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Latest News  + Alternative Assets  + Real Estate  |  May 8, 2025
Invesco’s INCREF Closes $1.2B CRE CLO, Largest in US in Three Years 
Joe Palmisano
By: Joe Palmisano

Invesco’s INCREF Closes $1.2B CRE CLO, Largest in US in Three Years 

Invesco Commercial Real Estate Finance Trust, Inc. (INCREF), a perpetual life REIT focused on real estate-backed private credit, announced the closing of its first $1.2 billion commercial real estate collateralized loan obligation (CRE CLO), INCREF 2025-FL1. 

Structured by Morgan Stanley, with bookrunning support from Barclays, Citigroup, and Wells Fargo, the CRE CLO is backed by a portfolio of approximately 55% multifamily and 45% industrial loans. 

“We’re pleased to announce that this issuance, which priced efficiently amid volatile market conditions, is the largest diversified CRE CLO issued in the US in the past three years evidencing the market’s confidence in the sector,” said Charlie Rose, president and lead portfolio manager of INCREF and global head of credit for Invesco Real Estate.  

Invesco Real Estate has grown into one of the top five alternative lending platforms in the U.S., driven by its property-first, credit-focused approach, fostering enduring relationships with borrowers. 

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Invesco Commercial Real Estate Finance Trust, Inc.

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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