CMBS loans by state
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
New York has the most CMBS debt of any state: 2,317 loans with $55.1 billion outstanding, ahead of California with $46.3 billion (SEC Form ABS-EE filings, as of October 28, 2026). The five largest states hold 52% of the $280.4 billion still in CMBS trusts.
- New York2,317 loans $55.1B
- California1,637 loans $46.3B
- Texas963 loans $19.0B
- Florida729 loans $15.1B
- New Jersey338 loans $9.7B
- Pennsylvania393 loans $9.2B
- Illinois397 loans $8.6B
- Michigan417 loans $7.7B
- Virginia258 loans $7.4B
- Nevada216 loans $7.1B
- Ohio345 loans $6.8B
- Massachusetts104 loans $6.5B
- Georgia378 loans $6.5B
- Washington210 loans $6.0B
- Arizona294 loans $5.4B
Every state with at least 25 live loans
| State | Live loans | Balance | Made, 12 mo | Median rate, 12 mo | With special servicer | Maturing 2027 |
|---|---|---|---|---|---|---|
| New York | 2,317 | $55.1B | 244 | 6.19% | 3.8% | 189 |
| California | 1,637 | $46.3B | 132 | 6.31% | 4.0% | 267 |
| Texas | 963 | $19.0B | 84 | 6.46% | 4.9% | 125 |
| Florida | 729 | $15.1B | 62 | 6.61% | 2.3% | 85 |
| New Jersey | 338 | $9.7B | 27 | 6.39% | 6.8% | 38 |
| Pennsylvania | 393 | $9.2B | 36 | 6.49% | 6.6% | 46 |
| Illinois | 397 | $8.6B | 32 | 6.45% | 9.8% | 37 |
| Michigan | 417 | $7.7B | 23 | 6.55% | 3.6% | 61 |
| Virginia | 258 | $7.4B | 19 | 6.38% | 3.9% | 22 |
| Nevada | 216 | $7.1B | 13 | 6.31% | 1.4% | 30 |
| Ohio | 345 | $6.8B | 37 | 6.65% | 6.4% | 46 |
| Massachusetts | 104 | $6.5B | 8 | - | 1.9% | 15 |
| Georgia | 378 | $6.5B | 28 | 6.48% | 2.9% | 41 |
| Washington | 210 | $6.0B | 17 | 6.39% | 4.8% | 21 |
| Arizona | 294 | $5.4B | 17 | 6.58% | 0.7% | 32 |
| Maryland | 170 | $4.8B | 12 | 6.58% | 5.3% | 23 |
| North Carolina | 278 | $4.7B | 30 | 6.57% | 2.9% | 28 |
| Tennessee | 179 | $3.4B | 13 | 6.42% | 3.9% | 21 |
| District of Columbia | 50 | $3.1B | 4 | - | 10.0% | 7 |
| Indiana | 199 | $3.0B | 25 | 6.16% | 4.0% | 25 |
| Louisiana | 138 | $2.8B | 10 | 6.21% | 4.3% | 20 |
| Colorado | 180 | $2.8B | 13 | 6.59% | 5.6% | 31 |
| Connecticut | 110 | $2.5B | 9 | - | 10.0% | 10 |
| Wisconsin | 140 | $2.3B | 9 | - | 0.7% | 14 |
| Missouri | 121 | $2.2B | 7 | - | 5.8% | 17 |
| South Carolina | 143 | $2.2B | 7 | - | 1.4% | 18 |
| Minnesota | 76 | $2.0B | 4 | - | 5.3% | 9 |
| Oregon | 88 | $1.9B | 6 | - | 2.3% | 13 |
| Alabama | 109 | $1.7B | 6 | - | 3.7% | 14 |
| Utah | 85 | $1.4B | 4 | - | 1.2% | 11 |
| Delaware | 48 | $1.4B | 6 | - | 0.0% | 4 |
| Kentucky | 69 | $1.4B | 4 | - | 8.7% | 5 |
| Kansas | 63 | $1.2B | 8 | - | 4.8% | 9 |
| Hawaii | 26 | $1.0B | 2 | - | 11.5% | 4 |
| Arkansas | 50 | $752M | 5 | - | 0.0% | 3 |
| Oklahoma | 58 | $725M | 3 | - | 6.9% | 4 |
| Idaho | 33 | $644M | 5 | - | 0.0% | 3 |
| New Mexico | 52 | $638M | 6 | - | 5.8% | 8 |
| Iowa | 32 | $634M | 3 | - | 0.0% | 2 |
| Mississippi | 54 | $607M | 3 | - | 13.0% | 4 |
| Alaska | 25 | $407M | 4 | - | 4.0% | 2 |
26 states with at least 100 live loans have their own page (linked). Median rate shown when at least 10 loans were made in the 12 months to October 19, 2026. Each loan counts in the state of its largest property.
Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
Which state has the most CMBS loans?
New York, with 2,317 live loans and $55.1 billion outstanding as of October 28, 2026, counting each loan in the state of its largest property.
Do CMBS rates differ by state?
Somewhat, but mostly because property mix differs. Among states with at least 10 loans in the last 12 months, medians ranged from 6.16% (Indiana) to 6.65% (Ohio). Property type, leverage and coverage move rates more.
Why does my state not have a page?
Only states with at least 100 live CMBS loans get a page, so every figure on it rests on enough loans to mean something. Smaller states appear in the table here.
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