JPMorgan has taken the top spot for CMBS loan originations for 2018, according to Commercial Mortgage Alert. JPMorgan unseated Goldman Sachs, which led the industry in loan contributions to CMBS transactions in 2017. JPMorgan contributed $9.7 billion of CMBS loans to CMBS transactions in 2018, while Deutsche Bank contributed $8.8 billion to take second place. Goldman, at $8.6 billion, was third.
CMBS issuance in the United States totaled $77.0 billion, down 12% from 2018’s total of $87.8 billion. CMBS loan origination volume in 2018 was lower than in 2017 due to fewer loan maturities, tighter credit standards and strong competition from commercial bank lenders and Fannie Mae/Freddie Mac for multifamily loans.
Multi-borrower CMBS issuance (where ValueXpress CMBS originations are found) accounted for 52% of overall CMBS issuance, or roughly $40 billion, while large, single-borrower deals accounted for 45% of issuance.