CMBS loans in Michigan
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
417 CMBS loans with $7.7 billion outstanding are secured by property in Michigan, 2.7% 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 6.55% (23 loans), against 6.40% nationally.
- Live CMBS loans
- 417
- $7.7B outstanding
- Loans made, last 12 months
- 23
- $544M
- Median rate, last 12 months
- 6.55%
- 23 loans
- Maturing 2027 to 2028
- $2.0B
- 121 loans
Property mix
Office is the largest share of Michigan's CMBS debt, $1.7B across 60 loans.
- Office60 loans $1.7B
- Retail98 loans $1.6B
- Industrial50 loans $1.3B
- Multifamily85 loans $1.2B
- Hotel40 loans $642M
- Mixed use15 loans $634M
- Self-storage48 loans $385M
- Mobile home park16 loans $126M
Lenders active in Michigan
The originators with the most Michigan loans in CMBS trusts from the last 12 months.
- Citi 4
- Wells Fargo 3
- Starwood Mortgage Capital 3
- Deutsche Bank 2
- Bank of America 2
- BMO 2
- Natixis 2
- AxLender 1
Full rankings: CMBS lenders.
Michigan CMBS maturities by year
61 loans ($857 million) mature in 2027 and 60 ($1.1 billion) in 2028. 15 loans (3.6% of the state's loans) are with a special servicer, against 4.3% nationally, and 2.6% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $99.9M | 11 |
| 2027 | $857M | 61 |
| 2028 | $1.1B | 60 |
| 2029 | $2.2B | 112 |
| 2030 | $766M | 42 |
| 2031 | $908M | 59 |
| 2032 | $725M | 34 |
2026 includes 2 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 Michigan: Detroit (34), Ann Arbor (24), Troy (16), Southfield (16), Grand Rapids (12), Lansing (11), Novi (11), Livonia (11).
Every loan, property by property, is listed on cmbs.news by metro area: Detroit-Warren-Dearborn, MI, Ann Arbor, MI, Grand Rapids-Wyoming-Kentwood, MI, Lansing-East Lansing, MI.
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 Michigan?
417 loans with $7.7 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 Michigan?
The median original rate on Michigan CMBS loans originated in the 12 months to October 19, 2026 was 6.55% across 23 loans; the middle half ran from 6.25% to 6.90%. Rates depend far more on property type and leverage than on state.
How many Michigan CMBS loans mature in 2027 and 2028?
61 loans ($857 million) in 2027 and 60 ($1.1 billion) in 2028.
Financing property in Michigan?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.