CRE

Refinancing activity continues to build on last year's momentum, despite some divergence among property types.

Lenders are finding better economics by placing agency loans into private-label securities, depending on the particular situation.

Consumer Credit Portfolio II is not a securitization, but Groundfloor is known for two deferred-pay residential transition loan ABS that are paying investors higher premiums than rated RTLs.

A five-year-loan is financing Lyrik, a 495,275-square-foot, 20-story office tower, plus 38,012 square feet of retail space in Boston's Back Bay area, a premiere office submarket.

Basel III recalibration cuts commercial real estate risk weights, unlocking $100 billion in bank lending capacity.

The mortgage's proceeds, with $518 million of cash equity contributed by the sponsor, will also be used to buy Hawaii-based Alexander & Baldwin, a commercial property REIT.

The deal structure includes credit support from a full turbo structure. All excess cash flow will be used to repay note holders without the issuer receiving excess spread until the notes are fully repaid.

Classes A through SB will receive principal until the balance is reduced to its intended level, then tranches A1, A4, A5 and A-SB certificates will receive principal payments sequentially.

The A2 tranche in the 2026-1 series will issue the bulk of notes $765 million, with an A- rating, and a March 2031 anticipated repayment date. Its legal final maturity date.

The SASB refinances a $900 million whole loan securitized through LBTY 2016-225L, for renovations and modernizations.

Many details have yet to be determined, including the role that federally-backed mortgages should play.

Across US CMBS and ABS, JPMorgan projects annual data center securitization issuance could reach $30 billion to $40 billion in both 2026 and 2027.

Sponsors used a master trust structure, raising £200 million and £54 million through the existing class A2 and class B tranches.

The loan is expected to have an initial term of two years, with the potential three, 12-month extensions.

ODF II will focus on originating senior and junior commercial rea estate debt investments across major U.S. markets, focused on multifamily properties.

The pool of mostly multifamily properties has a cap rate of 9.49%, and an LTV rate of 75.1%.

For the trailing 12-month period that ended in October 2025, La Quinta Resort had an occupancy of 59.2%, and a revenue per available room $230.83.

Private-label CMBS loan delinquencies are rising, but ample liquidity is making 2025 issuance volume the highest since 2007.

HINNT's sellers can repurchase defaulted loans, which increases the transaction's recovery rate, and enhances the credit to the notes.

In terms of asset fundamentals, the high-quality tenant committed to a 15-year lease with maturity dates through various end dates in 2040. That includes 2.0% annual rent increases.