UBS CMBS loans: recent loans, sizes and rates

What UBS's CMBS lending looks like

• Loan size close to the market: a median of $17M against $15M market-wide.
• Rates below the market once property type is accounted for: about 25 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.
• Less leverage than the market: median loan-to-value of 54.5% against 63.9%, and debt service coverage of 1.61x against 1.47x.
• More 10-year loans than the market: 35% of its loans had a ten-year term, against 21% of all CMBS loans in the period.
• Less active than a year earlier: 20 loans in the latest 12 months against 46 in the 12 months before.

UBS against the CMBS market

Measure	UBS	CMBS market
Median loan	$17M	$15M
Median note rate	6.54%	6.40%
Middle half of rates	6.14% to 7.04%
Median loan-to-value	54.5%	63.9%
Median debt service coverage	1.61x	1.47x
Median debt yield	11.8%	10.1%
Interest-only for the full term	80%	87%
Five-year term	65%	79%
Ten-year term	35%	21%

UBS: 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 UBS financed

Property type	Loans	Volume	Median rate	Market, same type
Retail	6	$188M	6.20%	6.58% (-38 bp)
Industrial	5	$574M	6.54%	6.63% (-9 bp)
Multifamily	4	$28.9M
Office	2	$55.8M
Hotel	1	$30.5M
Self-storage	1	$6.3M
Other or not reported	1	$16M

Median rates shown where UBS 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 $3.2M, largest $405M. 80% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.

Where UBS lends

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

• TX 3
• CA 2
• IL 2
• NJ 2
• NY 2
• GA 1
• NV 1
• MI 1
• IN 1
• NC 1

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

UBS loans securitized each quarter

Quarter ending	Loans	Chart
Jan 20, 2025	11
Apr 21, 2025	10
Jul 21, 2025	12
Oct 20, 2025	13
Jan 19, 2026	7
Apr 20, 2026	5
Jul 20, 2026	5
Oct 19, 2026	3

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 UBS appears in the SEC filings

Trusts name the originator in their own words. These are the versions of the name on UBS loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 31 trusts hold these loans; the most were in BBCMS Mortgage Trust 2025-C35 (6).

• UBS AG 70
• UBS AG New York Branch 4
• CREFI, UBS AG 3
• DBR Investments Co. Limited, UBS AG 2
• UBS AG/WFB 2
• Citi Real Estate Funding Inc., UBS AG 1
• Bank of Montreal, UBS AG 1
• Bank of Montreal, UBS AG, Wells Fargo Bank, National Association 1

Getting a CMBS loan like these

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

Similar CMBS lenders

Closest in property mix:

• BMO: 43 loans, median $16.4M at 6.46%
• Starwood Mortgage Capital: 33 loans, median $13.8M at 6.70%
• JPMorgan Chase: 34 loans, median $47M at 6.38%
• Goldman Sachs: 71 loans, median $14.5M at 6.33%

All CMBS lenders, ranked · CMBS loan rates · Methodology

Questions people ask

How big are UBS's CMBS loans?

In the 12 months to October 19, 2026, UBS securitized loans from $3.2M to $405M, with a median of $17M. 35% were under $10 million. A loan split into notes across trusts counts once, at its full amount.

What interest rate does UBS charge on a CMBS loan?

Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.54%, with the middle half between 6.14% and 7.04%. 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 UBS finance with CMBS loans?

Retail (6 loans), Industrial (5 loans), Multifamily (4 loans), Office (2 loans), and others, in the 12 months to October 19, 2026. Its most frequent state was TX (3 loans).

Who services a UBS 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.