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Several Wall Street banks have come to dominate a corner of U.S. commercial real estate finance over the past seven months, even as the coronavirus pandemic has cast a long shadow over the market.
Deutsche Bank (DB) Goldman Sachs (GS) and JP Morgan Chase (JPM) each significantly grew their share of the roughly $550 billion commercial mortgage-backed securities (CMBS) market during the pandemic, according to a new report by Deutsche’s research arm.
The CMBS market is a type of property finance where Wall Street banks make loans on hotels, skyscrapers, and other types of commercial buildings to package into bond deals that investors buy.
This chart shows which Wall Street banks won — and lost — market share since the pandemic took hold in the U.S.
Deutsche Bank Research, Index data
Researchers categorized loans as pre-COVID from January to March, but as post-COVID as