The TreppWire Podcast: A Commercial Real Estate Show 374. Back from CREFC Miami: Commercial Real Estate Market Sentiment, Macro Headlines, & Special Servicing Trading Alerts
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Jan 16, 2026 Insights from the CRE Finance Council Conference reveal excitement about liquidity and rising CMBS issuance. Discussions include the implications of GameStop's store closures, Saks' Chapter 11 filing, and two significant loans being sent to special servicing. Macro updates feature the DOJ subpoenaing the Fed and the potential for capped credit card interest rates. The hosts debate the nature of data centers in real estate and explore concerns around inflation pressures despite tame headline numbers.
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Momentum Versus Fundamentals
- Market momentum has improved across primary execution, secondary trading, and bid lists even as fundamentals remain strained.
- Stephen Bushbaum warns that financing conditions are better but many loans still face refinance math that doesn't pencil without capital or valuation changes.
CREFC Miami: A Buzzing Return
- Lonnie Hendry described CREFC Miami as overwhelmingly positive with long registration lines and heavy attendance.
- He said attendees expressed deal-on optimism and expected sizable issuance and tighter spreads in 2026.
CRE CLOs Back In Play
- CRE CLO issuance kicked off quickly with a $1.2 billion Prime Finance deal concentrated in multifamily and industrial.
- Lonnie Hendry highlighted strong early January issuance as a sign banks and markets are re-entering the space.
