CMBS loans in Illinois
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
397 CMBS loans with $8.6 billion outstanding are secured by property in Illinois, 3.1% 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 6.45% (32 loans), against 6.40% nationally.
- Live CMBS loans
- 397
- $8.6B outstanding
- Loans made, last 12 months
- 32
- $524M
- Median rate, last 12 months
- 6.45%
- 32 loans
- Maturing 2027 to 2028
- $1.7B
- 98 loans
Property mix
Office is the largest share of Illinois's CMBS debt, $2.4B across 52 loans.
- Office52 loans $2.4B
- Multifamily85 loans $1.8B
- Retail108 loans $1.4B
- Mixed use34 loans $991M
- Industrial47 loans $943M
- Hotel30 loans $648M
- Self-storage29 loans $189M
- Mobile home park5 loans $96.7M
- Co-op housing1 loans $10.3M
Lenders active in Illinois
The originators with the most Illinois loans in CMBS trusts from the last 12 months.
- Barclays 10
- Bank of America 5
- BMO 3
- Citi 3
- Morgan Stanley 2
- UBS 2
- AxLender 1
- Wells Fargo 1
Full rankings: CMBS lenders.
Illinois CMBS maturities by year
37 loans ($797 million) mature in 2027 and 61 ($909 million) in 2028. 39 loans (9.8% of the state's loans) are with a special servicer, against 4.3% nationally, and 7.8% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $514M | 16 |
| 2027 | $797M | 37 |
| 2028 | $909M | 61 |
| 2029 | $1.7B | 72 |
| 2030 | $1.3B | 61 |
| 2031 | $1.5B | 79 |
| 2032 | $387M | 29 |
2026 includes 10 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 Illinois: Chicago (141), Schaumburg (12), Downers Grove (6), Peoria (6), Elgin (5), Melrose Park (4), Elmhurst (4), Loves Park (4).
Every loan, property by property, is listed on cmbs.news by metro area: Chicago-Naperville-Elgin, IL-IN, St. Louis, MO-IL.
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 Illinois?
397 loans with $8.6 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 Illinois?
The median original rate on Illinois CMBS loans originated in the 12 months to October 19, 2026 was 6.45% across 32 loans; the middle half ran from 6.20% to 6.63%. Rates depend far more on property type and leverage than on state.
How many Illinois CMBS loans mature in 2027 and 2028?
37 loans ($797 million) in 2027 and 61 ($909 million) in 2028.
Financing property in Illinois?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.