CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the over $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of more than 400 companies and 19,000 individual members
Events
More
June 8 - 10
New York

CREFC News

News Archive

News

CREFC's April 2026 Monthly CMBS Loan Performance Report

May 29, 2026

Key takeaways:
  
DELINQUENCY FLAT AS OFFICE TRANSFERS LIFT SPECIAL SERVICING; MULTIFAMILY AT CYCLE HIGH

  • Overall CMBS delinquency edged down 1 bp to 7.54% in April, essentially flat after March's jump. Including performing matured balloons, the effective rate was 9.06%, a 152 bp gap that continues to reflect refi friction. Newly delinquent loan volume totaled $2.6B, with the top five loans accounting for $1.3B; the mix shifted to 42% non-performing matured balloons and 40% 30 days delinquent.
  • Special servicing rose 38 bps to 11.38%, with $1.9B in new transfers across 43 loans. Office drove more than half of the activity. Cures of $847mm across 11 loans were not enough to offset.
  • Office delinquency was flat at 11.69% (down 2 bps), but office special servicing surged 93 bps to 17.66% on the new transfers. Office remains the property type driving headline stress.
  • Multifamily delinquency rose 56 bps to a cycle-high 7.71% and the SS rate was up 33 bps to 9.08% on two large loans in SF and NYC. Hotel reversed, down 79 bps to 6.52% (SS up 8 bps to 9.66%). Retail declined 31 bps to 6.31% (SS flat at 12.99%). Industrial ticked up 31 bps to 0.96%.

*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $636.7B: 52.8% ($336.3B) conduit CMBS, 47.2% ($300.4B) single-asset/single-borrower (SASB) CMBS.

 

Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance. 

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
CREFC's April 2026 Monthly CMBS Loan Performance Report
May 29, 2026
CRE Finance Council has released a report on CMBS loan performance for April.

News

New Issue Alert: CREFC World Spring 2026 

May 22, 2026

Read Our Spring Issue

Our latest issue features compelling articles on the topics reshaping CRE finance right now, including income inequality and its implications for property performance, data center infrastructure and financing dynamics, affordable housing market trends, and the 2026 midterm elections and policy landscape. 
 
Read the full issue here.
  

What to Expect

CREFC World is a digital-only, bi-annual publication featuring multiple articles that deliver:

  • Forward-thinking insights on commercial real estate and multifamily finance
  • Diverse perspectives from industry leaders
  • Analysis of trends and innovations shaping our markets
Get Involved
Submissions open in mid-August for our Fall issue. We welcome original, timely articles written in a lively manner on all aspects of commercial real estate finance.

 

Thank You
Thank you to our Editorial Board members and contributing authors who make this publication possible.

Read Spring Issue

 

Contact 

Danielle Nathan
Senior Director, Education
646.884.7579
dnathan@crefc.org 
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
New Issue Alert: CREFC World Spring 2026
May 22, 2026
We're excited to announce the Spring Issue of CREFC World!

News

CREFC Statement on Passage of House Amendment to the 21st Century ROAD to Housing Act (H.R. 6644)

 

NEW YORK, NY — May 20, 2026 — The CRE Finance Council (CREFC) applauds Congress for its efforts to advance legislation aimed at expanding housing supply and improving affordability. We believe these objectives are best achieved through policies that encourage investment in new and existing housing and avoid disruptions to housing finance and development.  

CREFC remains concerned about expanding federal regulation through categorical bans on certain investments in housing, but we believe the bipartisan House revisions now included in H.R. 6644 reflect meaningful progress toward a more targeted approach. By refining the scope of investment regulations, the House bill is a step in the right direction to protect the free inflow of debt and equity capital necessary to increase housing supply and improve housing affordability.   

We look forward to working with lawmakers and the Administration on targeted revisions to Section 1001 that:  

  • Only restrict large institutional investor acquisitions of single-family homes that would otherwise be purchased by individuals. 
  • Do not impact build-to-rent (BTR) or any form of multifamily rental property as directed by the Executive Order. 
  • Exclude multifamily rentals from the definition of single-family homes. 
  • Establish a clearer, more workable compliance framework for housing providers to navigate the bill's exemptions.
  • Avoid disrupting local zoning decisions.
  • Exclude established rental communities on a single tax parcel of land. 

We appreciate the continued engagement with housing providers, investors, and lenders in refining these key details. CREFC stands ready to work with Congress to ensure the final product achieves America’s housing supply goals.

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

Contact  

Mary Beth Ryan
Senior Director,
Communications
646.884.7567
mryan@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
CREFC Statement on Passage of House Amendment to the 21st Century ROAD to Housing Act (H.R. 6644)
May 20, 2026
The CRE Finance Council (CREFC) applauds Congress for its efforts to advance legislation aimed at expanding housing supply and improving affordability.

We are lenders, investors & servicers.​

Become a Member

CREFC offers industry participants an unparalleled ability to connect, participate, advocate and learn!
Join Now

Sign Up for eNews

Subscribe