured Loans: $31.0 billion (58.6%) have passed their maturity date. Of these, 16.6% are performing (down from 20.0%), while 42.0% are non-performing (up from 36.3%), indicating a notable swing toward non-performance.

This shift in matured loans underscores the challenges borrowers face in refinancing or resolving loans in a high-interest-rate environment, a trend that could impact CMBS portfolio performance if it persists.

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.

What’s Driving the Trends?

The consecutive decline in the distress rate is a promising sign for the CRE sector, potentially reflecting improved borrower performance or successful loan resolutions. However, the uptick in delinquency and special servicing rates suggests ongoing challenges, particularly for properties facing maturity defaults. The increase in non-performing matured loans highlights the impact of tighter financing conditions and elevated interest rates, which continue to strain borrowers’ ability to refinance.

Looking Ahead: Implications for CRE Stakeholders

For CRE professionals, these trends carry several implications:

Investment Strategy: The declining distress rate may present opportunities for investors to acquire performing assets at favorable terms, but caution is advised given the rise in non-performing loans.
Risk Management: Lenders and servicers should closely monitor matured loans, as the shift toward non-performance could elevate default risks.
Portfolio Optimization: Property owners should prioritize proactive engagement with servicers to address potential maturity challenges and explore workout options.

CRED iQ remains committed to delivering timely, data-driven insights to help stakeholders navigate this evolving landscape. Our team is actively monitoring delinquency, special servicing, and maturity trends to provide clarity on the forces shaping the CMBS market.

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.

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.

The Hottest U.S. Multifamily Markets in 2025

By

Michael Haas

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May 2, 2025

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The multifamily sector continues to be a dynamic space for investors, with evolving trends shaping opportunities across major U.S. markets. Using exclusive data from CRED iQ, our research team analyzed recent commercial mortgage-backed securities (CMBS), Freddie Mac and Fannie Mae loan issuances since January 2024 to identify the top multifamily markets driving near-term momentum. By examining key metrics from recent loans —unit counts, property counts, loan balances, and year built—we’ve uncovered the most active and promising markets for multifamily investment.

Recent Multifamily Loans

Key Findings from CRED iQ’s Analysis

Our team evaluated multiple data points to create a comprehensive weighted score ranking of multifamily markets. Here’s what stood out:

Dallas-Fort Worth MSA Leads in Scale: Dallas tops the charts with an impressive 103,983 units financed since January 2024, far surpassing New York’s 67,833 units. Dallas also ranks third in property count (440 properties) and shows significant new supply, with 5,722 units built in 2020 alone.
New York MSA Dominates Loan Volume: The New York MSA, encompassing northern New Jersey and Long Island, leads in loan balances with $12.6 billion in multifamily loans originated since January 2024. It also ranks first in property count (765 properties) and new units built since 2022.
Los Angeles Holds Strong: Los Angeles, including Long Beach and Santa Ana, secures third place in our weighted rankings, bolstered by 503 properties with new loans, making it a key player in the multifamily space.
Emerging Trends in New Construction: Dallas and Houston stand out for units built in 2020 (5,722 and 3,038, respectively). However, for newer units built in 2022 and 2023, Miami emerges as a strong contender, ranking third in this category.

Weighted Score Rankings: The Top Multifamily Markets

After analyzing unit counts, property counts, loan balances, and construction trends, CRED iQ’s weighted score rankings reveal the following top MSAs for multifamily investment:

New York MSA – Leading in loan volume, property count, and new units built since 2022, New York remains a powerhouse for multifamily investment.
Dallas-Fort Worth MSA – With unmatched unit volume and strong new construction activity, Dallas is a close second.
Los Angeles MSA – A consistent performer across metrics, Los Angeles secures third place.
Three-Way Tie: Atlanta, Chicago, Houston – Atlanta (including Sandy Springs and Marietta), Chicago (including Naperville and Joliet), and Houston (including Sugar Land and Baytown) share fourth place, each showing robust multifamily activity.
Washington, D.C. MSA – Including Arlington and Alexandria, D.C. rounds out the top seven, driven by steady demand and investment.

What This Means for Investors

The multifamily market is thriving in these top MSAs, with Dallas and New York leading the pack due to their scale, loan activity, and new construction. Markets like Los Angeles, Atlanta, Chicago, Houston, and Washington, D.C., also present compelling opportunities, particularly for investors seeking diversified portfolios. Miami’s rise in newer construction signals its growing appeal for those targeting emerging supply.

CRED iQ’s data underscores the resilience and potential of the multifamily sector in 2025. As market dynamics evolve, these top-ranked MSAs are well-positioned to deliver strong returns for savvy investors.

Source: CRED iQ, based on CMBS and Fannie Mae multifamily loan issuances from January 2024 onward.

Announcing BBCMS 2025-5C34

By

Michael Haas

-

April 28, 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 2025-5C34 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $783.1 million. The deal is jointly managed by prominent financial institutions including Barclays, Citigroup, Deutsche Bank, Keybanc, and UBS. The deal is collateralized by 37 loans and secured by 66 properties across a variety of sectors, including multifamily, industrial, and manufactured housing. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 60.5%, and the weighted average mortgage interest rate is 6.83%.

Key Metrics

The loan pool for BBCMS 2025-5C34 is structured to include a mix of amortizing and interest-only loans, with 7.7% of the mortgage pool having scheduled amortization. The remainder of the pool (92.4%) 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 1.49. The weighted average net operating income (NOI) debt yield is 10.7%.

Geography & Property Types

A key strength of the BBCMS 2025-5C34 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 53.5% of the total balance, while industrial properties account for 9.9% 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.

CRED iQ Tracks Steep Spike in Loan Modifications (PERE Credit)

By

Michael Haas

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April 24, 2025

0

CRED iQ in the News – April 24, 2025

PERE Credit Article

Article Snapshot:

Commercial real estate loan modifications surged by $2 billion in March 2025, with New York based data provider CRED iQ tracking the largest increase in modifications since May 2024.

Announcing BMO 2025-5C10

By

Michael Haas

-

April 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

Access Loan Details

Deal Overview

The BMO 2025-5C10 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of $628 million. The deal is jointly managed by prominent financial institutions including BMO, Deutsche Bank, Goldman Sachs, Societe Generale, UBS, and Citigroup. The deal is collateralized by 34 loans and secured by 67 properties across a variety of sectors, including multifamily, mixed us, 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 55.1%, and the weighted average mortgage interest rate is 6.79%.

Key Metrics

The loan pool for BMO 2025-5C10 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 1.80. The weighted average net operating income (NOI) debt yield is 12.9%.

Geography & Property Types

A key strength of the BMO 2025-5C10 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties constitute 22.0% of the total balance, while mixed use properties account for 21.3% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Chicago, and San Diego.

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.

The Extend & Pretend Surge: $40 Billion in CRE Loan Modifications Signals a Shifting Market

By

Michael Haas

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April 17, 2025

0

The commercial real estate CRE landscape is experiencing a transformative wave, with loan modifications soaring to nearly $40 billion over the past three years. Drawing from CRED iQ’s comprehensive data, our latest analysis uncovers critical trends that could redefine financing strategies for investors and lenders. Here’s what you need to know.

A Deep Dive into Loan Modification Trends

Our research team at CRED iQ examined the evolving landscape of loan modifications across CMBS, SBLL, CRE CLO, and Freddie Mac loans, focusing on both recent activity and a three-year cumulative view. By analyzing loan counts and balances, we identified patterns that highlight the market’s volatility and resilience.

Key Findings:

Explosive Growth in Modifications: Loan modifications jumped from $21.1 billion in March 2024 to $39.3 billion by March 2025, reflecting a steep upward trajectory.
March 2025 Spike: The month recorded $2 billion in modifications across 47 loans, marking the largest surge since May 2024.
Lumpy but Consistent: Modification activity has been uneven, ranging from a low of $11.3 million (two properties) in July 2022 to a high of $2.4 billion (632 properties) in July 2023.

These numbers underscore a market grappling with uncertainty, where “extend and pretend” strategies—extending loan terms to delay resolution—are becoming a go-to solution.

Case Study: Willis Tower’s Loan Modification

A standout example of this trend is the iconic Willis Tower, a 3.8 million square foot office tower in Chicago’s West Loop. Backed by a $1.33 billion loan ($350/SF), the interest-only loan was originally set to mature in March 2020, with five one-year extension options. In March 2025, the loan was modified, pushing the maturity date to March 2028.

At underwriting in February 2018, the property was appraised at $1.78 billion ($470/SF). As of the latest data, it maintains an occupancy rate of 83.1% and a debt service coverage ratio (DSCR) of 1.32, signaling steady performance despite market headwinds.

What This Means for the Market

The surge in loan modifications points to a broader shift in CRE financing. As market uncertainty persists, lenders and borrowers are opting for flexibility over immediate resolution, extending maturities to navigate challenging conditions. This trend raises important questions:

For Investors: How will prolonged modifications impact asset valuations and portfolio strategies?
For Lenders: What adjustments to financing structures are needed to balance risk and opportunity?

Looking Ahead

The CRE sector is at a crossroads, with nearly $40 billion in modified loans signaling both caution and adaptability. As these trends evolve, staying informed will be critical for stakeholders navigating this dynamic market. At CRED iQ, we’ll continue to track these developments and provide actionable insights to guide your decisions.

Stay tuned for more updates, and let us know your thoughts on how loan modifications are shaping the future of CRE.

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.

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