CMBS loans in Tennessee
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
179 CMBS loans with $3.4 billion outstanding are secured by property in Tennessee, 1.2% 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 6.42% (13 loans), against 6.40% nationally.
- Live CMBS loans
- 179
- $3.4B outstanding
- Loans made, last 12 months
- 13
- $245M
- Median rate, last 12 months
- 6.42%
- 13 loans
- Maturing 2027 to 2028
- $977M
- 47 loans
Property mix
Hotel is the largest share of Tennessee's CMBS debt, $790M across 37 loans.
- Hotel37 loans $790M
- Retail47 loans $765M
- Office19 loans $634M
- Industrial19 loans $571M
- Multifamily25 loans $378M
- Self-storage21 loans $198M
- Mixed use3 loans $32.2M
- Mobile home park5 loans $23.7M
- Healthcare1 loans $7.1M
Lenders active in Tennessee
The originators with the most Tennessee loans in CMBS trusts from the last 12 months.
Full rankings: CMBS lenders.
Tennessee CMBS maturities by year
21 loans ($315 million) mature in 2027 and 26 ($662 million) in 2028. 7 loans (3.9% of the state's loans) are with a special servicer, against 4.3% nationally, and 1.1% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $165M | 4 |
| 2027 | $315M | 21 |
| 2028 | $662M | 26 |
| 2029 | $599M | 40 |
| 2030 | $585M | 29 |
| 2031 | $535M | 30 |
| 2032 | $383M | 18 |
2026 includes 0 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 Tennessee: Memphis (27), Nashville (22), Chattanooga (15), Murfreesboro (8), Knoxville (8), Germantown (5), Cookeville (5), Brentwood (4).
Every loan, property by property, is listed on cmbs.news by metro area: Nashville-Davidson--Murfreesboro--Franklin, TN, Memphis, TN-MS-AR, Chattanooga, TN-GA, Knoxville, TN.
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 Tennessee?
179 loans with $3.4 billion outstanding were still reporting in CMBS trusts as of October 28, 2026, counted by the state of each loan's largest property. Hotel is the largest share by balance.
What are CMBS rates in Tennessee?
The median original rate on Tennessee CMBS loans originated in the 12 months to October 19, 2026 was 6.42% across 13 loans; the middle half ran from 6.08% to 6.77%. Rates depend far more on property type and leverage than on state.
How many Tennessee CMBS loans mature in 2027 and 2028?
21 loans ($315 million) in 2027 and 26 ($662 million) in 2028.
Financing property in Tennessee?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.