Commercial real estate lending powered by the public debt markets exuded strength in 2025 with several large deals across multiple asset classes nationwide.
Unsurprisingly, when it came to the big-ticket loans, the commercial mortgage-backed securities (CMBS) sector took the lion’s share of the headlines.
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The year’s largest loan priced in November with a $3.46 billion single-borrower CMBS deal for Blackstone to refinance 10 data centers across the country. The BX 2025-VOLT transaction was one of four data center CMBS deals in the top 10 for 2025.
CMBS lenders also displayed heavy confidence in the retail sector led by a $2.8 billion BX 2025-ROIC deal in February backing a 93-asset portfolio of largely West Coast grocery-anchored shopping centers owned by Blackstone. A month later, Brookfield Properties secured a $2.4 billion CMBS debt package via the ALA 2025-OANA deal to refinance Ala Moana Center, a super-regional mall in Honolulu.
Here is a list of the year’s biggest CMBS financings nationwide. They involve data center, retail, industrial, office and hospitality deals, and are based on Morningstar data. All were refinancings, and half of the transactions contained Blackstone as the borrower.
Andrew Coen can be reached at acoen@commercialobserver.com.
