{"id":5181,"date":"2025-12-15T20:25:23","date_gmt":"2025-12-15T20:25:23","guid":{"rendered":"https:\/\/cred-iq.com\/blog\/?p=5181"},"modified":"2025-12-16T15:49:26","modified_gmt":"2025-12-16T15:49:26","slug":"bmo-2025-5c13-cmbs-new-issuance","status":"publish","type":"post","link":"https:\/\/cred-iq.com\/blog\/2025\/12\/15\/bmo-2025-5c13-cmbs-new-issuance\/","title":{"rendered":"BMO 2025-5C13: CMBS New Issuance"},"content":{"rendered":"\n

CRED iQ Preliminary Analysis<\/strong><\/h2>\n\n\n\n

Deal Overview<\/strong><\/h3>\n\n\n\n

Type:<\/strong> Public fixed-rate conduit CMBS
Size:<\/strong> $484.906 MM publicly offered certificates (total trust balance: $551,814,060)
Issuance Date:<\/strong> Pricing week of December 15, 2025 | Expected settlement December 30, 2025
Co-Lead Managers & Joint Bookrunners:<\/strong> BMO Capital Markets Corp., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., SG Americas Securities, LLC
Co-Managers:<\/strong> Academy Securities, Inc., Bancroft Capital, LLC, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Natixis Securities Americas LLC<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Key Pool Characteristics<\/strong><\/h3>\n\n\n\n

Initial Pool Balance:<\/strong> $551,814,060
Number of Loans \/ Properties:<\/strong> 30 \/ 36
WA Cut-off LTV:<\/strong> 58.5%
WA UW NCF DSCR:<\/strong> 1.99x
WA Debt Yield (UW NOI):<\/strong> 13.9%
WA Mortgage Rate:<\/strong> 6.35128%
WA Remaining Term:<\/strong> 59 months

Property Type Mix<\/strong>
Multifamily 35.2% | Retail 27.0% | Office 17.4% | Hospitality 12.2% | Self Storage 4.0%

Geographic Concentration<\/strong>
NY 33.1% | CA 12.4% | NV 12.3% | ID 9.8% | VA 5.3%

Risk Retention:<\/strong> Horizontal (HRR)

Anticipated Settlement:<\/strong> December 30, 2025<\/p>\n\n\n\n

<\/p>\n\n\n\n

Servicing & Parties<\/strong><\/h3>\n\n\n\n

Master Servicer:<\/strong> Midland Loan Services, a Division of PNC Bank, National Association
Special Servicer:<\/strong> 3650 REIT Loan Servicing LLC
Data & Analytics Provider:<\/strong> CRED iQ<\/p>\n\n\n\n

<\/p>\n\n\n\n

Key Analysis<\/strong><\/h3>\n\n\n\n

BMO 2025-5C13 is one of the final conduits of 2025, showcasing exceptionally conservative underwriting with a WA cut-off LTV of 58.5%\u2014among the lowest in recent vintages\u2014and a robust 13.9% UW NOI debt yield that offers significant protection in the current rate environment.<\/p>\n\n\n\n

The deal provides 30% credit enhancement to the AAA classes, consistent with post-2023 conduit norms, bolstered by a strong 1.99x UW NCF DSCR. Loan concentration is elevated, with the top 11 loans accounting for 67% of the pool balance, though this is driven by high-quality, granular assets across multifamily and retail.<\/p>\n\n\n\n

Property-type exposure is led by multifamily (35.2%) and retail (27.0%), with notable office (17.4%) and hospitality (12.2%) allocations supported by low leverage and healthy debt yields. Geographically, New York leads at 33.1%, with Western markets (CA, NV, ID) combining for ~34.5%\u2014a common profile for year-end deals.<\/p>\n\n\n\n

Key contributors include 3650 Capital (33.6%) and BMO (31.8%), with 3650 also handling special servicing and controlling class duties. As 2025 U.S. conduit issuance closes near $60 billion\u2014essentially flat year-over-year\u2014this transaction underscores ongoing investor preference for tightly underwritten, low-LTV deals as the market heads into 2026.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

CRED iQ Preliminary Analysis Deal Overview Type: Public fixed-rate conduit CMBS Size: $484.906 MM publicly offered certificates (total trust balance: $551,814,060) Issuance Date: Pricing week of December 15, 2025 | Expected settlement December 30, 2025 Co-Lead Managers & Joint Bookrunners: BMO Capital Markets Corp., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., SG Americas Securities, […]<\/p>\n","protected":false},"author":3,"featured_media":5161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[31,2],"tags":[4,5,29],"class_list":{"0":"post-5181","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cmbs-new-issue","8":"category-news","9":"tag-cmbs","10":"tag-commercial-real-estate-data","11":"tag-new-issuance"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/5181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/comments?post=5181"}],"version-history":[{"count":1,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/5181\/revisions"}],"predecessor-version":[{"id":5183,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/5181\/revisions\/5183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media\/5161"}],"wp:attachment":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media?parent=5181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/categories?post=5181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/tags?post=5181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}