EP70 - Inside the CRE securitization market: Trends, risks and optimism ahead



24 Jul 2025

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.


Resources Mentioned:

Andrew Foster

KBRA

Real Estate Issues

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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

Your hosts

Andrew-Foster's Profile
Andrew Foster

Senior Director of Business Development

KBRA

People - Omar Eltorai's Profile
Omar Eltorai

Director of Research

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