CMBS loans in Texas
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
963 CMBS loans with $19.0 billion outstanding are secured by property in Texas, 6.8% 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 6.46% (84 loans), against 6.40% nationally.
- Live CMBS loans
- 963
- $19.0B outstanding
- Loans made, last 12 months
- 84
- $1.8B
- Median rate, last 12 months
- 6.46%
- 84 loans
- Maturing 2027 to 2028
- $4.3B
- 262 loans
Property mix
Retail is the largest share of Texas's CMBS debt, $5.2B across 284 loans.
- Retail284 loans $5.2B
- Office122 loans $4.4B
- Multifamily212 loans $4.2B
- Hotel116 loans $2.0B
- Industrial57 loans $910M
- Mixed use30 loans $905M
- Self-storage97 loans $773M
- Mobile home park31 loans $306M
- Healthcare2 loans $16.6M
Lenders active in Texas
The originators with the most Texas loans in CMBS trusts from the last 12 months.
- Morgan Stanley 10
- Citi 10
- Barclays 10
- Bank of America 7
- Argentic 6
- Natixis 6
- AxLender 4
- Starwood Mortgage Capital 4
Full rankings: CMBS lenders.
Texas CMBS maturities by year
125 loans ($1.9 billion) mature in 2027 and 137 ($2.4 billion) in 2028. 47 loans (4.9% of the state's loans) are with a special servicer, against 4.3% nationally, and 3.4% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $193M | 11 |
| 2027 | $1.9B | 125 |
| 2028 | $2.4B | 137 |
| 2029 | $4.7B | 208 |
| 2030 | $2.8B | 165 |
| 2031 | $3.4B | 147 |
| 2032 | $1.2B | 65 |
2026 includes 4 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 Texas: Houston (164), Dallas (48), Austin (48), San Antonio (43), Fort Worth (27), Lubbock (26), Plano (19), Katy (19).
Every loan, property by property, is listed on cmbs.news by metro area: Houston-Pasadena-The Woodlands, TX, Dallas-Fort Worth-Arlington, TX, Austin-Round Rock-San Marcos, TX, San Antonio-New Braunfels, TX, Lubbock, TX, El Paso, TX.
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 Texas?
963 loans with $19.0 billion outstanding were still reporting in CMBS trusts as of October 28, 2026, counted by the state of each loan's largest property. Retail is the largest share by balance.
What are CMBS rates in Texas?
The median original rate on Texas CMBS loans originated in the 12 months to October 19, 2026 was 6.46% across 84 loans; the middle half ran from 6.25% to 6.82%. Rates depend far more on property type and leverage than on state.
How many Texas CMBS loans mature in 2027 and 2028?
125 loans ($1.9 billion) in 2027 and 137 ($2.4 billion) in 2028.
Financing property in Texas?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.