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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.


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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 of April. Loans made by more than one bank went into the “other” category.

By those metrics, Deutsche, long a major player in U.S. commercial real estate finance, ranked as the top lender in the sector, with a 20% market share of the “COVID-19” lending pie.

Deutsche Bank has been a key financier of the sprawling Hudson Yards complex development on Manhattan’s far West Side, as well as a long time lender to President Donald Trump and his son-in-law Jared Kushner‘s real estate company.

Goldman Sachs ranked second with a 18% lending share during the pandemic and JP Morgan third with a 15% slice.

Deutsche Bank declined to comment. Goldman and JP Morgan did not respond to requests for comment.

Investors have been looking forward to major banks providing an update on their commercial real-estate exposure for clues about the shape of the broader economy, when the third-quarter U.S. corporate