Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector performance and the rise of private credit. For lenders and borrowers navigating today’s capital markets, Andrew offers practical insights into what’s changing, why it matters, and how to prepare for the quarters ahead.

Key Moments:

02:02 Understanding KBRA and Andrew's role

03:45 Current market trends and issuance

06:40 Investor appetite and market dynamics

08:41 Private capital and non-bank lending

10:52 Regulatory and policy changes

15:07 Future outlook and optimism in CRE finance

17:42 Data centers and AI in CRE financing

21:11 The importance of CMBS

22:31 Diversity in CRE leadership

23:23 Closing remarks and follow-up

Resources Mentioned:



Andrew Foster: https://www.linkedin.com/in/andrew-foster-cmbs/

KBRA: https://www.kbra.com/

Real Estate Issues: https://cre.org/real-estate-issues/

Email us: altusresearch@altusgroup.com

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