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Citigroup prices $816.9M multifamily-only CMBS conduit deal
The transaction, Citigroup Commercial Mortgage Trust 2026-MFAM1, includes 27 five-year, interest-only loans and priced AAA bonds at swaps plus 80 bps.
Citigroup has priced what Commercial Observer describes as the largest multifamily-only conduit commercial mortgage-backed securities, or CMBS, transaction originated by a single bank since the Global Financial Crisis. The deal, Citigroup Commercial Mortgage Trust 2026-MFAM1, is an all-multifamily conduit backed by 27 five-year, interest-only loans across 27 properties. It carries an aggregate principal balance of $816.9 million, with 100 percent of the loans contributed by Citi Real Estate Funding, according to Trepp data cited by Commercial Observer.
Commercial Observer reports the AAA bonds priced earlier this week at swaps plus 80 basis points, which was 8 bps tighter than the last cash-flow AAA tranche priced on the JPMF1 Multifamily Mortgage Trust 2026-FX1 transaction, completed in May. The outlet also notes that Fitch Ratings pegged the Citi deal’s average Fitch loan-to-value ratio at 123.4 percent, which is higher than several other five-year multiborrower averages referenced for 2026 and 2025, as well as Freddie Mac seven-year K7 series deals rated between 2023 and 2026, year-to-date.