Acore Capital has closed a $1.1 billion commercial real estate collateralized loan obligation deal, adding to a wave of bond issuance that signals deep liquidity for transitional property loans across the United States.
The transaction, Acore 2026-FL1, packages 22 floating-rate loans secured primarily by multifamily and industrial properties undergoing lease-up, refinancing or repositioning. The deal provides Acore with a new source of long-term, cost-efficient financing as it scales its commercial lending business.
Securitized CLO offerings are pools of loans originated by a single nonbank lender. This type of debt has increased as traditional banks remain slow to return to commercial real estate lending, analysts have said. New issuers have entered the market as well, capitalizing on the opportunity.
"The successful execution of this CRE CLO demonstrates positive views of our firm, loan portfolio and our disciplined approach to CRE lending," Acore Capital CEO Warren de Haan said in a statement. "This transaction provides Acore Capital with an additional source of attractive leverage, furthering our goal of a diversified financing strategy, and delivers favorable term financing."
The Acore offering arrives at a moment when the CLO market — the primary securitization vehicle for transitional, short-term commercial real estate loans — is running well ahead of last year's pace. CLO issuance has reached $8.84 billion year to date, up from $8.35 billion at the same point in 2025, according to CoStar data.
For commercial real estate professionals, that trajectory confirms that capital markets remain open and competitive for short-term loans even as broader credit markets navigate uncertainty.
The state of CLOs reflects wide-open market conditions, Bank of America securitized loan strategist Alan Todd said. "We expect issuance will remain robust as lenders are in full swing, liquidity is abundant, and demand for fixed income is healthy," Todd wrote in his weekly report.
Acore's initial collateral pool consists of 22 loans originated between November 2024 and January 2025, according to Kroll Bond Rating Agency's analysis of the offering. Multifamily loans dominate the pool at 58% across 12 properties, followed by industrial at 15% across 21 properties. Retail, lodging, office and self-storage round out the remaining exposure.
Most loans funded refinancing transactions — 16 loans, representing 76% of the pool — while four loans supported acquisitions, according to KBRA. All loans remain in their initial terms and carry extension options. Fully extended maturity dates run from August 2028 through February 2031.
The pool's largest single loan is a $76.1 million first mortgage loan on The Hartby, a 205-unit, Class A multifamily building in the Bedford-Stuyvesant neighborhood of Brooklyn, New York. Acore originated the loan to refinance the Roman Catholic Church's existing debt on its leasehold interest in the property.
The Hartby represents the redevelopment of a former parish center adjacent to the Roman Catholic Church of St. John the Baptist. The church acquired the leasehold improvements in 2019 and completed redevelopment in 2025 at a total cost of $106.3 million, or $517,073 per unit, according to KBRA.
As of December, the property was 90.2% occupied. Of its 205 units, 143 are market rate, and 62 are rent-stabilized. The borrower plans to push occupancy to stabilized levels and reduce concessions over the loan term.
Acore manages about $18.5 billion in assets as of September. The firm, founded in 2015, has originated more than 500 loans totaling over $41 billion since inception. It operates offices in New York, San Francisco, Los Angeles, Miami and Dallas with 120 professionals.
In November, an affiliate of Tokio Marine Group agreed to acquire a majority stake in Acore. That deal is expected to close in the first quarter.
Tokio Marine, a Tokyo-based global insurer operating in 57 countries, reported more than $55 billion in revenue for fiscal year 2025. Acore plans to continue operating under its current management team following the acquisition.