Goldman Sachs CMBS loans: recent loans, sizes and rates

What Goldman Sachs's CMBS lending looks like

• Loan size close to the market: a median of $14.5M against $15M market-wide.
• Rates below the market once property type is accounted for: about 17 basis points under the market median for the same property types, loan-weighted. Timing matters too: a lender that closed more loans when Treasury yields were lower will show lower rates.

Goldman Sachs against the CMBS market

Measure	Goldman Sachs	CMBS market
Median loan	$14.5M	$15M
Median note rate	6.33%	6.40%
Middle half of rates	6.03% to 6.68%
Median loan-to-value	61.1%	63.9%
Median debt service coverage	1.57x	1.47x
Median debt yield	10.2%	10.1%
Interest-only for the full term	87%	87%
Five-year term	83%	79%
Ten-year term	17%	21%

Goldman Sachs: its loans in the 12 months to October 19, 2026. Market: every loan securitized in the 12 months to October 19, 2026 except co-op housing (958 loans). Loan-to-value, coverage and debt yield are at securitization and use whole loans only, since a split note holds only part of the debt. See DSCR and debt yield.

Property types Goldman Sachs financed

Property type	Loans	Volume	Median rate	Market, same type
Retail	17	$666M	6.58%	6.58% (0 bp)
Multifamily	15	$158M	6.22%	6.35% (-13 bp)
Office	13	$701M	6.57%	6.64% (-7 bp)
Self-storage	10	$282M	6.07%	6.11% (-4 bp)
Hotel	6	$684M	6.12%	7.02% (-90 bp)
Mixed use	6	$422M	5.96%	6.42% (-46 bp)
Industrial	3	$354M
Other or not reported	1	$40M

Median rates shown where Goldman Sachs made at least five loans of the type. Market medians are for the 12 months to October 19, 2026.

Loan sizes and terms

Smallest loan $3.3M, largest $552M. 87% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.

Where Goldman Sachs lends

Most frequent states for its loans in the 12 months to October 19, 2026:

• NY 16
• CA 11
• PA 5
• AZ 4
• GA 4
• TX 3
• MD 3
• FL 3
• NC 3
• OH 3

Portfolio loans count once, at the state of the largest property. CMBS loans by state.

Goldman Sachs loans securitized each quarter

Quarter ending	Loans	Chart
Jan 20, 2025	19
Apr 21, 2025	17
Jul 21, 2025	13
Oct 20, 2025	19
Jan 19, 2026	21
Apr 20, 2026	29
Jul 20, 2026	10
Oct 19, 2026	11

Eight 91-day periods ending October 19, 2026, by origination date. Loans reach the filings when their trust prices, so the latest quarter fills in over the following months.

How Goldman Sachs appears in the SEC filings

Trusts name the originator in their own words. These are the versions of the name on Goldman Sachs loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 46 trusts hold these loans; the most were in Benchmark 2026-V21 Mortgage Trust (9).

• Goldman Sachs Bank USA 141
• GSBI 39
• Goldman Sachs Bank USA, Bank of Montreal 5
• Goldman Sachs Bank USA, Barclays Capital Real Estate Inc. 5
• German American Capital Corporation, Goldman Sachs Bank USA 5
• GACC, GSBI, BMO, JPMCB, MSBNA 5
• GACC/GSMC/BMO 5
• JPMCB, GSBI 4
• GSMC 3
• GSBI, CREFI, GACC 2
• GACC, GSBI 2
• German American Capital Corporation, Goldman Sachs Bank USA, Bank of Montreal 2
• JPMorgan Chase Bank, National Association, Deutsche Bank AG, NY, Goldman Sachs Bank USA, Societe Generale Financial Corporation 1
• German American Capital Corporation; Goldman Sachs, National Association 1

Plus 11 other spellings and joint-originator combinations.

Goldman Sachs's own website: goldmansachs.com. Bank programs, contacts and terms are theirs to state; this page reports only what the filings show.

Getting a CMBS loan like these

Janover Capital LLC is a commercial mortgage advisor, not a lender, and has no affiliation with Goldman Sachs. Nothing here means Goldman Sachs will make a particular loan or offer a particular rate. What the filings do show is the kind of loan it has been closing. If your property and loan size look like the ones above, send the deal and we will place it with conduit lenders whose recent loans fit, which may or may not include Goldman Sachs. Before you do, read CMBS loan requirements and the document checklist.

Similar CMBS lenders

Closest in property mix:

• Wells Fargo: 88 loans, median $19.4M at 6.46%
• BMO: 43 loans, median $16.4M at 6.46%
• Zions Bank: 13 loans, median $23M at 6.54%
• Argentic: 41 loans, median $13.9M at 6.72%

All CMBS lenders, ranked · CMBS loan rates · Methodology

Questions people ask

How big are Goldman Sachs's CMBS loans?

In the 12 months to October 19, 2026, Goldman Sachs securitized loans from $3.3M to $552M, with a median of $14.5M. 30% were under $10 million. A loan split into notes across trusts counts once, at its full amount.

What interest rate does Goldman Sachs charge on a CMBS loan?

Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.33%, with the middle half between 6.03% and 6.68%. Those are rates at closing as filed with the SEC, not a quote: a new loan is priced off today's Treasury yield and the property.

What properties does Goldman Sachs finance with CMBS loans?

Retail (17 loans), Multifamily (15 loans), Office (13 loans), Self-storage (10 loans), and others, in the 12 months to October 19, 2026. Its most frequent state was NY (16 loans).

Who services a Goldman Sachs CMBS loan?

Not the originator, usually. Once a loan is in a trust, the master servicer named in that trust's pooling and servicing agreement collects payments and handles routine requests, and the special servicer takes over if the loan gets into trouble. Look up a loan by property or trust to see both.