Private-Label CMBS Issuance Hits Post-Crisis High

Private-label CMBS issuance surged 21% in 2025, driven by SASB deals. Explore the trends shaping the private-label CMBS market.

January 22, 2026

Valerija I.

Private-label CMBS issuance climbed 21% in 2025 to $125.6B, the most active year post-crisis.
Single-asset, single-borrower (SASB) deals accounted for nearly three-quarters of total volume.
Office properties made up almost 25% of private-label collateral, up from 8% in 2024.
Wells Fargo Securities led bookrunning and loan contributions for private-label CMBS market deals.

Key Takeaways

Market Momentum Accelerates

Private-label CMBS market issuance jumped nearly 21% in 2025, reaching $125.6B—the highest level recorded since the financial crisis. Trepp reports that the market was propelled by robust single-asset, single-borrower (SASB) activity, making up $91.3B, or nearly 75% of last year’s volume (excluding collateralized loan obligations). This continues a trend that began in the mid-2010s as SASB deals reshape the CMBS market’s profile.

Private-label CMBS issuance surged to $125.6B in 2025 — the highest level since the Global Financial Crisis.

SASB Deals Drive Growth

SASB transactions, averaging $718.9M per deal in 2025, have become central to the private-label CMBS market. The largest SASB issuance—the $3.45B BX Commercial Mortgage Trust—financed nine data centers with a combined 214.9 MW capacity. Massive deals are now common, with 26 SASB transactions topping $1B each. Insurance companies remain key buyers of these securities, shifting from direct club lending to significant CMBS participation. Investor appetite began to rise early in the year, setting the tone for strong demand. This helped sustain momentum in the SASB segment, especially as large-scale transactions found eager buyers.

Single-asset, single-borrower (SASB) deals dominated private-label CMBS issuance in 2025, accounting for over 72% of total volume.

Property Types and Future Outlook

The private-label CMBS market saw notable shifts in collateral mix. Office properties grew to nearly 25% of all collateral in 2025, recovering from a low of just over 8% the previous year. This resurgence hints at improving sentiment in the office sector and greater lender comfort. With liquidity up and property transactions rising, 2026 issuance could increase by another 20%, potentially reaching $150B barring unexpected disruptions.

Bookrunners and Lending Standards

Wells Fargo Securities was the most active bookrunner, handling $23.64B—about 19% of all private-label CMBS market deals—followed by Citigroup and Goldman Sachs. Underwriting standards generally remained steady, with weighted average LTVs at 56.89% and debt yields at 12.77%. The stability in spreads and disciplined lender assumptions reflects cautious optimism as the sector heads into a new year of growth.