KeyBank CMBS loans: recent loans, sizes and rates

What KeyBank's CMBS lending looks like

• Smaller loans than the market: a median of $7.4M against $15M market-wide, which puts it among the lenders more likely to look at a loan under $10 million.
• Rates in line with the market once property type is accounted for: across the 2 types where it made at least five loans, its median note rate was within 4 basis points of the market median for the same type, on a loan-weighted basis.
• Less leverage than the market: median loan-to-value of 57.2% against 63.9%, and debt service coverage of 1.35x against 1.47x.
• More amortization than most: 68% of its loans were interest-only for the full term, against 87% market-wide.
• Less active than a year earlier: 25 loans in the latest 12 months against 58 in the 12 months before.

KeyBank against the CMBS market

Measure	KeyBank	CMBS market
Median loan	$7.4M	$15M
Median note rate	6.44%	6.40%
Middle half of rates	6.23% to 6.64%
Median loan-to-value	57.2%	63.9%
Median debt service coverage	1.35x	1.47x
Median debt yield	9.6%	10.1%
Interest-only for the full term	68%	87%
Five-year term	68%	79%
Ten-year term	32%	21%

KeyBank: 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 KeyBank financed

Property type	Loans	Volume	Median rate	Market, same type
Mobile home park	6	$33.9M	6.55%	6.41% (+14 bp)
Self-storage	5	$41.8M	6.02%	6.11% (-9 bp)
Mixed use	3	$80.7M
Multifamily	3	$16.3M
Office	2	$28.9M
Industrial	2	$50.4M
Retail	2	$16.6M
Hotel	1	$14.1M
Other or not reported	1	$3.2M

Median rates shown where KeyBank 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 $2.4M, largest $45M. 68% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.

Where KeyBank lends

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

• NY 5
• NC 4
• CA 2
• SC 2
• NV 2
• TX 2
• AZ 1
• WA 1
• VI 1
• MA 1

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

KeyBank loans securitized each quarter

Quarter ending	Loans	Chart
Jan 20, 2025	12
Apr 21, 2025	13
Jul 21, 2025	14
Oct 20, 2025	18
Jan 19, 2026	7
Apr 20, 2026	7
Jul 20, 2026	6
Oct 19, 2026	5

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 KeyBank appears in the SEC filings

Trusts name the originator in their own words. These are the versions of the name on KeyBank loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 15 trusts hold these loans; the most were in BMO 2025-C13 Mortgage Trust (15).

• KeyBank National Association 67
• KeyBank 15
• Argentic Real Estate Finance 2 LLC, KeyBank National Association 4

Getting a CMBS loan like these

Janover Capital LLC is a commercial mortgage advisor, not a lender, and has no affiliation with KeyBank. Nothing here means KeyBank 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 KeyBank. Before you do, read CMBS loan requirements and the document checklist.

Similar CMBS lenders

Closest in property mix:

• Morgan Stanley: 97 loans, median $15.3M at 6.40%
• Deutsche Bank: 91 loans, median $10.5M at 6.45%
• Bank of America: 90 loans, median $14M at 6.38%
• Barclays: 90 loans, median $14.7M at 6.48%

All CMBS lenders, ranked · CMBS loan rates · Methodology

Questions people ask

How big are KeyBank's CMBS loans?

In the 12 months to October 19, 2026, KeyBank securitized loans from $2.4M to $45M, with a median of $7.4M. 60% were under $10 million. A loan split into notes across trusts counts once, at its full amount.

What interest rate does KeyBank charge on a CMBS loan?

Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.44%, with the middle half between 6.23% and 6.64%. 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 KeyBank finance with CMBS loans?

Mobile home park (6 loans), Self-storage (5 loans), Mixed use (3 loans), Multifamily (3 loans), and others, in the 12 months to October 19, 2026. Its most frequent state was NY (5 loans).

Who services a KeyBank 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.