Morgan Stanley CMBS loans: recent loans, sizes and rates

What Morgan Stanley's CMBS lending looks like

• Loan size close to the market: a median of $15.3M against $15M market-wide.
• Rates below the market once property type is accounted for: about 9 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.
• More 10-year loans than the market: 34% of its loans had a ten-year term, against 21% of all CMBS loans in the period.
• Less active than a year earlier: 97 loans in the latest 12 months against 159 in the 12 months before.

Morgan Stanley against the CMBS market

Measure	Morgan Stanley	CMBS market
Median loan	$15.3M	$15M
Median note rate	6.40%	6.40%
Middle half of rates	6.01% to 6.72%
Median loan-to-value	63.6%	63.9%
Median debt service coverage	1.63x	1.47x
Median debt yield	10.9%	10.1%
Interest-only for the full term	90%	87%
Five-year term	66%	79%
Ten-year term	34%	21%

Morgan Stanley: 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 Morgan Stanley financed

Property type	Loans	Volume	Median rate	Market, same type
Mobile home park	24	$358M	6.42%	6.41% (+1 bp)
Multifamily	18	$406M	6.12%	6.35% (-23 bp)
Hotel	12	$231M	7.18%	7.02% (+16 bp)
Office	11	$443M	6.75%	6.64% (+11 bp)
Self-storage	10	$140M	5.71%	6.11% (-40 bp)
Retail	8	$319M	6.38%	6.58% (-20 bp)
Mixed use	6	$245M	6.17%	6.42% (-25 bp)
Industrial	4	$513M
Co-op housing	3	$46.5M
Other or not reported	1	$17.3M

Median rates shown where Morgan Stanley 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 $1.6M, largest $405M. 90% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.

Where Morgan Stanley lends

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

• NY 21
• CA 17
• TX 10
• FL 5
• GA 4
• NJ 3
• NC 3
• IN 3
• NM 3
• CT 3

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

Morgan Stanley loans securitized each quarter

Quarter ending	Loans	Chart
Jan 20, 2025	34
Apr 21, 2025	44
Jul 21, 2025	41
Oct 20, 2025	41
Jan 19, 2026	41
Apr 20, 2026	25
Jul 20, 2026	25
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 Morgan Stanley appears in the SEC filings

Trusts name the originator in their own words. These are the versions of the name on Morgan Stanley loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 33 trusts hold these loans; the most were in Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 (21).

• MSBNA 140
• Morgan Stanley Bank, N.A. 121
• MSMCH 17
• MSMCH/JPMCB 5
• Wells Fargo Bank, National Association/Morgan Stanley Bank, N.A. 5
• GACC, GSBI, BMO, JPMCB, MSBNA 5
• WFB, BANA, MSBNA 4
• Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association 3
• Bank of America, National Association, Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association 3
• JPMCB/MSMCH 2
• WFB/MSMCH 2
• Morgan Stanley Mortgage Capital Holdings LLC/Bank of America, National Association 2
• MSMCH/BANA 2
• Bank of America, National Association/Morgan Stanley Bank, N.A./JPMorgan Chase Bank, National Association 1

Plus 4 other spellings and joint-originator combinations.

Morgan Stanley's own website: morganstanley.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 Morgan Stanley. Nothing here means Morgan Stanley 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 Morgan Stanley. Before you do, read CMBS loan requirements and the document checklist.

Similar CMBS lenders

Closest in property mix:

• Deutsche Bank: 91 loans, median $10.5M at 6.45%
• Barclays: 90 loans, median $14.7M at 6.48%
• KeyBank: 25 loans, median $7.4M at 6.44%
• Bank of America: 90 loans, median $14M at 6.38%

All CMBS lenders, ranked · CMBS loan rates · Methodology

Questions people ask

How big are Morgan Stanley's CMBS loans?

In the 12 months to October 19, 2026, Morgan Stanley securitized loans from $1.6M to $405M, with a median of $15.3M. 29% were under $10 million. A loan split into notes across trusts counts once, at its full amount.

What interest rate does Morgan Stanley charge on a CMBS loan?

Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.40%, with the middle half between 6.01% and 6.72%. 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 Morgan Stanley finance with CMBS loans?

Mobile home park (24 loans), Multifamily (18 loans), Hotel (12 loans), Office (11 loans), and others, in the 12 months to October 19, 2026. Its most frequent state was NY (21 loans).

Who services a Morgan Stanley 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.