CMBS loans in California
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
1,637 CMBS loans with $46.3 billion outstanding are secured by property in California, 16.5% of all CMBS debt still in trusts (SEC Form ABS-EE filings, as of October 28, 2026). Loans made there in the 12 months to October 19, 2026 had a median rate of 6.31% (132 loans), against 6.40% nationally.
- Live CMBS loans
- 1,637
- $46.3B outstanding
- Loans made, last 12 months
- 132
- $3.8B
- Median rate, last 12 months
- 6.31%
- 132 loans
- Maturing 2027 to 2028
- $13.3B
- 526 loans
Property mix
Office is the largest share of California's CMBS debt, $19.7B across 434 loans.
- Office434 loans $19.7B
- Retail358 loans $8.6B
- Hotel143 loans $4.2B
- Mixed use139 loans $3.8B
- Industrial119 loans $3.4B
- Multifamily143 loans $3.1B
- Self-storage226 loans $2.2B
- Mobile home park48 loans $491M
Lenders active in California
The originators with the most California loans in CMBS trusts from the last 12 months.
- Wells Fargo 23
- Deutsche Bank 19
- Bank of America 17
- Morgan Stanley 17
- Goldman Sachs 11
- Argentic 11
- Citi 7
- Barclays 6
Full rankings: CMBS lenders.
California CMBS maturities by year
267 loans ($6.5 billion) mature in 2027 and 259 ($6.9 billion) in 2028. 65 loans (4.0% of the state's loans) are with a special servicer, against 4.3% nationally, and 2.1% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $922M | 52 |
| 2027 | $6.5B | 267 |
| 2028 | $6.9B | 259 |
| 2029 | $10.3B | 340 |
| 2030 | $6.7B | 228 |
| 2031 | $6.7B | 258 |
| 2032 | $2.8B | 81 |
2026 includes 11 loans already past maturity and still outstanding. What to do before a maturity: CMBS maturity wall; size a refinance with the refinance calculator.
Where the loans are
Cities with the most live CMBS loans in California: Los Angeles (162), San Francisco (73), San Diego (71), Sacramento (41), San Jose (30), Irvine (23), Riverside (21), Beverly Hills (20).
Every loan, property by property, is listed on cmbs.news by metro area: Los Angeles-Long Beach-Anaheim, CA, San Francisco-Oakland-Fremont, CA, Riverside-San Bernardino-Ontario, CA, San Diego-Chula Vista-Carlsbad, CA, Sacramento-Roseville-Folsom, CA, San Jose-Sunnyvale-Santa Clara, CA.
Rates depend on the property and the loan far more than on the state. See CMBS loan rates by property type and term, and every state compared.
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. Each loan is placed in the state of its largest property; portfolio loans count once. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
How many CMBS loans are there in California?
1,637 loans with $46.3 billion outstanding were still reporting in CMBS trusts as of October 28, 2026, counted by the state of each loan's largest property. Office is the largest share by balance.
What are CMBS rates in California?
The median original rate on California CMBS loans originated in the 12 months to October 19, 2026 was 6.31% across 132 loans; the middle half ran from 5.92% to 6.63%. Rates depend far more on property type and leverage than on state.
How many California CMBS loans mature in 2027 and 2028?
267 loans ($6.5 billion) in 2027 and 259 ($6.9 billion) in 2028.
Financing property in California?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.