Barclays Commercial Mortgage Securities LLC has completed the issuance of $585 million in Commercial Mortgage Pass-Through Certificates, Series 2026-M1. The transaction, known as BBCMS Mortgage Trust 2026-M1, was formed on September 30, 2026, under the laws of New York.
The offering consisted of two sets of certificates: Public Certificates and Private Certificates. The Public Certificates, with an aggregate principal amount of $548,273,000, were sold to a group of underwriters including Barclays Capital Inc., SG Americas Securities, BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Academy Securities, and Drexel Hamilton. The Private Certificates were sold to the same group of Initial Purchasers under a private placement agreement exempt from registration.
The assets backing the trust consist of 37 commercial, multifamily, and manufactured housing community mortgage loans. The net proceeds from the sale of the Public Certificates, after deducting expenses of approximately $5.8 million, were approximately $556.5 million. These proceeds were used to purchase the mortgage loans from the sponsor entities, including Barclays Capital Real Estate Inc., Societe Generale Financial Corporation, Bank of Montreal, Goldman Sachs Mortgage Company, BSPRT CMBS Finance, Citi Real Estate Funding Inc., and Starwood Mortgage Capital LLC.
The transaction includes a credit risk retention component. The HRR Certificates, valued at $34,013,192, represent approximately 5.196% of the fair value of the Public and Private Certificates. This meets the regulatory requirement for retaining a 5% interest in the securitization.
