Maria Barry, Ken Cohen and Brad Dubeck

Bank of America displayed its versatility over the past year across commercial
mortgage-backed securities, balance sheet lending and affordable housing.

The bank’s CMBS team led by Ken Cohen originated $10.6 billion, including $8.4 billion in single-asset, single-borrower deals and $2.2 billion in conduit transactions. The past year was highlighted by a $2.05 billion CMBS loan in February 2026 for Blackstone that Bank of America led to refinance three multi-tenant data centers in Chicago, Manassas, Va., and Suwanee, Ga.

Cohen’s team played a critical role in jump-starting the CMBS market in late 2024 when it co-originated Tishman Speyer’s $3.5 billion CMBS refinance of its Rockefeller Center office complex in October 2024. It then began last year by co-originating a $2.85 billion CMBS for The Spiral office tower in Hudson Yards in January 2025, followed a month later by a $1.5 billion refi on 200 Park Avenue. Cohen said the deals helped steer momentum to the entire CMBS market.

“I think it’s clear now that the market is wide open for A-plus trophy office,” Cohen said. “It doesn’t have to be Midtown Manhattan as you pick your spot around the country. If it’s of that caliber with that type of sponsorship, there’s a great bid for it.”

Bank of America was also lively on the balance sheet lending front with the commercial real estate banking team originating $24 billion in 2025. The year ended in grand style when the bank co-led a $1.6 billion construction loan for a 72-story office project at 70 Hudson Yards as part of a $2.45 billion capitalization.

“Our lending activity increased in 2025, and we were proud to support our commercial real estate clients by providing ​capital, advice and other banking solutions that helped grow and enhance their businesses,” Brad Dubeck said. 

The Bank of America community development banking team was also busy in 2025 with $7.4 billion in debt and equity financing executed across 87 development projects in 68 cities to produce more than 11,000 affordable housing units. 

The CDB team led by Maria Barry has found success bringing affordable housing projects to the finish line amid challenging economic environments in recent years with multi-
layered capital stacks utilizing debt mixed with Low-Income Housing Tax Credits, historic tax credits, new market tax credits and equity. 

“We have a good, solid foundation of where the market is, where the opportunities are, and our clients are really focused on assembling the capital stack, which does take some time,” Barry said. “There can be 10 to 20 sources in a deal, and every little piece counts because it makes it balance at the end.”