➤ Key Highlights
Approximately $880M of investment-grade and subordinate notes issued
Structure supports roughly $1.0B of floating-rate first-mortgage CRE loans
Collateral pool primarily transitional multifamily assets
Includes a 180-day ramp-up and 30-month reinvestment period
Issued by ACRES Commercial Realty Corp
ACREC 2026‑FL4 (Managed CRE‑CLO) is now in presale with ratings being assigned and pricing underway. The issuer has structured a managed CRE collateralized loan obligation that priced roughly $879.5 M of non‑recourse floating‑rate notes, giving it capacity to finance about $1.0 B of first‑mortgage CRE loans, predominantly multifamily assets. It includes a 180‑day ramp‑up and 30‑month reinvestment period, and investment‑grade tranches starting at Aaa(sf)/AAAsf down through BBB‑sf on subordinate pieces. Closing is expected in early to mid‑February.
AGENCIES & CREDIT CONTEXT: Rating reports have been published assigning preliminary ratings and outlining credit tests (OC and interest coverage) that will govern collateral performance triggers.
GGP Trust 2026‑TY (CMBS Large‑Loan Presale) has also surfaced in presale commentary from major credit rating agencies focusing on preliminary ratings and deal metrics. This is positioned as a single‑loan or small pool CMBS issuance anchored by large‑office collateral (e.g., Tysons market) intended to attract buyer demand sensitive to conduit/agency spreads and office risk dynamics ahead of pricing.
➤ TAKEAWAY
ACREC 2026‑FL4’s scale and reinvestment flexibility can have knock‑on effects on middle‑market multifamily financing spreads and supply of floating‑rate CRE paper.
GGP Trust 2026‑TY’s large‑loan profile and office collateral focus make it a barometer for how investors are pricing concentrated risk in CMBS amid changing fundamentals.
