Mark Romanczuk, Siddharth Shrivastava, Timothy Richards, Andrew White and Steve Pack

After more than doubling its lending volume in 2024, Goldman Sachs continued to move the needle last year.

The investment bank executed $14.4 billion of CMBS originations in 2025, up 9 percent from 2024 and 140 percent from its 2023 output of $6 billion. Goldman Sachs was active both with floating-rate SASB and fixed-rate conduit deals, demonstrating its versatility as a lending platform. In Goldman’s Asset Management, the core of RE-related activities is facilitated via GS Alternatives’ lending solutions which include large mezzanine loans, senior construction loans, middle market transitional bridge lending, and Urban Investment lending.

“Our edge is the breadth of the platform where we can deliver solutions in all shapes and sizes in any market environment across both our banking, markets and asset management teams,” Mark Romanczuk said. “We can provide a tailored solution, rather than trying to fit an answer into one narrow product box.”

Goldman Sachs originated $11.7 billion of SASB loans in 2025, including six data center deals. One of the data center transactions involved a $735 million, five-year, fixed-rate loan closed in June 2025 for Vantage to refinance three single-tenant data centers in Goodyear, Ariz.

The past year was also a big one for Goldman Sachs on the office front, including a $630 million CMBS, five-year, fixed-rate loan for Cain and OKO Group to refinance 830 Brickell, a newly built 57-story trophy office tower in Miami. Goldman Sachs also co-originated with Wells Fargo a $229 million CMBS refinancing for a 28-story office Miami building at 801 Brickell in September sponsored by Monarch Alternative Capital and Tourmaline Capital Partners.

Goldman Sachs is on pace for another big year in 2026 after placing atop the CMBS league tables in the first quarter, in addition to seeing increased lending within alternative vehicles and balance sheet capital. A veteran CRE lending leadership team of Romanczuk, Sid Shrivastava, Tim Richards, Andrew White and Steve Pack that has worked together for more than 15 years across both of the firm’s two main divisions provides Goldman Sachs with another leg up amid increased competition.

“We have worked through complexity around asset structures and have worked through various market cycles over that period of time always with an eye toward delivering the entirety of the firm where appropriate and providing creative solutions,” Romanczuk said. “There is a real sense of continuity for our partners and I think we’re viewed as a steady set of hands.”