First CMBS Conduit Deal of 2025
Fresco Analytics leads the market by being among the first to deliver comprehensive access to the newly announced $834 million Wells Fargo Commercial Mortgage Trust 2025-5C3 Mortgage data.
Wells Fargo announces 2025's first CMBS conduit transaction valued at $834 million, featuring 30 loans across 63 properties with a diverse property mix and bi-coastal concentration. The deal shows stronger pricing compared to previous transactions, potentially setting a positive tone for 2025's ABS market.
Click here to see all properties and their selected metrics on Google Map.
Deal Highlights:
30 loans across 63 properties
Major property types: Multifamily (30%), Office (24%), Lodging (18%)
Geographic concentration: California (29%), New York (23%)
Fresco Insights:
The deal size is larger than its predecessor 2024-5C2 ($720 million)
Weighted average (WA) interest rate is 6.93%, which is higher than 5C2’s 6.35% (November) and V12’s 6.6% (December). All loans are five-year mortgages.
WA LTV is 59.4%. WA DSCR is 1.52. Both are slightly worse than the metrics of 5C2.
In the first conduit deal of 2025, the book runners put together a diverse mix of commercial mortgages. Some market participants expect an even stronger year in deal making than 2024 given the tailwind from rate cuts, strong U.S. economy, favorable regulatory and tax policies, and signs of office market stabilization. We will continue to highlight the numbers as deals are made.
Fresco Analytics remains committed to providing timely, comprehensive CMBS market intelligence. For detailed analytics or custom reports, please contact our team.
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Fresco Analytics
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