CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax Inside the CRE securitization market: Trends, risks, and optimism ahead
Jul 24, 2025
Andrew Foster, Senior Director at KBRA and CMBS expert with 18 years of experience, shares valuable insights on the U.S. CRE securitization market. He discusses current trends in CMBS issuance and strong investor appetite, despite refinancing risks. Andrew highlights the rise of private credit, regulatory changes reshaping the landscape, and offers optimism for the future of CRE finance. Additionally, he touches on the importance of CMBS, the growing role of technology in financing, and the critical need for diversity in leadership within the industry.
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Shifting Investor Appetite in CRE
- There's growing bond investor appetite for SASB transactions and office properties.
- Conduit transactions have shrunk while multifamily exposure in conduit has increased.
Private Credit and Securitization Link
- Private capital and non-bank lending have grown but often complement securitization.
- Banks still play a role through warehouse lines supporting private lenders.
Monitoring Regulatory and Policy Changes
- Regulatory changes and Federal Reserve policies are key current focus areas impacting CRE finance.
- Privatization of GSEs is being closely watched especially for residential implications.