Citigroup priced a record $817 million commercial mortgage-backed securities (CMBS) deal. This transaction consists entirely of multifamily property loans. It represents the largest single-bank deal of its kind since the Global Financial Crisis.
The deal features 27 interest-only loans for properties in core U.S. markets. This move departs from the single-asset, single-borrower structure that typically dominates the private-label CMBS market.
The execution highlights strong investor demand for higher-leverage multifamily debt. This demand persists within a competitive lending landscape.