The attention that the single-asset, single-borrower commercial mortgage-backed securities (CMBS) market has received might make conduit seem like an also-ran. However, it’s important as well. CRED iQ has released a report on the performance of the conduit market.
The top originator for 2025 so far this year was Citigroup, with a loan count of 65 and a total balance of $1.93 billion. Second was Wells Fargo, with 44 loans and a total loan balance of $1.37 billion. Barclays was third, with 58 loans and a balance of $1.36 billion.
Morgan Stanley was ranked number four, with 41 loans and $911.76 million. Goldman Sachs had 26 loans for $806.38 million. JPMorgan had $749.58 million on 21 loans. The Bank of Montreal had seven loans totaling $592 million, while Ares had 28 loans with a total value of $578.28 million. Bank of America ranked ninth with 22 loans and a total balance of $578.28 million. Rounding the list at 10th place was Societe Generale, with 28 loans and $577.34 million.
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The second half of the originators were UBS (number 11, 17 loans, $444.94 million); Deutsche Bank (number 12, 16 loans, $392.98 million); Starwood (number 13, 31 loans, $358.14 million); DBR Investments (number 14, 16 loans, $242.34 million); LMF Commercial (number 15, 19 loans, $211.10 million); Benefit Street (number 16, six loans, $114.42 million); KeyBank (number 17, 16 loans, $97.55 million); Greystone (number 18, nine loans, $92.55 million); LoanCore (number 19, five loans, $80.50 million); and National Cooperative Bank (number 20, 22 loans, $66.31 million).
Multifamily was the busiest property type, composing 23.8% of all the originations. Continuing in descending order was retail (16.1%), office (15.4%), hospitality (13.9%), mixed use (11.3%), self-storage (7.2%), industrial (6.8%), manufactured housing (3.9%) and other (1.6%).
“The dominance of multifamily properties, alongside a rebound in office and steady retail activity, points to a market adapting to evolving economic conditions,” CRED iQ wrote.
The originations have been strong so far during the first half of 2025, but at this point, there isn’t even all the data through May, so the numbers could potentially increase.
Where things go from here is hard to say. CRE prices across the board fell in April. Industrial prices slipped by 0.5% month-over-month and 0.8% year-over-year. The multifamily index dropped 1.5% from March to April and 12.1% over the past year. Retail property prices declined 6% year-over-year, representing the largest annual decrease for this category since the end of 2010. In April 2024, retail had actually shown an annual increase of more than 18%. Meanwhile, office property prices fell by 6.9% compared to April 2022, indicating a sharper rate of decline.
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