BBCMS Mortgage Trust 2025-5C37 closes $656M CMBS issuance backed by 30 commercial mortgage loans

BBCMS Mortgage Trust 2025-5C37

Public certificates sold: $656,244,000 aggregate principal; net proceeds ~$669.3M after $4.79M expenses.
Trust assets consist of 30 commercial and multifamily mortgage loans.
Credit risk retention: 3650 Capital affiliate holds $38.6M horizontal residual interest (5.006% of fair value).
Private certificates also sold; transaction closed Sep 25, 2025.
Underwriters include Barclays, UBS, SG, Goldman, Citi, BMO, Drexel, Bancroft.

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