CMBS lender · #17 of 28 by 12-month volume
Zions Bank CMBS loans: recent loans, sizes and rates
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
Zions Bank put 13 loans totaling $452.9 million into CMBS trusts in the 12 months to October 19, 2026, #17 by volume among 28 lenders. The median loan was $23M at a 6.54% note rate, and multifamily was its largest property type (38% of loans). Figures are from SEC ABS-EE filings through October 28, 2026.
- Loans, 12 months
- 13
- Volume
- $453M
- Median loan
- $23M
- Median note rate
- 6.54%
- Median LTV
- 61.7%
- Median DSCR
- 1.41x
What Zions Bank's CMBS lending looks like
- Larger loans than the market: a median of $23M against $15M for every CMBS loan in the 12 months to October 19, 2026.
- Rates in line with the market once property type is accounted for: across the type 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.
- Every loan was interest-only for its full term, against 87% of loans market-wide.
- Geographically concentrated: 38% of its loans were on property in NY.
- Less active than a year earlier: 13 loans in the latest 12 months against 18 in the 12 months before.
Zions Bank against the CMBS market
| Measure | Zions Bank | CMBS market |
|---|---|---|
| Median loan | $23M | $15M |
| Median note rate | 6.54% | 6.40% |
| Middle half of rates | 6.17% to 6.69% | |
| Median loan-to-value | 61.7% | 63.9% |
| Median debt service coverage | 1.41x | 1.47x |
| Median debt yield | 9.6% | 10.1% |
| Interest-only for the full term | 100% | 87% |
| Five-year term | 92% | 79% |
| Ten-year term | 8% | 21% |
Zions Bank: 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 Zions Bank financed
| Property type | Loans | Volume | Median rate | Market, same type |
|---|---|---|---|---|
| Multifamily | 5 | $307M | 6.39% | 6.35% (+4 bp) |
| Hotel | 2 | $39.5M | ||
| Retail | 2 | $48.8M | ||
| Office | 1 | $5.4M | ||
| Mixed use | 1 | $10.6M | ||
| Self-storage | 1 | $9.3M | ||
| Industrial | 1 | $32.8M |
Median rates shown where Zions Bank made at least five loans of the type. Market medians are for the 12 months to October 19, 2026.
Loan sizes and terms
| Loan size | Loans | Share | Market |
|---|---|---|---|
| Under $5M | 0 | 0% | 8% |
| $5M to $10M | 2 | 15% | 22% |
| $10M to $25M | 5 | 38% | 38% |
| $25M to $50M | 3 | 23% | 17% |
| $50M and up | 3 | 23% | 15% |
| Term | Loans | Share |
|---|---|---|
| 5-year | 12 | 92% |
| 7-year | 0 | 0% |
| 10-year | 1 | 8% |
| Other terms | 0 | 0% |
Smallest loan $5.4M, largest $94.5M. 100% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.
Where Zions Bank lends
Most frequent states for its loans in the 12 months to October 19, 2026:
- NY 5
- CA 2
- IN 1
- NV 1
- NC 1
- VA 1
- PA 1
- NJ 1
Portfolio loans count once, at the state of the largest property. CMBS loans by state.
Zions Bank loans securitized each quarter
| Quarter ending | Loans | Chart |
|---|---|---|
| Jan 20, 2025 | 4 | |
| Apr 21, 2025 | 4 | |
| Jul 21, 2025 | 5 | |
| Oct 20, 2025 | 5 | |
| Jan 19, 2026 | 9 | |
| Apr 20, 2026 | 1 | |
| Jul 20, 2026 | 3 | |
| Oct 19, 2026 | 0 |
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.
Recent Zions Bank CMBS loans
The 15 most recent loans in the filings, each at its full original amount. A split loan lists the trust holding its largest note.
Property links go to the loan's page on cmbs.news (balance, payment status, servicer comments); trust links to the trust's page there.
How Zions Bank appears in the SEC filings
Trusts name the originator in their own words. These are the versions of the name on Zions Bank 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 2025-5C13 Mortgage Trust (4).
Zions Bancorporation, N.A.26ZBNA7
Getting a CMBS loan like these
Janover Capital LLC is a commercial mortgage advisor, not a lender, and has no affiliation with Zions Bank. Nothing here means Zions Bank 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 Zions Bank. Before you do, read CMBS loan requirements and the document checklist.
Similar CMBS lenders
Closest in property mix:
- Argentic: 41 loans, median $13.9M at 6.72%
- Benefit Street Partners (BSPRT): 12 loans, median $26.1M at 6.59%
- Citi: 113 loans, median $21M at 6.39%
- Natixis: 34 loans, median $17.9M at 6.29%
All CMBS lenders, ranked · CMBS loan rates · Methodology
Questions people ask
How big are Zions Bank's CMBS loans?
In the 12 months to October 19, 2026, Zions Bank securitized loans from $5.4M to $94.5M, with a median of $23M. 15% were under $10 million. A loan split into notes across trusts counts once, at its full amount.
What interest rate does Zions Bank 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 6.17% and 6.69%. 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 Zions Bank finance with CMBS loans?
Multifamily (5 loans), Hotel (2 loans), Retail (2 loans), Office (1 loan), and others, in the 12 months to October 19, 2026. Its most frequent state was NY (5 loans).
Who services a Zions Bank 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.
Have a deal that looks like Zions Bank's recent loans?
Janover Capital LLC is an advisor, not a lender, and is not affiliated with any lender named here. Send the deal and we place it with conduit lenders whose recent loans look like it.