Dino Paparelli

In a year when CMBS returned to the forefront of capital markets, Dino Paparelli’s team at Deutsche Bank made sure they were leaders of the pack. 

The German bank participated in 49 CMBS transactions in 2025 (21 conduit, 28 SASB) for a total deal volume of $9.6 billion. Moreover, Deutsche Bank originated an additional 47 balance sheet and repurchase transaction for a gross volume of more than $5.5 billion on that end. 

“It’s the business we’ve been doing for 30 years, so we know how to play this game,” said Paparelli, who emphasized the diverse range of services his bank can provide. “We have comfort in both capital markets and balance sheet origination, and the ability to adapt to what clients require amid changing market conditions.” 

Among the highlight CMBS transactions in 2025 was Deutsche Bank pricing a $1.32 billion multi-borrower, pooled conduit transaction composed entirely of five-year, fixed-rate loans, the  largest conduit deal since February 2022.

“In a highly competitive market, you need a good origination setup, CMBS capital market skills,and you need to have a distribution network and a good secondary trading floor to give liquidity to the business,” explained Paparelli. “We have all of this — we compete.”

Another flagship deal Paparelli and his team secured was a $1.1 billion, five-year, floating-rate SASB financing for Deutsche Bank Center at 1 Columbus Circle, a two-office tower condominium in Manhattan with 1.1 million square feet of rentable Class A office space, representing a joint venture sponsored by Related Companies, GIC and ADIA.

For a team that can move seamlessly from conduit to SASB, and from hospitality and industrial balance sheet loans right into back leverage, triple-net leases and land banking, Paparelli credits the tenure of his chief lieutenants for these multi-
faceted origination abilities. 

“We have at least five individuals that have been with the firm for more than 25 years, so there’s obviously deep historical knowledge,” he said. “They have a lot of pride in the work that they do. They feel that this business is part of the DNA of the bank.”