It took five years, but the CMBS king has fallen—JP Morgan just passed Deutsche Bank as the biggest CMBS issuer in the country.
JP Morgan underwrote $12B worth of US transactions this year, according to Commercial Mortgage Alert, beating out Deutsche Bank for the first time in five years, The Real Deal reports. Despite that, US CMBS issuance is down a full 25% from last year, with total issuance on track to hit $76B—as opposed to $101B last year.
This isn’t the only recent move from JP Morgan; the bank’s trading desk recently emerged as a major construction lender, stepping in to finance deals that are too risky for the banks. [TRD]
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