SASB (Single-Asset Single-Borrower)

A SASB (Single-Asset Single-Borrower) is a type of CMBS securitization backed by a single large commercial property or portfolio from one borrower, as opposed to a conduit CMBS that pools many loans. SASB deals have dominated CMBS issuance in 2024-2025, accounting for approximately 75% of total CMBS volume according to SEC data. They are typically used for large, high-quality assets ($100M+) and offer tailored structures for specific properties. For NNN investors, SASB is less directly relevant as most NNN deals are under $10M, but SASB dominance signals institutional confidence in commercial real estate fundamentals and affects overall capital market liquidity that flows down to smaller deals.

SASB (Single-Asset Single-Borrower) is a key concept that affects property valuation, financing decisions, and investment returns in the triple net lease market. Understanding SASB (Single-Asset Single-Borrower) helps investors make informed acquisition and management decisions.

SASB (Single-Asset Single-Borrower) directly influences how commercial properties are valued, financed, and traded. Changes in SASB (Single-Asset Single-Borrower) can impact cap rates, NOI calculations, and overall investment performance for net lease properties.

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