Morgan Stanley: Commercial Real Estate - The Lender Draft | Official CRE, Growth Cap & ABL Rankings

Explore the benefits of Morgan Stanley for your commercial real estate financing needs.

Website: https://advisor.morganstanley.com/the-agathos-group/documents/field/p/pe/peace-light-group/lending-commercial-real-estate-overview.pdf

2026 SEASON (CURRENT)

Lender Name	Total Points	Deals Logged	Volume Drafted	Primary Asest Focus	Most Common Loan Term	Primary Loan Type	Top States	Pace Score
Bank OZK	113	7	$85,100,000	Condo (3), Multifamily, Industrial	Construction loan (5)	Construction (5)	Florida (2), Pennsylvania, New York, California	0.33
European Investment Bank	85	4	$925,520,000	Industrial/Biorefinery, Shore Power Infrastructure, EV Charging Infrastructure, Wind Farm	15 years (1)	Construction (2)	Italy, Netherlands, Estonia, Spain	0.27
Mitsubishi UFJ Financial Group (MUFG) - Commercial RE	392	19	$6,030,853,333	Solar Energy (5), Battery Energy Storage (3), Data Center (2), Geothermal, Wind Farm, LNG Facility, HVDC Transmission	Non-recourse project financing (2)	Construction (7), Refinance (3), Commercial Real Estate (2), Construction and Term	Texas (3), Louisiana (3), Chile, Japan, Spain, India	0.68
Wells Fargo - Commercial RE	721	32	$9,943,313,154	Office (7), Industrial (5), Multifamily (5), Mixed-Use (3), Hotel/Casino, Data Centers, Energy/LNG, Retail	5-year fixed-rate (3); 2-year floating-rate (2), floating-rate (2), construction loan (2)	Refinance (10), CMBS for Refinance (8), Construction (4), Acquisition (3), Bridge for Refinance (2), CMBS for Acquisition, Credit Facility, Growth Capital, Expansion/Refinance	New York (15), Illinois (3), Florida (2), Texas (2), California (2)	1.41
Bank of Montreal (BMO) - CRE	168	9	$1,329,000,000	Industrial (5), Multifamily (2), Data Centers, Retail	2-year floating-rate (2); construction loan (1), fund-level revolving (1)	Acquisition (4), Refinance (3), Construction, Credit Facility	Georgia (3), Florida (2), Virginia, New Jersey, Nevada, Texas	0.56
Deutsche Bank - Commercial RE	232	12	$2,614,366,667	Office (5), Multifamily, Energy/LNG Facility, Hotel, Life Sciences, Mixed-Use	5-year fixed-rate (2); 2-year floating-rate (1), construction financing (1), CMBS conduit (1)	Refinance (5), Construction (2), CMBS Refinance (3)	New York (5), California, Colorado, Florida, Georgia, Ireland	0.5
First Citizens Bank - CRE	0	0	0	TBD	TBD	TBD	TBD	0
JP Morgan - Commercial RE	466	22	$7,075,349,206	Office (6), Industrial (3), Multifamily (2), Mixed-Use (2), Energy/Geothermal (2), Retail (2)	5-year, fixed-rate (2); 2-year floating-rate + extensions (2); 3-year floating-rate (2)	Refinance (6), CMBS for Refinance (5), Acquisition (4), Construction (3), Bridge for Refinance, Senior + Mezzanine Loan	New York (6), California (3), Texas (3), Massachusetts (2), Florida, Pennsylvania	0.95
Sumitomo Mitsui Banking Corporation (SMBC) - Commercial RE	202	12	$1,313,373,610	Solar Energy (3), Energy/Geothermal (2), Data Center, Energy Storage/BESS, HVDC Transmission, Multifamily, Solar/Wind/BESS Hybrid	Non-recourse senior secured (2); Construction-to-term loan (2)	Commercial Real Estate (6), Construction (3), Refinance	Louisiana (2), Canada, India, Japan, New York, Philippines	0.45
BNP Paribas	68	6	$456,748,429	Solar / Renewable Energy (4), Industrial, Retail/Mall	2-year floating-rate + extensions (2)	Commercial Real Estate (3), Construction (2), CMBS for refinance	Spain (2), Chile (2), Italy, United Arab Emirates	0.27
Citigroup - Commercial RE	324	17	$3,346,167,916	Industrial (4), Multifamily (3), Office (3), Hotel (3), Retail (2), Data Center (2)	Term2-year floating-rate (3), 5-year fixed-rate (2)	CMBS for refinance (5), Refinance (5), Acquisition (2), Construction, CMBS for acquisition	New York (4), Florida (4), Texas (2), Virginia, Georgia, Arizona	0.73
Morgan Stanley - Commercial RE	323	14	$4,553,109,333	Office (4), Data Center (3), Industrial (2), Retail (2), Hotel (2), Self-Storage	5-year fixed-rate (2), 2-year floating-rate (2)	CMBS for refinance (5), Refinance (5), CMBS for acquisition (2), Revolving Credit Facility, Construction	New York (3), Texas (2), Virginia (2), Massachusetts, California, Washington D.C.	0.64
Santander Bank - Commercial RE	181	10	$1,213,816,078	Solar PV/BESS Hybrid (5), Energy Storage/BESS (2), Multifamily (2)	Construction-to-term (2)	Construction (5), Commercial Real Estate (4)	California, Connecticut, Florida, Idaho, Peru, Portugal	0.41
Truist Bank - Commercial RE	91	5	$414,300,000	Multifamily (5)	Construction loan (1), Senior loan and preferred equity (1), Permanent loan (1)	Construction (2), Acquisition, Refinance, Permanent financing	New York (2), Maryland, Texas, Washington D.C., New Jersey	0.23
Bank of America - Commercial RE	379	18	$18,349,612,360	Office (6), Data Center (3), Industrial (3), Energy (3), Multifamily (2), Retail/Mall	Fixed-rate 5-year (2), 2-year floating-rate (2)	Refinance (5), Construction (4), CMBS for refinance (4), Acquisition (3), CMBS for acquisition	New York (6), Louisiana (2), Virginia (2), Michigan, California, Florida	0.82
Goldman Sachs - Commercial RE	509	25	$5,196,649,000	Office (7), Solar/Energy Storage (4), Retail (2), Data Center (2), Hotel (2), Multifamily (2)	5-year fixed-rate (3); 2-year floating-rate (2)	Refinance (10), CMBS for refinance (6), Bridge (2), Construction (2), CMBS for acquisition, Revolving Credit Facility	New York (5), California (4), Virginia (3), Texas (3), Florida (3), Washington	1.09
ING Groep NV - Commercial RE	232	12	$2,197,435,333	Solar Energy (5), Battery Energy Storage (3), Data Center, Office, Community Solar	Construction-to-term (1), 20-year PPA (1)	Construction (6), Commercial Real Estate (2), Refinance (2), Construction and Term	Louisiana (2), California, Idaho, Texas, Virginia, Philippines	0.5
KeyBank	162	9	$1,068,400,000	Solar / Energy (4), Multifamily (2), Senior Living, Industrial Outdoor Storage	35-year amortization (1), 7-year fixed (1), construction-to-term (1)	Construction (3), Refinance (3), HUD Refinance, Construction/Term Loan	Idaho (2), Texas (2), North Carolina, Colorado	0.36
Natixis - Commercial RE	145	7	$1,865,338,096	Solar / Energy (4), Battery Energy Storage (2), LNG Facility, Retail, AI Infrastructure	Senior non-recourse (1), construction term loan (1)	Construction (3), Refinance, Growth Capital, Commercial Real Estate	Louisiana, Texas, California, New York, Chile, France	0.32
Barclays - Commercial RE	231	14	$1,951,030,000	Energy/Geothermal (2), Office (2), Data Center, Energy/LNG, Self-Storage	5-year, fixed-rate (2); Construction-to-term (2)	Refinance (4), Construction (2), Commercial Real Estate	California (2), Georgia, Illinois, Louisiana, Pennsylvania, Texas	0.32
ACORE Capital	34	2	$235,000,000	Industrial, Multifamily	2-year floating-rate; 3×1-year extensions	Refinance (2)	Washington, Multi-State (15 states)	0.11
Affinius Capital	201	12	$1,365,328,000	Multifamily (6), Office (2), Industrial, Development Site, Student Housing (United Kingdom), Mixed-Use	Floating-rate; matures 2029; two 1-year extension options (1); Senior loan; back leverage provided by Standard Chartered (1)	Refinance (8), Acquisition (2), Construction (2)	New York (5), Florida (2), Pennsylvania (2), Georgia, California, United Kingdom	0.55
Barings	142	7	$1,528,450,000	Mixed-Use (3), Office (2), Hotel, Industrial	Construction financing (1)	Refinance (4), Construction (3)	New York (3), California, Illinois, Tennessee, Utah	0.32
Brookfield	37	2	$369,000,000	Multifamily (2)	Three-year bridge (only stated term)	Refinance, Bridge	New York (2)	0.11
S3 Capital	100	6	$576,750,000	Mixed-Use (3), Multifamily, Student Housing	TBD	Construction (3), Refinance, Construction/Acquisition	Florida, New York, New Jersey, South Carolina, Texas	0.21
Berkadia	27	2	$110,942,000	Multifamily (2)	Freddie Mac	Acquisition (2)	Virginia, Wisconsin	0.5
Dwight Capital/Dwight Mortgage Trust	216	16	$1,037,000,000	Multifamily (13), Mixed-Use (2)	HUD 221(d)(4) (2), 35-year fully amortizing fixed-rate (1), 5-year interest-only (1), HUD 241(a) (1), HUD 223(f) (1	Refinance (6), Construction (5), Bridge for refinance (4)	New York (4), Florida (4), New Jersey (2), Texas (2), Utah, California	0.68
Greystone	100	7	$496,249,222	Multifamily (4), Affordable Housing (2), Senior Housing	24-month bridge with extension options (2),	Bridge for Refinance (2), Refinance (2), Acquisition, Construction/Rehabilitation (2)	Illinois (2), North Carolina (2), New York, Mississippi, Florida	0.3
Madison Realty Capital	150	9	$907,150,000	Condominium (3), Multifamily (3), Hotel (2), Self-Storage	Closed Dec 19, 2025, completion late 2027 (1); Construction loan, expected completion 2028 (1)	Construction (5), Refinance (2), Acquisition (1), Condominium Inventory Loan	New York (2), New Jersey (2), Florida (2), Virginia, California, Tennessee	0.41
Nuveen	220	15	$1,274,045,000	Hotel (5), Multifamily (4), Office/Lab (2), Retail (1), Life Sciences	30 years (3), 5-year floating-rate (1), C-PACE financing including $30M for future tenants (1	C-PACE for Construction (5), Construction (3), Refinance (3), Acquisition, Full stack capitalization	Texas (2), Pennsylvania (2), Nevada (2), New York (2), Arizona, Florida	0.59
Blackstone - Commercial RE	262	11	$10,494,670,000	Industrial (3), Multifamily (3), Office (2), Data Center, AI Infrastructure	3-year bridge (1), 5-year fixed-rate (1)	Refinance (6), Bridge for refinance (2), Acquisition/Construction	New York (2), Florida (2), Texas (2), Australia, Colorado, Washington	0.45
Corebridge	25	2	$115,000,000	Self Storage, Multifamily	5 years (2)	Acquisition, Refinance	Multiple, New York	0.11
MonticelloAM	160	10	$1,077,800,000	Skilled Nursing Facility (7), Senior Housing (2), Multifamily	36-month initial term (3), 30-month initial term (1), 24-month term (1)	Bridge for Acquisition (6), Bridge for Refinance (3), Bridge Acquisition	Illinois (2), Florida (2), Washington (2), Maryland, New York, Pennsylvania	0.45
Peachtree Group	180	15	$552,260,000	Hotel (9), Multifamily (2), Industrial, Senior Housing, Retail	3-year bridge with two 12-month extension options (3), 3-year floating-rate EB-5 (1), C-PACE 30-year (1)	Bridge for refinance (4), Construction (4), C-PACE for Construction (3), Bridge (2), C-PACE	Florida (2), Texas (3), North Carolina (2), Georgia (2), Utah, Ohio	0.64
Tyko Capital	88	3	$770,000,000	Condominium (2)	Construction loan, completion Q4 2028 (1)	Construction (2)	Florida (2)	0.11
Apollo Global Management	187	7	$3,454,800,000	Mixed-Use/Conversion (2), Industrial (2), Hotel	Multi-year (1), 36-month SOFR floating (1)	Construction (3), Acquisition (2), Refinance (2)	New York (3), Florida, North Carolina, Germany (2), United Kingdom, Netherlands, Spain	0.39
Ares Real Estate Management	182	8	$2,198,817,000	Industrial (2+), Multifamily (2), Mixed-Use (2)	Fixed-rate long-tenor (1), Through 2031 (1)	Acquisition (4), Refinance, Construction, C-PACE, Growth Financing	Florida (2), New York (2), Illinois, California, Washington D.C., United Kingdom	0.44
New York Life	80	5	$432,517,000	Multifamily (3), Office, Retail	Construction loan, 5-year interest-only, 3-year, floating-rate	Refinance (3), Construction, Acquisition	New York (2), Washington, Texas, California, Illinois	0.21
PGIM Real Estate	180	9	$3,694,925,000	Industrial (4), Data Center, Multifamily (2)	3-year with extensions (1), 7-year fixed (1), Floating-rate (1)	Acquisition (4), Refinance (4), Revolving Credit Facility	California (2), Texas (2), Illinois, Massachusetts, Florida, Germany	0.39
Starwood Property Trust	34	2	$202,000,000	Multifamily, Industrial	TBD	Refinance, Acquisition	Illinois, Tennessee	0.11
Deutsche Bank - Growth Cap	101	5	$3,015,000,000	TBD	Revolving credit facility	Acquisition, Working Capital	Spain, Switzerland	0.5
HSBC	120	6	$1,191,279,762	TBD	Revolving/RCF (2)	Growth Capital (2), First Lien Term Loan, Corporate Debt Facility, Warehouse Facility	New York, New Jersey, California, Spain, Switzerland	0.23
JP Morgan - Growth Cap	508	25	$12,866,892,690	TBD	5-year (2), 2-year with extension options (2)	Revolving Credit Facility (5), Growth Capital (2), Credit Facility (2), Loan (2), Unsecured Term Loan, Acquisition Credit Facility, others	Texas (4), New York (3), Illinois (3), California (2), Japan, Louisiana	0.82
Natixis - Growth Cap	138	7	$1,060,061,398	TBD	5-year, 3-year, 12-year, long-term PPA (all distinct; no modal)	Growth Capital (3), Term Loan B, Syndicated Letter of Credit Facility, Construction Warehouse Revolving Credit Facility, Commercial Real Estate	Spain (2), Nevada, Virginia, France, Massachusetts, Texas	0.32
PNC Bank	206	12	$1,800,010,822	TBD	5-year (4)	Revolving Credit Facility (3), Unsecured Term Loan (3), Unsecured Credit Facility – Revolver + Term Loans (2), Syndicated Credit Facility, Senior Secured Credit Facility, Construction Warehouse Revolving Credit Facility	Illinois (3), Connecticut, Ohio, Virginia, Indiana, Texas	0.55
Bank of America - Growth Cap	279	13	$5,123,868,881	TBD	5-year (4)	Revolving Credit Facility (4), Bridge Loan, Syndicated Term Loan, Syndicated Credit Facility, Growth Capital, Construction Warehouse Revolving Credit Facility	California (3), Texas (2), Ohio, Virginia, Illinois, Canada	0.45
Barclays - Growth Cap	131	6	$2,027,182,540	TBD	Term Loan B, 5-year, 7-year (all distinct; no modal)	Term Loan B, Term Loan, Revolving Credit Facility, Senior Secured Green Revolving Loan and LC Facility, Growth Capital, Senior Secured Corporate Credit Facility (all distinct)	Texas (2), Virginia, California, Spain, Pennsylvania	0.37
Goldman Sachs - Growth Cap	227	10	$8,927,204,762	TBD	Bridge loan (1-year), 5-year, Term Loan B (all distinct; no modal)	Growth Capital (3), Term Loan B, Revolving Credit Facility	Virginia, New York, Japan, Italy, Spain	0.23
Santander Bank - Growth Cap	113	6	$1,006,704,762	TBD	5-year	Growth Capital (3), Revolving Credit Facility, Senior Secured Corporate Credit Facility	Spain (2), New York, Chile, Pennsylvania	0.23
Sumitomo Mitsui Banking Corporation (SMBC) - GC	108	5	$8,439,533,333	TBD	3-year (2)	Growth Capital (3), Revolving Credit Facility, Senior Secured Green Revolving Loan and LC Facility	New York, Japan, Sweden, Texas, Denmark	0.23
Citigroup - Growth Cap	253	11	$808,267,583	TBD	Maturity January 2030 (1)	Growth Capital (4)	India, France, Spain, Canada	0.18
Huntington Bank - Growth Cap	110	8	$407,619,047	TBD	5-year (2)	Unsecured Credit Facility – Revolver + Term Loans (2), Unsecured Term Loan, Senior Credit Facility, Revolving Credit Facility, Five-Year Unsecured Term Loan, Commercial Aircraft Engine Acquisition Facility	Connecticut, Texas, Colorado, California, Florida, Washington	0.32
Morgan Stanley - Growth Cap	197	7	0	TBD	TBD	TBD	TBD	0
Mitsubishi UFJ Financial Group (MUFJ) - Growth Cap	212	10	$8,661,571,429	TBD	3-year (1); Bridge loan 1-year (1); 5-year leveraged loan (1)	Growth Capital (4)	India, Japan, France, Massachusetts	0.18
Truist Bank - Growth Cap	91	5	$381,250,000	TBD	2 years with three 1-year extension options, 4 years revolving credit facility with two six-month extension options (Pricing grid based on leverage ratio plus SOFR, 10-15 bps lower than prior debt)	Securitization / Warehouse & Mezzanine Refinancing; Growth Capital (Equity and Debt); Unsecured Credit Facility; Acquisition Credit Facility	Michigan, California, Florida, New Jersey	0.18
Bank of Montreal (BMO)-Growth Cap	76	4	$649,096,154	TBD	Due May 2031; 2 years with extension options; Maturity January 2030; Softwood Lumber Program term	Revolving Credit Facility (2); Growth Capital / Syndicated Credit Facility; Growth Capital / Term Loan (Softwood Lumber)	Canada (2), Missouri, Illinois	0.18
Canadian Imperial Bank of Commerce (CIBC)	101	8	$260,796,154	TBD	4-year loan (secured to unsecured), Three-year construction warehouse revolving credit facility with $500M accordion, Initial 3-year term with consecutive 1-year extension (prime rate + .75%)	Acquisition, Construction Warehouse Revolving Credit Facility, Growth Capital	Canada (3), Belgium	0.18
ING Groep NV - Growth Cap	80	5	$185,540,000	TBD	95% covered buyer credit guarantee (1)	Growth Capital	France	0.05
Royal Bank of Canada	104	7	$442,667,583	TBD	5-year (1); 2-year with extensions (1); Softwood Lumber bilateral (1); Maturity 2030 (1); SOFR + 85 bps (1)	Growth Capital (3); Senior Secured Credit Facilities; Growth Capital / Asset-Based Loan	Canada (3), Louisiana, Illinois	0.23
Wells Fargo-Growth Cap	261	13	$4,475,773,644	TBD	SOFR + 85 bps / interest-only (2); 5-year revolving (2)	Revolving Credit Facility (5); Unsecured Term Loan (3); Term Loan B (1); Syndicated Credit Facility (1); Senior Credit Facility (1)	Illinois (3), California (2), Canada, Virginia, Louisiana, New York, Ohio, Indiana	0.55
Regions Bank - Growth Cap	116	7	$539,475,108	TBD	The loan terms typically range from 2 to 5 years for initial maturity, frequently featuring one or more extension options (e.g., 6-month or 1-year extensions) and often priced using SOFR plus a spread.	The mix is predominantly composed of Unsecured Term Loans and various Credit Facilities (including syndicated, revolving, and construction warehouse facilities).	Illinois (3), Texas (2), Florida, New York, Washington	0.35
KeyBank - Growth Cap	139	8	$2,429,713,203	TBD	TBD	Revolving Credit Facility (2), Unsecured Credit Facility Revolver + Term Loans (2), Acquisition Credit Facility, Five-Year Unsecured Term Loan	New York, New Jersey, Ohio, California, Florida, Washington	0.26
U.S. Bank - Growth Cap	227	10	$1,441,915,585	TBD	5 years (2)	Revolving Credit Facility (3), Unsecured Term Loan (2), Unsecured Credit Facility Revolver + Term Loans (2), Construction Warehouse Revolving Credit Facility, Term Loan Credit Agreement, Five-Year Unsecured Term Loan	Illinois (2), California (2), Missouri, Ohio, Wisconsin, Texas, New York, Washington	0.43
BBVA	125	4	$1,031,858,974	TBD	TBD	Growth Capital (4)	China (2), Spain (2)	0.17
Blue Owl Capital	133	6	$2,050,000,000	TBD	SOFR+5.00% or Base Rate+4.00%, matures Apr 2031 (1); 5.5% over SOFR (1)	Senior Secured Credit Facility (2), Term Loan and Revolving Credit Facility, Credit Facility (Warehouse/Renewal), Delayed-Draw Term Loan	Texas, Massachusetts, California, Germany	0.18
Comvest Partners	19	1	$130,000,000	TBD	TBD	Senior Secured Credit Facility	California	0.04
MidCap Financial-Growth Cap	75	7	$21,500,000	TBD	Revolver with accordion feature; term loan; delayed draw term loan (1	Senior Secured Credit Facility (5), Growth Capital (1)	California (2), New York, Kentucky, Maryland, Canada	0.27
Mountain Ridge Capital	8	1	$15,000,000	TBD	Revolving facility maximizing availability against working capital assets	Senior Secured Credit Facility	Midwest	0.04
SLR Credit Solutions	0	0	0	TBD	TBD	TBD	TBD	0
Blackstone - Growth Cap	84	3	$1,600,000,000	TBD	Four-year funding spread, milestone payments upon FDA approval (1)	Growth Capital (2), Senior Secured Credit Facility	Texas, Israel, India	0.14
Hercules Capital	12	1	$25,000,000	TBD	4-year loan with three tranches up to $75M milestone-based, final $25M at Hercules discretion	Growth Capital	California	0.04
Monroe Capital	181	16	$52,500,000	TBD	TermPrime plus 3.75%, 60-month term (1); Senior credit facility (1); Delayed draw facility (1)	Senior Credit Facility (10), Senior Secured Credit Facility (2), Delayed Draw Senior Credit Facility, Debt Financing + Equity Co-Investment, Senior Secured Term Loan	California (4), Illinois (2), Michigan (2), Florida (2), Texas, Georgia	0.73
SG Credit Partners	28	3	0	TBD	TBD	Senior Debt Facility, Senior Debt Investment (2)	New York (2), Colorado	0.14
Stellus Capital Management	24	3	Undisclosed	TBD	TBD	Unitranche Senior Debt Facility (with Equity Co-Investment), Senior Debt Financing + Equity Co-Investment (2)	Arizona, Tennessee, Virginia	0.14
HPS Investment Partners	29	1	$500,000,000	TBD	Four-year secured term loan, SOFR + 675 basis points	Secured Term Loan	New York	0.04
NXT Capital	60	5	Undisclosed	TBD	TBD	Senior Secured Credit Facility (2), Senior Credit Facility (2)	Pennsylvania (2), Ohio, Michigan	0.18
Siena Lending Group - GC	0	0	0	TBD	TBD	TBD	TBD	0
Trinity Capital	121	10	$338,915,000	Small business receivables / consumer and SMB loan collateral (1)	Commitment structure	Growth Capital (5), Senior Secured Credit Facility (2), Equipment Financing, Growth Capital Debt Facility, Debt Term Loan, Warehouse Credit Facility	California (5), Arizona, Utah, New York, United Kingdom (2)	0.5
Wingspire Capital	72	6	$180,000,000	TBD	N/A	Senior Secured Revolving Credit Facility (2), Revolving Credit Facility (2), Senior Secured Credit Facility, Commitment	Pennsylvania, Wisconsin, Georgia, Florida	0.27
Ares Management - Growth Cap	108	5	$4,300,000,000	TBD	TBD	Debt Facility (2), Acquisition Financing, Equity and Debt Capital, Debt Financing	Colorado, California, New Jersey, North Carolina, Pennsylvania	0.23
Encina Private Credit	62	5	$118,750,000	Enterprise value / first-out commitment (1)	Senior credit facility secured by diversified pool of small balance lease-to-own contracts	Senior Secured Credit Facility (3), First Out Term Loan	Georgia	0.18
Great Rock Capital - GC	12	1	$30,000,000	TBD	TBD	Senior Secured Revolving Credit Facility	Pennsylvania (2)	0.04
KKR	0	0	0	TBD	TBD	TBD	TBD	0
Whitehawk Capital Partners	26	1	0	TBD	TBD	TBD	TBD	0
Bain Capital	53	4	$286,548,840	TBD	TBD	Senior Credit Facility (2), Growth Capital, Senior Secured Credit Facility	Massachusetts, Georgia, Nebraska, Germany	0.17
Fortress	86	4	$762,000,000	TBD	TBD	Senior Secured Credit Facility (2), First-Lien Term Loan, Senior Secured Term Loan	New Jersey, Tennessee, Kansas, California	0.17
Advantage Business Capital	8	1	$1,000,000	Invoices	TBD	Invoice Factoring Facility	TBD	0.04
First Citizens Bank - ABL	0	0	0	TBD	TBD	TBD	TBD	0
Gibraltar Business Capital	8	1	$20,000,000	TBD	TBD	Senior Secured Facility	TBD	0.04
nFusion Capital	80	10	$55,600,000	Accounts Receivable (7), Inventory (2), Accounts Receivable and Inventory (1)	TBD	Asset-Based Lending Facility (5), Factoring Facility (4), Factoring Line	California (3), Texas (2), Colorado, Michigan, Arizona, Florida, Georgia	0.45
Culain Capital	24	3	$7,500,000	Accounts Receivable (3), Inventory	TBD	Accounts Receivable Factoring Facility (2), Accounts Receivable & Inventory Financing Facility	New York (2), California	0.14
First Business Bank	84	10	$42,800,000	Accounts Receivable (6), Inventory (3), Real Estate (2), Vehicle Inventory		Factoring Facility (3), Asset-Based Revolving Credit Facility (2), Credit Facility (2), Working Capital Line of Credit, Inventory Floorplan Line of Credit	Wisconsin (2), Texas (2), Minnesota, New Jersey, Virginia, Hawaii, Pennsylvania	0.41
Great Rock Capital - ABL	46	3	$208,750,000	Accounts Receivable (3), Machinery & Equipment (2)	TBD	Senior Secured Revolving Credit Facility (2), Senior Secured Revolver	Pennsylvania	0.14
Rosenthal Capital Group	100	12	$23,750,000	Accounts Receivable (7), Inventory (4), Purchase Orders (2)	TBD	ABL Facility (3), Recourse Factoring Facility (2), Purchase Order Financing (2), Revolving Credit Facility, Working Capital Facility, Facility Increase	California (3), Idaho, Michigan	0.41
Ares Commercial Finance	12	1	$175,000,000	Accounts receivable; Machinery & equipment	TBD	Senior Secured Revolving Credit Facility	TBD	0.16
Sallyport Commercial Finance	54	7	$16,150,000	Accounts Receivable (5), Inventory (2)	TBD	Accounts Receivable Financing Facility (3), Non-Notification Factoring Facility (2), Inventory Finance Facility, A/R and Inventory Facility	Canada (3), Texas	0.32
SLR Healthcare ABL	16	2	$10,000,000	TBD	TBD	Asset-Based Revolving Line of Credit (2)	Northeast	0.09
Utica Equipment Finance	16	2	$18,000,000	Heavy Equipment (2)	Capital lease (2)	Capital lease (2)	Mid-Atlantic	0.09
Amerisource Business Capital	64	8	$30,500,000	Accounts Receivable (6), Inventory (4), Equipment (3), Real Estate	TBD	ABL Facility (3), A/R Only Facility, Asset-Based Lending Facility, Credit Facility Increase, Ledgered Asset-Based Line of Credit, A/R Ledgered ABL, Revolving Credit Facility with Equity, Working Capital Facility	Texas (2), Midwest (2), Southeast (2)	0.36
King Trade Capital	0	0	0	TBD	TBD	TBD	TBD	0
MidCap Business Credit	32	4	$46,000,000	Accounts Receivable (3), Inventory (3), Machinery & Equipment (3), Real Estate	TBD	Asset-Based Credit Facility (2), Working Capital Revolver (2), Working Capital Revolver + Machinery and Equipment Term Loan	Texas	0.18
White Oak Commercial Finance	54	4	$107,500,000	Accounts Receivable (3), Mining Services Assets, Various	TBD	Senior Secured ABL Facility, Revolving Credit Facility, ABL Revolver Facility	Arizona, Texas	0.14
Loeb Equipment	16	2	$1,200,000	Equipment	TBD	Equipment-Based Loan	Wisconsin, Illinois	0.04
Prestige Capital	8	1	$3,000,000	Invoices; Accounts Receivable	TBD	Invoice Financing Facility	California	0.04
JPalmer Collective	56	7	$26,000,000	Accounts Receivable (4), Inventory (4)	TBD	Line of Credit (3), Working Capital Facility (2), Asset-Based Line of Credit, Asset-Based Loan, Debt Facility	New York (2), Oregon (2), California, Georgia, Massachusetts	0.32
Eldridge Capital Management	69	3	$925,000,000	Power generation equipment (3)	TBD	Lease Facility (2), Equipment Financing Facility	Texas (3)	0.13
Haversine Funding	56	7	$38,100,000	Transportation Receivables / Factoring Portfolio (3), Accounts Receivable (2), Loan Portfolio / Working Capital Assets, Accounts Receivable (Optical Networking Hardware)	TBD	Lender Finance - Subordinated Debt Increase (2), Lender Finance - Senior Secured Revolving Credit Facility Increase, Lender Finance - ABL Participation, Lender Finance - Senior Facility Increase, Lender Finance - A/R Participation, Lender Finance - Factoring Participation	Texas (7)	0.3
Austin Financial Services	8	1	$10,000,000	TBD	TBD	Accounts Receivable Revolver	TBD	0.2
eCapital	100	12	$107,250,000	Healthcare Accounts Receivable (7), Accounts Receivable (4), Freight Receivables (2), Inventory	ABL facility with advances against accounts receivable and inventory; flexible facility with higher advance rates (1); others undisclosed	Healthcare Receivables Financing Facility (5), A/R Financing Facility (3), Healthcare Financing Facility, Asset-Based Lending Facility, Asset-based Loan-Freight Factoring Facility, Freight Factoring Facility	California (2), Canada (Ontario), Massachusetts, Midwest	1
Porter Capital	0	0	0	TBD	TBD	TBD	TBD	0
Siena Lending Group - ABL	46	3	$185,000,000	Accounts Receivable (2), Inventory (2), Current and Fixed Assets	TBD	Revolving Credit Facility, Senior Secured ABL Credit Facility	California, New Jersey	0.09
Gateway Trade Funding	15	2	$1,700,000	Inventory (2), Purchase Orders	Letter of credit-backed (1)	Purchase Order Facility (2)	TBD	0.33
Republic Business Credit	55	7	$23,000,000	Accounts Receivable (5), Inventory (2)	Accordion up to $6M with $2M inventory option after 6 months (1), Ledgered line of credit (1), Includes $10M accordion feature (1), Factoring facility (1)	Factoring Facility (4), Asset-Based Loan (2), Ledgered Line of Credit	California (2), Texas, Southwest	0.32
SLR Business Credit	24	3	$20,000,000	Accounts Receivable (3), Inventory (2)	TBD	Senior Secured Asset-Based Revolving Credit Facility, Senior Secured Invoice Financing Credit Facility, Revolving Line of Credit	New Jersey	0.14
TAB Bank	8	1	$2,500,000	Inventory	TBD	Asset-Based Lending Facility	Utah	0.04
Alpine Ridge Funding	0	0	0	TBD	TBD	TBD	TBD	0
Celtic Capital	53	7	$7,270,700	Accounts Receivable (5), Equipment (3), Inventory	$500K AR Line + $304.5K Equipment Loan (1); AR Line and Equipment Loan terms undisclosed (1)	Accounts Receivable Line of Credit (4), Asset-Based Financing Package, Accounts Receivable Line of Credit and Inventory Line of Credit	California (3), Pacific (2), Midwest, South-Central	0.27
Clarus Capital	8	1	$10,000,000	Essential use assets (medical transportation vehicles)	Loan facility for sponsor-backed company	Loan Facility	TBD	0.25
Gordon Brothers	19	1	$175,000,000	Various assets; Real Estate	Unitranche asset-based lending revolver with RILO tranche	Unitranche ABL Revolver with RILO	TBD	0.04
Assembled Brands	32	4	0	Accounts Receivable (3), Inventory (3)	Dynamic accordion-style facility with high advance rates (1), Scalable accordion feature; no lockboxes; no personal guarantees (1	Asset-Based Credit Facility, Senior Asset-Based Line of Credit, Revolving Working Capital Facility, Accordion-Style Asset-Based Facility	Delaware, California, Illinois, New Mexico	0.18
MidCap Financial-ABL	38	3	$95,000,000	TBD	Senior secured credit facility (2)	Senior Secured Credit Facility (2), Asset-Based Loan, Growth Capital	New York, Canada (Toronto) (2)	0.14
Southstar Capital	226	30	$42,150,000	Accounts Receivable (23), Purchase Orders (6), Inventory (4), Equipment (3)	Loan TermAccounts receivable financing facility; advances against eligible invoices including progress-billed contracts with retainage (1)	Accounts Receivable Financing Facility (13), Invoice Factoring Facility (5), A/R Financing Facility (3), Purchase Order and A/R Financing Facility (3), A/R and Inventory Financing Facility (2), Factoring Facility (2), A/R Line of Credit	Texas (4), Florida (3), North Carolina (3), South Carolina (3), Indiana, Midwest	1.32
Wintrust Equipment Finance	0	0	0	TBD	TBD	TBD	TBD	0
The Hedaya Capital Group	48	6	$22,000,000	Accounts Receivable (6)	Factoring facility with non-notification basis (1)	Factoring Facility (6)	New York (2), Florida, California, New Jersey, Texas	0.27
Sigma Funding	24	3	$2,600,000	Accounts Receivable (3)	$2,000,000 per month ongoing (1), Per month ongoing (1)	Monthly Factoring / Accounts Receivable Funding Program, Accounts Receivable Financing Facility, Accounts Receivable Funding Facility	Florida (2), California	0.14
Capteris	44	4	$94,000,000	Equipment (3)	TBD	Lease Commitment (2), Equipment Finance Loan, Co-Investment	TBD	0.18
Baker Garrington	86	11	$15,000,000	Accounts Receivable (11)	TBD	Factoring Facility (11)	Texas (4), North Dakota (3), Colorado, Oklahoma, Pennsylvania, Louisiana	0.5
Crestline Investors	60	3	$412,500,000	Portfolio of fund/infrastructure/credit assets (3)	TBD	NAV Loan (3)	TBD	0.13
JD Factors	74	10	$8,850,000	Accounts Receivable (10)	TBD	Factoring Facility (10)	Illinois (2), Quebec (2), British Columbia, Indiana, Washington, Arizona, Tennessee, Texas	0.43

2025 Lender Overview

Morgan Stanley is a leading global investment bank and financial services institution headquartered at 1585 Broadway in Midtown Manhattan, New York City, operating one of the most active commercial real estate lending and CMBS origination platforms in the United States. Founded in 1935, Morgan Stanley operates across 42 countries with approximately 83,000 employees, $1.42 trillion in total assets, and $1.90 trillion in assets under management as of 2025. In CRE lending, Morgan Stanley operates through multiple entities — Morgan Stanley Bank, Morgan Stanley Mortgage Capital Holdings, and Morgan Stanley Renewables — and participates in deals ranging from sole-lender balance sheet positions to multi-institution CMBS syndicates alongside Goldman Sachs, Bank of America, Wells Fargo, JP Morgan, and Deutsche Bank. The verified 2025 deal log captures 25 transactions spanning office, industrial, retail, multifamily, hotel, data centers, medical office, life science, and renewable energy — a cross-section that reflects Morgan Stanley’s strategic position: not a specialist, but an institutional cornerstone of the large-loan CMBS market that every major sponsor eventually needs at the closing table.

Headquarters: New York City, New York (1585 Broadway, Midtown Manhattan)
Founded: 1935
Ownership: Public; Morgan Stanley (NYSE: MS); S&P 500 and S&P 100 component
Primary Focus: Large-loan CMBS origination, institutional CRE refinancing, construction lending, balance sheet lending across office, industrial, retail, multifamily, and specialty assets
Typical Deal Size: ~$284.6M (allocated volume basis across 25 deals); ~$296.5M on the 24 volume-bearing deals

Tale of the Tape

Deals Logged: 25
Volume Drafted: ~$7.116B*
Primary Asset Focus: Office (9) | Industrial (6) | Multifamily (3) | Retail (3) | Mixed-Use (3) | Medical Office / Life Science (2) | Hotel (1) | Data Centers (1) | Energy / Solar (1)
Most Common Loan Term: [Data not provided — 10 of 25 deals undisclosed] | 2-year floating-rate with extension options (7) | 5-year fixed-rate (4) | 10-year CMBS (2) | 7-year floating-rate (1) | 5.5-year fixed-rate (1)
Primary Loan Type: CMBS / CMBS for refinance (14) | Refinance — conventional (8) | Construction (1) | CMBS extension (1) | Tax equity (1)
Top States: New York (7), Multi-state portfolio (9), Massachusetts (3), Texas (2), California (multi-deal across portfolios), Georgia/Virginia (1)

Indicates syndicated loans across 22 of 25 deals. Per “The Lead Arranger & The Syndicate Rule,” scoring is based on Morgan Stanley’s specific allocation or lead arranger status. See The Rulebook for details.

⚠ Data Notes: (1) Nov 2W and Nov 1W both reference Jack Resnick & Sons entities — two separate $147M transactions with the same lender pair and advisor, involving related but distinct borrowers and buildings. Both counted. (2) Sept 5W Blackstone multifamily CMBS lists Morgan Stanley at $435M and Natixis at $435M against a $465M total deal — the tranche figures as stated exceed the total facility. Morgan Stanley’s allocation is calculated using equal division ($232.5M) and flagged. (3) Jan 1W Estuary Power lists Morgan Stanley Renewables as tax equity provider — a different product from debt lending. Included in deal count; excluded from volume calculation.

2025 PERFORMANCE SUMMARY

Morgan Stanley logged 25 deals totaling approximately $7.116 billion in verified capital deployed during the period covered, with 22 deals involving syndicated structures and 3 representing sole-lender balance sheet positions — the Investcorp industrial portfolio refinancing ($1B), the Beacon Capital life science office refinancing ($149.2M), and the Altmark Bronx multifamily refinancing ($96M). The gross deal value of the 25 transactions exceeds $26 billion, illustrating the gap between Morgan Stanley’s allocated exposure and its total market influence in CRE.

September is the most active single month in the log with five closings. May, June, August, and November each produce three transactions. Morgan Stanley closes at least one deal every month except March — a near-continuous origination pace that reflects the permanent operation of a CMBS securitization machine rather than a seasonal credit cycle. The year-end December deal — a $970M hotel CMBS for Blackstone at the Hotel del Coronado — and the year-opening January Estuary Power tax equity commitment bracket a calendar that shows no meaningful gaps.

DEAL FLOW ANALYSIS

Deal Size Range: Allocated deal sizes range from $55.7M (Safehold ground lease refinancing, 3-lender split) to $1B (Investcorp sole-lender industrial refinancing). Gross deal sizes span from $96M (Altmark multifamily) to $2.8B (Blackstone ROIC retail acquisition financing). The sweet spot for Morgan Stanley’s balance sheet deployment — on deals where they’re not just a small participant — is $150M–$350M per deal.
Geographic Focus: New York leads with seven standalone deals. Nine additional deals are multi-state portfolio financings spanning anywhere from 8 to 13 states simultaneously. Massachusetts contributes three deals, all in Boston. Texas produces two. California appears across multiple portfolio deals. Morgan Stanley’s CRE lending practice has no geographic constraint — they finance wherever institutional-grade sponsors hold assets.
Industry Patterns: Office dominates with nine deals — the highest single-asset class in the log, appearing in every month from February through November. Industrial follows with six. Multifamily, retail, and mixed-use each contribute three. The breadth confirms a full-spectrum CRE lender rather than a niche specialist. Morgan Stanley’s office presence is particularly notable: while many banks have contracted their office exposure, Morgan Stanley closed nine office transactions in 2025, including multiple trophy Manhattan assets and a six-building West Coast portfolio.
Loan Structures: CMBS and CMBS-for-refinance structures dominate with fourteen deals. Conventional refinancing follows with eight. The CMBS category ranges from single-asset single-borrower deals (Oct 2W NorthPark, $1.2B) to large multi-state portfolio securitizations (Nov 1W Blackstone Industrial, $1.6B). Morgan Stanley originates and sells bonds — they are not holding this paper on a permanent balance sheet.
Deal Purposes: Refinancing of existing debt drives 22 of 25 deals. The exceptions are the Blackstone ROIC acquisition financing (Feb 4W), the Blackstone office tower acquisition (May 4W), and the Estuary Power construction and tax equity deal. Morgan Stanley is overwhelmingly a refinancing machine in this sample — not a construction or acquisition lender at scale.
Specific Example: In October 2025, Morgan Stanley acted as a sole lender on a $1B refinancing of four US industrial portfolios for Investcorp, spanning 14.4 million square feet across eight states. This deal is instructive not because of its size — there are larger deals in the log — but because it’s one of only three sole-lender positions Morgan Stanley takes in 2025, signaling a relationship-driven, balance sheet commitment to a major institutional investor without the complexity of a syndicate.
Transaction Velocity: Morgan Stanley closes deals in eleven of twelve months — only March is absent. September alone produces five closings. That density is not coincidence: September reflects a CMBS conduit calendar that pushes closings before year-end securitizations lock up. Morgan Stanley is managing a permanent origination pipeline that accelerates at conduit close dates rather than following a borrower-demand cycle.

Strategic Insight

Blackstone appears in four separate Morgan Stanley deals in 2025 — the Hotel del Coronado CMBS ($970M), the Blackstone Industrial CMBS ($1.6B), the Blackstone multifamily CMBS ($465M), and the Blackstone ROIC acquisition financing ($2.8B). That’s $5.835B in gross deal value across a single sponsor relationship — nearly 22% of the total gross deal flow in the log. Morgan Stanley is not just a CMBS originator. They are the primary capital markets execution partner for the world’s largest commercial real estate investor, deployed across four asset classes and three separate months of the calendar year. No other lender in The Lender Draft CRE platform shows this level of sponsor concentration with a single institutional borrower. The Blackstone relationship is not incidental to Morgan Stanley’s CRE strategy — it is structural to it. Every other deal in the log is noise by comparison in terms of relationship depth and repeat execution.

IDEAL BORROWER PROFILE

The ideal borrower for Morgan Stanley, based on verified 2025 CRE activity, is a large institutional real estate sponsor — private equity, REIT, or sovereign wealth fund — with a trophy or Class A asset or portfolio requiring $200M or more in CMBS refinancing, balance sheet lending, or acquisition financing, preferably with an existing relationship with Morgan Stanley’s CRE origination team.

Deal Size Range: $55.7M to $1B (allocated); $96M to $2.8B (gross deal)
Industries: Office (9), Industrial (6), Multifamily (3), Retail (3), Mixed-Use (3), Medical Office/Life Science (2), Hotel (1), Data Centers (1), Energy/Solar (1)
Geography: New York (7), Multi-state portfolios (9), Massachusetts (3), Texas (2), California (multi-deal), Georgia/Virginia (1)
Asset Types: Office towers, industrial portfolios, regional malls, multifamily, mixed-use, life science, hotel, data centers, solar + storage
Use Cases: Refinancing existing debt (22), Acquisition financing (2), Construction/tax equity (1)
Loan Types: CMBS / CMBS for refinance (14), Conventional refinance (8), Construction (1), CMBS extension (1), Tax equity (1)

Competitive Positioning Insight

Morgan Stanley’s three sole-lender deals — Investcorp industrial ($1B), Beacon Capital life science ($149.2M), and Altmark multifamily ($96M) — span a range from $96M to $1B, which is itself a revealing pattern. Morgan Stanley commits sole-lender balance sheet across the full size spectrum when the sponsor and asset qualify. That $1B sole-lender commitment to Investcorp is a competitive moat in practice: no lender without a fortress balance sheet and deep institutional credibility can offer a $1B sole-lender refinancing without a syndicate. Morgan Stanley can, and does. The Altmark Bronx multifamily deal at $96M shows the floor isn’t $500M — they’ll write a sole-lender check at any size when the relationship warrants it. That combination of floor-to-ceiling flexibility on sole-lender positioning is what separates Morgan Stanley from regional banks on the low end and from smaller institutional CMBS shops on the high end.

STRATEGIC INTELLIGENCE BY AUDIENCE

FOR BORROWERS

Blackstone Relationship as the Benchmark for CMBS Execution Speed: Morgan Stanley closes four Blackstone deals in 2025 — spanning hotel, industrial, multifamily, and retail — in February, May, September, and December. The breadth and velocity of that relationship means Morgan Stanley’s CMBS conduit is pre-calibrated for large institutional sponsor deals. A borrower of comparable institutional quality — REIT, sovereign wealth fund partner, or major PE sponsor — can expect the same execution infrastructure.
Action: If your refinancing exceeds $500M and involves a trophy or Class A asset, approach Morgan Stanley as a co-lead or sole originator, not as a participant to be added after the deal is structured. Their CMBS pipeline runs year-round. Deals that arrive as fully-structured packages — clear collateral, defined use of proceeds, institutional borrower — close faster than deals where Morgan Stanley is asked to structure from scratch.
Timing: September is Morgan Stanley’s highest-velocity month with five closings. That’s a conduit calendar event — deals structured in July and August close in September before year-end securitization windows. Submit packages by August 1 for a September or October target close.

FOR BROKERS

Multi-State Industrial Portfolios as Morgan Stanley’s Highest-Frequency Deal Type: Six of 25 deals involve industrial portfolios spanning multiple states — Blackstone Industrial (7 states), Investcorp (8 states), Starwood REIT (5 states), LXP (11 states), ILPT (10 states), and Ares (9 states). Morgan Stanley is the default co-originator on institutional industrial portfolio CMBS, appearing in every major multi-state industrial refinancing in the log.
Action: When placing a multi-state industrial portfolio refinancing for an institutional REIT or PE sponsor above $300M, include Morgan Stanley in the opening lender outreach. Their pattern on industrial multi-state deals is consistent: they participate in every one. Don’t treat them as a fallback — treat them as a confirmed participant who needs early structure visibility.
Strategy: Newmark appears as the advisor on four Morgan Stanley deals — Welltower, Westfield, May 1W Safehold, and Apr 2W Ares — and Avison Young advises on both Resnick transactions. These are confirmed deal-flow channels into Morgan Stanley’s origination team. Brokers seeking to place CRE debt with Morgan Stanley should build relationships with those specific Newmark and Avison Young teams, who are demonstrably routing institutional CRE debt to Morgan Stanley on a repeat basis.

FOR RIVAL LENDERS

Office Concentration at a Market Inflection Point: Morgan Stanley closes nine office deals in 2025 at a moment when office remains the most contested asset class in CRE. Their CMBS model requires trophy assets and institutional sponsors — which structurally excludes the mid-market and suburban office refinancing segment where bank lenders are still active.
Action: Target office refinancings in the $30M–$150M range with non-institutional sponsors and secondary market assets — the deals Morgan Stanley’s CMBS conduit cannot process cleanly. Their institutional floor on collateral quality is a built-in market opening for balance sheet lenders who can take more nuanced credit positions.
Defense: When competing against Morgan Stanley on a trophy office or industrial refinancing, the competitive response is not rate or structure — Morgan Stanley’s CMBS pricing is typically best execution for investment-grade collateral. Compete on execution certainty, covenant flexibility, and relationship depth. Morgan Stanley’s CMBS structure imposes standardized loan documents and borrower covenants that sophisticated sponsors sometimes find restrictive. A balance sheet lender offering bespoke terms can win deals that Morgan Stanley’s conduit constraints push out.

FOR ANALYSTS & FUNDS

Morgan Stanley’s Office CMBS Volume as a Bond Market Confidence Signal: Nine office deals in the verified 2025 log — across Manhattan, Boston, Los Angeles, Seattle, and Washington D.C. — totaling over $4.5B in gross deal value at the origination level. Morgan Stanley originates office CMBS to securitize it. If bond investors weren’t buying, the deals wouldn’t close. With $1.42 trillion in total assets and offices in 42 countries, Morgan Stanley’s willingness to lead office CMBS origination in 2025 is a direct signal that institutional bond buyer appetite for Class A office paper has not collapsed — it has bifurcated along sponsor and collateral quality lines.
Observation: The Blackstone relationship — four deals, $5.835B gross — functions as a market intelligence signal in itself. When Blackstone refis hotel, industrial, multifamily, and grocery-anchored retail through Morgan Stanley CMBS in a single calendar year, it signals that Blackstone’s asset managers believe current valuations support refinancing economics across all four asset classes. Blackstone does not refinance assets it plans to sell or distress. Four Morgan Stanley-executed refis in 2025 across four sectors is a statement about Blackstone’s hold thesis for each.
Strategy: Funds allocating to CMBS in 2026 should treat Morgan Stanley’s origination sector mix as a leading indicator. Their nine office deals in 2025 preceded a potential inflection in Class A office liquidity. Their six industrial deals confirm continued institutional appetite for industrial CMBS paper. Positioning in Morgan Stanley-co-originated CMBS tranches — particularly in the industrial and Class A office categories — provides exposure to collateral that has already been pre-screened through one of the most rigorous institutional origination processes in the market.