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417 reports
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Tool for analyzing relative investment value in multifamily properties across select major metropolitan areas and nationally over time.
RCLCO and Launch Development Finance Advisors examine infrastructure financing and construction approaches across top-performing master-planned communities.
RCLCO and Launch Development Finance Advisors examine how master-planned communities finance and construct public infrastructure.
RCLCO and Launch Development Finance Advisors investigate how the top 50 master-planned communities financed and constructed public infrastructure in 2024.
Analysis of financing and public infrastructure construction methods across the 50 top-selling master-planned communities in 2023, examining home sales and development finance mechanisms.
RCLCO and Launch Development Finance Advisors investigate how master-planned communities finance and construct public infrastructure through an analysis of top-selling MPCs.
Analysis of financing mechanisms and public infrastructure construction strategies used by top-performing master-planned communities, conducted in partnership with Launch Development Finance Advisors.
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-producing real estate, created in 1960 to make real estate investment accessible to ordinary investors through diversified professionally managed property portfolios. REITs operate under structural rules requiring distribution of at least 90% of taxable income to shareholders, with assets and income primarily derived from real estate, and include equity REITs (owning properties), mortgage REITs (investing in real estate debt), and hybrid structures, with the U.S. REIT industry currently comprising 190 publicly traded REITs valued at $1.6 trillion in equity market value plus approximately $400 billion in non-traded REITs and an estimated $4.5 trillion in total real estate holdings across all REIT types.
Nuveen discusses opportunities and considerations in the European real estate debt market.
An analysis of middle market direct lending opportunities in real estate, examining advantages and common misperceptions in the alternative lending space.
Moody's CRE Analytics examines strategic adaptation approaches for commercial real estate portfolios navigating maturing debt cycles and refinancing pressures.
Altus Group's first-quarter 2026 survey of CRE borrowers and lenders reveals a commercial real estate debt market experiencing conflicting directional pressures.
Analysis of economic, capital markets, and real estate data examining factors shaping debt and equity financing availability and pricing for commercial real estate practitioners.
Survey of commercial real estate borrowers and lenders from Altus Group reveals mixed signals about the current state of the debt market.
Analysis of the methodologies, origins, and applications of market tier and ranking systems used to evaluate and prioritize U.S. metropolitan regions for commercial real estate investment.
Freddie Mac's outlook assesses U.S. economic momentum, housing market dynamics, and mortgage trends based on strong consumer spending and third-quarter growth.
Freddie Mac's November 2024 outlook assesses U.S. economic resilience, Q3 growth momentum, and moderating labor market conditions across housing and mortgage sectors.
Newmark's third-quarter 2023 capital markets analysis covering U.S. real estate investment trends, financing conditions, and cross-sector market dynamics.
Newmark's capital markets analysis covering fourth-quarter 2024 U.S. real estate investment activity, financing trends, and market conditions across property types.
CBRE survey examining lending intentions and capital deployment strategies among European real estate lenders for 2026.
If you have been following medical office sales activity, you know that transaction volume is moving upwards. Another angle for viewing the financial environment is to look at the number of new mortgages. Looking at the mortgage trend . . . The post Will MOB Financing Continue to Trend Upwards? appeared first on…
Trepp's analysis of CRE lending spreads from early 2025 through June 2026 finds that while spreads are compressing uniformly across property types at the 50-59% LTV level, relative premiums between property types are shifting—specifically, retail loan premiums have compressed relative to industrial loans, and office premiums have widened over retail. The report notes that these quoted spread movements may indicate capital rotation toward retail or competitive yield exhaustion in multifamily and industrial, though the data reflects only stabilized, low-leverage deals and may not signal broader credit repricing across higher-leverage or transitional assets.
Analysis of special servicing rates in commercial mortgage-backed securities, reporting levels at 11.1% and delinquency trends.
Analysis of rising delinquency rates in multifamily lending and their relationship to emerging loss trends.
Analysis of commercial real estate CLO market distress rates and non-performing maturities from CRED iQ.
CRED iQ reports on delinquency trends showing distress rates climbing to 11.4% in October, approaching historical highs.
A CRED iQ analysis of eight Freddie Mac multifamily securitizations priced in early 2026 (representing 472 loans and $7.2 billion) found weighted-average debt service coverage of 1.41x against 63.9% loan-to-value, with approximately 95% of balance carrying full-term or partial interest-only structures to maintain coverage in an elevated rate environment. The report identifies three dominant themes: coverage being manufactured through interest-only relief rather than cash flow, leverage holding steady while pricing adjusted upward (4.9% to 5.66% gross rates), and acquisition activity comprising 40% of balance, while flagging floating-rate pools like KF172 as concentrated refinancing and rate-cap-expiry risk concentrated among sub-1.25x amortizing coverage loans in Florida and the Midwest garden segment.
Trepp's report identifies a metric—the ratio of acquisition financing to total issuance in CMBS—that has preceded every major commercial real estate correction over the past 20 years, with a critical threshold at approximately 30% of sector issuance. The analysis demonstrates that this signal appeared across all major property types in 2007 (office at 39%, retail and multifamily close behind) and again in 2021 in multifamily (47%) and lodging (63%), each time followed by deteriorating loan performance and rising delinquencies, with 252 multifamily and office loans from 2020-2022 already delinquent or in special servicing as of the report's publication.
Freddie Mac launched Optigo Conventional Small in April 2026, replacing its Small Balance Loan program with loans ranging from $2 million to $10 million and integrating the product into Freddie Mac's core Conventional framework. The redesign increases the loan ceiling from $7.5 million to $10 million, creates clearer distinctions from Fannie Mae's Small Loan program, and consolidates documentation and policies while maintaining pricing as the key determinant of program fit for borrowers.
1. The market is correcting, not collapsing Speaker credit: Jeff Myers, Nader Elrashidy The life sciences market has clearly moved out of its peak-growth phase, but that does not mean the sector is broken. The better read is that the market is recalibrating after several years of rapid expansion, heavy investment,…
Generation Z’s potential for household formation could soon reshape many U.S. metropolitan areas. From McAllen, TX, to Hartford, CT, explore the top multifamily markets where rental demand is set to rise as Gen Z leaves the nest. The post Top Markets for Gen Z Household Formation Potential appeared first on Arbor…
Ten-year conduit loans have declined dramatically from 95.6% of conduit loan count in 2019 to just 12.3% in 2026, while five-year loans have become the dominant format in the CMBS market. Median 10-year conduit spreads tightened from 301 basis points in 2023 to 201 basis points in 2026, suggesting the remaining market reflects more selective underwriting rather than pricing that is prohibitively wide.
Analysis of how distributions to paid-in capital (DPI) has emerged as a key liquidity metric for commercial real estate fund investors, with smaller funds outperforming larger peers in capital returns during the current constrained market environment.
Cushman & Wakefield analyzes how massive AI infrastructure bond issuance by tech hyperscalers is competing for fixed-income capital with CRE debt markets, raising financing costs and lender selectivity across commercial real estate sectors.
Cushman & Wakefield's Construction Insights report examines global construction sector challenges including supply chain disruptions, labor constraints, cost volatility, and geopolitical tensions affecting 2026 project planning.
CBRE analysis of how energy market disruptions from Middle East conflict are driving elevated construction material costs (6.6–10.7%) and building operating expenses globally, with regional variation and delayed budget impacts particularly affecting Europe and Asia-Pacific.
Total outstanding commercial real estate debt reached $5.1 trillion through Q1 2026, with banks holding $1.91 trillion (37.4% of income-producing debt), followed by GSEs at $1.16 trillion (22.7%) and insurance companies at $808 billion (15.9%), while securitized debt comprised $771 billion (15.1%). Key findings included securitized balances rising 8.6% year-over-year, banks growing 4.1% year-over-year in the income-producing segment, and near-term maturities of $311 billion and $186 billion concentrated among banks and securitized lenders respectively through 2026, with approximately $1.7 trillion of debt maturing in 2031 and beyond.
Home prices rose 0.3% month over month on a seasonally adjusted basis. Prices rose 2.5% on a year-over-year basis–the fastest growth rate in six months. On a local level, prices rose in 29 major metros month over month, with the biggest increases in Cleveland, Providence and New York. This is based on the Redfin…
Private credit moves toward core as banks retreat and refinancing needs rise.
Real estate lending and insurance capital opportunities in a reset market.
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.
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 .
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 .
Five-year conduit loans have become the dominant structure in CMBS issuance, rising from 3.1% of loan count in 2019 to 91.0% by 2026, though this shift reflects market preference for shorter duration rather than aggressive pricing. Spreads have remained disciplined post-2023, stabilizing in the high-200s basis points across property types, with multifamily pricing most tightly (263 basis points in 2026) and lodging most widely (319 basis points in 2026), indicating that lenders continue to differentiate sharply by collateral quality and sector risk despite the structural shift toward five-year terms.
The Chief Economist's Weekly Watch for June 22, 2026 covers three key developments affecting commercial real estate: May PCE inflation data released Thursday with implications for Treasury yields and refinancing assumptions; Federal Reserve communication shifts following Chair Kevin Warsh's first FOMC meeting, which shortened the statement and removed forward guidance while projections turned hawkish toward a possible rate hike; and the Federal Reserve's annual bank stress test results released Wednesday, which assume a severe global recession and commercial real estate stress while maintaining current capital requirements without resetting stress capital buffers.
Indianapolis ranked as the top multifamily investment market in the U.S., in the latest Top Markets for Multifamily Investment Report from Arbor Realty Trust and @Chandan Economics. The market has been supported by strong labor market conditions, tight occupancy levels, and a favorable affordability profile. The…
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…
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…
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…
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.
As the market moves beyond emergency loan extensions, owners and lenders confront a harder question: Which assets are actually recoverable?
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 .
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.
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.
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.
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.
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.
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.
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.
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.