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LaSalle Investment Management
ISA Focus: Investing in real estate debt
Examines reasons for institutional investors to consider real estate debt, the second largest of real estate's four quadrants at ~$4.5 trillion in the US and Europe.
Debt & FinancingCapital MarketsFinancing & CMBSGlobalU.S. National
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Multifamily & Affordable Housing BusinessNews
Madison Realty Capital Originates $480M Loan for Midtown Manhattan Office-to-Residential Project
NEW YORK CITY — Madison Realty Capital has originated a $480 million loan for the office-to-residential conversion of 1740 Broadway in Midtown Manhattan. Yellowstone Real Estate Investments was the borrower,… The post Madison Realty Capital Originates $480M Loan for Midtown Manhattan Office-to-Residential Project…
MultifamilyAffordable HousingOfficeNew YorkNew York
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Seniors Housing Business
Quality Operators Stand Out, Say Lenders
By Hayden Spiess Professionals active in the seniors housing lending space say that the sector is somewhat insulated from cyclical economic headwinds relative to other types of commercial real estate.… The post Quality Operators Stand Out, Say Lenders appeared first on Seniors Housing Business . ]]>
Senior HousingDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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AFIRE
US Capital Market and CRE Trends: H2 2025
Will McIntosh and Shaun Moura, writing for the NAIOP Research Foundation, look at new capital markets and real estate data to analyze the current debt and equity landscape. The post US Capital Market and CRE Trends: H2 2025 appeared first on AFIRE . ]]>
Capital MarketsDebt & FinancingCMBSGlobalU.S. National
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Multifamily & Affordable Housing BusinessNews
CFG Bank Launches CFG Mortgage Partners, Appoints Dan Sacks to Lead New Initiative
BALTIMORE — CFG Bank, servicing the nationwide healthcare and multifamily financing industries as well as the Mid-Atlantic commercial banking market, has launched CFG Mortgage Partners, a group dedicated to customized… The post CFG Bank Launches CFG Mortgage Partners, Appoints Dan Sacks to Lead New Initiative…
MultifamilyAffordable HousingDebt & FinancingBaltimoreMaryland
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Multifamily & Affordable Housing BusinessNews
Vida Cos. to Build Carrena in Buford, Georgia
BUFORD, GA. — Vida Cos. has closed on financing for the construction of Carrena, a ground-up development in in the northern Atlanta suburb of Buford. The 289-unit Careena is the… The post Vida Cos. to Build Carrena in Buford, Georgia appeared first on Multifamily & Affordable Housing Business . ]]>
MultifamilyAffordable HousingDebt & FinancingAtlantaGeorgia
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Multifamily & Affordable Housing BusinessNews
Rockrose Obtains $69.5M Refinancing for West Village Asset
NEW YORK CITY — JLL Capital Markets has arranged a $69.5 million Freddie Mac refinancing loan for 100 Jane, a 148-unit property in Manhattan’s West Village neighborhood. The borrower was… The post Rockrose Obtains $69.5M Refinancing for West Village Asset appeared first on Multifamily & Affordable Housing Business…
MultifamilyAffordable HousingCapital MarketsU.S. NationalNew York
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Multifamily & Affordable Housing BusinessNews
Mesa West Funds $29.7M Acquisition Loan for The Ellery of Cary in North Carolina
CARY, N.C. — Mesa West Capital has provided a $29.7 million loan for Addison, Texas-based McDowell Properties’ acquisition of The Ellery of Cary, a 194-unit property in Cary. The financing… The post Mesa West Funds $29.7M Acquisition Loan for The Ellery of Cary in North Carolina appeared first on Multifamily &…
MultifamilyAffordable HousingDebt & FinancingU.S. NationalTexas
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Multifamily & Affordable Housing BusinessNews
Walker & Dunlop Arranges $223M Refinancing for Madison Capital Portfolio
BETHESDA, MD. — Walker & Dunlop has arranged approximately $223 million in bridge financing for five communities across the Southeast on behalf of Charlotte, North Carolina-based Madison Capital Group. The… The post Walker & Dunlop Arranges $223M Refinancing for Madison Capital Portfolio appeared first on…
MultifamilyAffordable HousingDebt & FinancingU.S. NationalAtlanta
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Seniors Housing BusinessNews
United Group Receives $39M Bridge Loan for Active Adult Community in Massachusetts
WORCESTER, Mass. — United Group of Cos., through UW Senior LLC, has received a $39 million bridge loan for a recently completed active adult community located in Worcester. Henry Schaffer and… The post United Group Receives $39M Bridge Loan for Active Adult Community in Massachusetts appeared first on Seniors…
Senior HousingDebt & FinancingFinancing & CMBSMassachusettsU.S. National
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Federal Reserve Board
FEDS Note: Monitoring High Credit Growth: The Link Between Local Deposits and CRE Lending
Teodora Paligorova , and Toshihide Yorozu Outstanding mortgage debt in the commercial real estate (CRE) sector totaled $6 trillion at the end of 2024 including owner-occupied and nonowner-occupied real estate, multifamily mortgages, and loans backed by acquisition, development, and construction projects. Banks hold…
EconomyCapital MarketsMultifamilyU.S. NationalUnited States
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Federal Reserve Board
FEDS Note: Mortgage Servicing Right Valuations Under Stress
Karen Pence , Ben Ranish , and Michael Suher Mortgage servicing right (MSR) valuations decrease when mortgage default and prepayment rates increase, as is generally the case when the economy enters into recession. To estimate how large these MSR valuation declines could be for the banking sector in a severe…
EconomyCapital MarketsDebt & FinancingU.S. NationalUnited States
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Federal Reserve Board
FEDS Note: Measuring Renters in Credit Data: Evidence from Linked Survey and Administrative Data
Anna Tranfaglia and Erin Troland Historic swings in rents during the pandemic have driven increased interest in research on the financial impacts of rising rents on households. However, compared to homeowners with a mortgage, data on renters are scarce, limiting researchers’ ability to analyze the 28 percent of…
EconomyCapital MarketsDebt & FinancingU.S. NationalUnited States
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Urban Land Institute
As California Wildfire Risk Disrupts Insurance Markets, Bay Area Real Estate Faces a Reckoning
Rising costs, insurer exits, and climate-risk modeling are reshaping some property values, lending decisions, and resilience investment in the state’s real estate markets.
Capital MarketsDebt & FinancingFinancing & CMBSU.S. NationalCalifornia
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Urban Land Institute
Commercial Real Estate Workouts Enter a More Forced Phase
As the market moves beyond emergency loan extensions, owners and lenders confront a harder question: Which assets are actually recoverable?
Capital MarketsDebt & FinancingFinancing & CMBSU.S. National
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Arbor Realty TrustNews
Arbor’s 2026 Project Destined Mentorship Programs Support Future CRE Leaders
Arbor Realty Trust colleagues mentored more than 50 students this spring during two Project Destined programs designed to provide young professionals with insight into the inner workings of commercial real estate. The post Arbor’s 2026 Project Destined Mentorship Programs Support Future CRE Leaders appeared first…
MultifamilyDebt & FinancingCapital MarketsU.S. NationalUnited States
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Arbor Realty Trust
Small Multifamily Investment Snapshot — June 2026
The small multifamily sector entered 2026 on a strong note, even as lending conditions remained shaped by persistently high interest rates and regulatory uncertainties. The post Small Multifamily Investment Snapshot — June 2026 appeared first on Arbor Realty . ]]>
MultifamilyDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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CRED iQ
CMBS Distress Rate Climbs to 11.86% in May 2026
CRED iQ's overall CMBS distress rate rose to 11.86% in May 2026, up from 11.08% in April, driven by increases in both special servicing and delinquency rates. Office properties showed the highest distress at 17.11%, followed by mixed-use at 16.12%, while self-storage, industrial, and manufactured housing remained resilient with distress rates near or below 1.2%. The overall distress rate has more than doubled since mid-2022 when it was near 5%, indicating that resolution activity has not kept pace with new transfers into distress.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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CRED iQ
The Negative Leverage Divide: What 2026’s Newest CMBS Loans Reveal About Cap Rates, Coupons, and Credit
CRED iQ analyzed $26.1 billion in newly securitized CMBS loans from 2026 and found that balance-weighted average cap rates now align almost exactly with average mortgage coupons, creating zero positive leverage for typical borrowers, with the split driven primarily by property type: favored sectors (multifamily, industrial, self-storage, mixed-use, manufactured housing) finance at negative leverage ranging from −19 to −86 basis points, while distressed sectors (hospitality at +124 bps, office at +95 bps, retail at +20 bps) maintain positive leverage. Cap rates range from 5.41% (manufactured housing) to 8.02% (hospitality), with office and hotel underwriting marked as extremely conservative at 13.8% weighted debt yields and 55.4% LTV, while 56% of new-issue balance is structured as full-term interest-only to offset thin leverage spreads.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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CRED iQ
CMBS Distress Surges in 17 of the 25 Largest U.S. Markets Year-Over-Year
CRED iQ's May 2026 CMBS distress analysis found that the overall distress rate among the top 25 largest U.S. metropolitan areas increased to 12.7% from 12.2% in June 2025, with 17 of the 25 markets posting year-over-year increases led by Midwest and mid-major markets. Minneapolis (55.2%), Denver (43.0%), and Rochester (40.1%) posted the highest distress rates, while St. Louis experienced the largest single-year surge, climbing from 8.2% to 38.1%, reflecting accelerating loan impairment in markets with concentrated office exposure and maturing floating-rate debt from 2021–2022 vintages.
CMBSDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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CRED iQ
Who Is the Top Fannie Mae Multifamily Lender in 2026? Walker & Dunlop Leads this market
Walker & Dunlop led Fannie Mae multifamily lending in 2026 year-to-date through May 13 with $2.18 billion across 110 loans, followed by CBRE Multifamily Capital at $1.88 billion and PGIM Real Estate Agency Financing at $1.56 billion, with the top ten lenders controlling approximately 78% of the $16.5 billion in total Fannie Mae multifamily volume. Refinancing drove 62.8% of originations as borrowers addressed maturing debt, while gateway markets including New York–Newark–Jersey City ($1.6 billion), San Jose–Sunnyvale–Santa Clara ($0.75 billion), and Los Angeles–Long Beach–Anaheim ($0.72 billion) attracted the most capital.
CMBSDebt & FinancingMultifamilyU.S. NationalUnited States
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CRED iQ
Bank Multifamily Delinquencies Up 5.9x Since the 2022 Cycle Low
Bank multifamily loan delinquencies at U.S. banks reached 1.42% in Q4 2025, up 5.9 times from the cycle low of 0.24% in Q3 2022, while outstanding multifamily loan balances grew to a record $659.5 billion in Q4 2025. The deterioration is concentrated in 90+ day past-due loans at 1.04%, attributed to elevated debt service costs at refinancing, weaker rent growth in pandemic-era boom markets, and tighter underwriting standards.
CMBSDebt & FinancingMultifamilyU.S. NationalUnited States
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CRED iQ
Construction & Development Loans Q4 2025:
U.S. bank construction and development loan balances fell to $456.3 billion in Q4 2025, down 5.7% year-over-year and marking the sixth consecutive quarter of contraction, according to CRED iQ analysis. The decline of $45 billion from the post-pandemic peak of $501.5 billion in Q4 2023 reflects elevated borrowing costs, tightened underwriting standards, and softening commercial real estate fundamentals. The past-due and nonaccrual rate on C&D loans stood at 1.34% in Q4 2025, elevated relative to recent lows but well below post-financial crisis stress levels.
CMBSDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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CRED iQ
Office Distress Dominates Largest U.S. CMBS Markets in April 2026
CRED iQ's April 2026 analysis of the 50 largest U.S. metropolitan areas found an overall CMBS distress rate of 12.2%, with office property registering the highest distress at 17.0% followed by mixed-use at 14.6%, while industrial remained lowest at 1.9%. The report identified Providence-New Bedford-Fall River, Hartford-West Hartford-East Hartford, and Denver-Aurora as the most distressed markets, while Sun Belt metros including Miami, Phoenix, Dallas, Houston, and Atlanta posted sub-10% distress rates; multifamily distress also emerged as a growing concern at 11.4% aggregate, particularly in San Francisco-Oakland-Fremont and Minneapolis-St. Paul.
CMBSDebt & FinancingOfficeU.S. NationalUnited States
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CRED iQ
Debt Yields Rebound as Negative Leverage Persists Across CMBS Property Types
CRED iQ's loan-level analysis of approximately 3,700 CMBS loans totaling $94.7 billion finds that debt yields have rebounded to a weighted-average of 10.3% across property types, with office leading at 15.75% and multifamily lowest at 8.87%. The analysis reveals that four of six property types (multifamily, retail, industrial, and self-storage) exhibit negative leverage, meaning cap rates fall below loan coupons, indicating that new acquisitions cannot generate day-one positive returns without future NOI growth or refinancing relief.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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CRED iQNews
CRE Loan Spreads Tighten Across Property Types as the 2026 Refinancing Window Widens
Commercial real estate loan spreads compressed between 12 and 18 basis points over the trailing twelve months through Q1 2026, with multifamily leading the tightening at 18 basis points and industrial lagging at 12 basis points, while office spreads remained an outlier at 220 basis points compared to 154 basis points for multifamily as of March 31, 2026. The tightening, driven by moderating Treasury volatility and renewed conduit issuance in Q1 2026, has created more constructive refinancing conditions for borrowers facing 2026 maturities, with 10-year life company quotes narrowing to approximately 170 basis points at 50–65 percent LTV and office continuing to price wider due to elevated distress and rollover risk concerns.
CMBSDebt & FinancingCapital MarketsU.S. NationalUnited States
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CRED iQ
CMBS Distress Rate Rankings: Top 100 U.S. Markets by CBSA — February 2026
CRED iQ's February 2026 analysis ranks the top 100 U.S. Core-Based Statistical Areas by CMBS distress rate, defining distress as loans in special servicing, 30+ day delinquency, or REO status across Conduit and SBLL deal structures. Office property type leads all sectors at 21.2% average distress rate, while Minneapolis-St. Paul-Bloomington ranks as the most distressed major metro at 54.3%, driven primarily by office (72.7%) and hotel (92.2%) loan deterioration, with gateway markets Chicago (22.7%), Denver (22.4%), and San Francisco (21.0%) also posting elevated distress rates tied to post-pandemic office absorption challenges.
CMBSDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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AFIRE
How C-PACE (and Stretch PACE) are Rewiring Global Real Estate Finance for the Energy Transition
What began as a municipal policy tool for energy upgrades has matured into an institutional credit product embedded directly in the capital stack. The post How C-PACE (and Stretch PACE) are Rewiring Global Real Estate Finance for the Energy Transition appeared first on AFIRE . ]]>
Capital MarketsDebt & FinancingSustainabilityGlobal
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Lument
A More Disciplined Market Creates New Opportunities in Multifamily
Lument CEO Jim Flynn discusses the impact of geopolitical uncertainty, interest rates, and economic growth on the multifamily market outlook. The post A More Disciplined Market Creates New Opportunities in Multifamily appeared first on Lument . ]]>
MultifamilyDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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Lument
Unlocking Momentum: New Advantages Emerging Across HUD’s Section 232 LEAN Program
Tips and best practices on the HUD Express Lane. The post Unlocking Momentum: New Advantages Emerging Across HUD’s Section 232 LEAN Program appeared first on Lument . ]]>
MultifamilyDebt & FinancingSenior HousingU.S. NationalUnited States
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Lument
Why Geopolitical Risk May Delay — but Not Derail — Multifamily Growth
The forces driving multifamily demand at the beginning of the year will continue to underpin the market. The post Why Geopolitical Risk May Delay — but Not Derail — Multifamily Growth appeared first on Lument . ]]>
MultifamilyDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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Lument
Seniors Housing and Care’s New Era: The Virtuous Cycle of Better Care
Bringing care and therapy services into communities reaps benefits. The post Seniors Housing and Care’s New Era: The Virtuous Cycle of Better Care appeared first on Lument . ]]>
MultifamilyDebt & FinancingSenior HousingU.S. NationalUnited States
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ColliersNews
Quick Hits | Rising Yields Extend CRE Pricing Reset
Treasury yields are stabilizing at levels that materially raise borrowing costs, shifting the discussion from short-term volatility to a sustained higher-rate environment. As financing becomes more expensive and less predictable, underwriting has tightened — particularly for refinancing-sensitive assets — while…
Capital MarketsDebt & FinancingFinancing & CMBSU.S. National
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Colliers
Capital Returns Ahead of Confidence
Liquidity is beginning to return to commercial real estate markets, even as investor confidence remains cautious. While surveys and headlines continue to reflect uncertainty, transaction pipelines and lending activity suggest that capital is quietly entering the market, following a pattern commonly observed in…
Capital MarketsDebt & FinancingFinancing & CMBSU.S. National
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ColliersNews
Quick Hits | Credit Spreads, Not the Fed, Are Setting the Pace for CRE Deal Activity
Despite elevated Treasury yields, rates have traded within a relatively narrow range in recent months. In a typical cycle, that stability would support improving transaction activity. Instead, Trepp data show that CRE credit spreads have widened across major property types, pushing all in borrowing costs higher…
Capital MarketsDebt & FinancingCMBSU.S. National
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Berkadia
Manufactured Housing Monthly Insight - June 2025
June 2025 issue; reports MH loan originations near $860.7M in Q1 2025 (up 19.6% YoY) and ~$8.2B in MH loans maturing by year-end 2026. Verified first-party PDF.
Manufactured HousingDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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Freddie Mac
Duty to Serve Underserved Markets Plan 2025–2027 (Manufactured Housing pillar)
Freddie Mac's three-year Duty to Serve plan with a substantive manufactured-housing section detailing objectives for MH loan purchases, MHC pad-lease protections and chattel.
Manufactured HousingDebt & FinancingFinancing & CMBSU.S. NationalUnited States
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Center for Real Estate Technology & Innovation (CRETI)
June 2025 Reveals the New Logic of Late-Stage Proptech Investing
CRETI on the structural shift in proptech capital: debt and structured late-stage rounds supplementing/replacing venture equity, with continued VC interest in AI workflow tools.
PropTech & DataDebt & FinancingFinancing & CMBSGlobalU.S. National
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Arbor Realty Trust
Single-Family Rental Investment Trends Report Q2 2025
Arbor/Chandan quarterly: rent growth outpacing inflation as operators prioritize retention; robust SFR/BTR construction and $7.8B 2024 CMBS issuance.
Single-Family RentalCMBSFinancing & CMBSU.S. NationalUnited States
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CBRE
Exploring Investment Strategies for Manufactured Housing and RV Real Estate in the Capital Markets
CBRE capital-markets piece outlining MH/RV investment approaches (REITs, direct ownership, mortgage-backed securities) with sector performance context.
Manufactured HousingCapital MarketsCMBSU.S. National
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