CMBS loans in Washington
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
210 CMBS loans with $6.0 billion outstanding are secured by property in Washington, 2.1% 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 6.39% (17 loans), against 6.40% nationally.
- Live CMBS loans
- 210
- $6.0B outstanding
- Loans made, last 12 months
- 17
- $333M
- Median rate, last 12 months
- 6.39%
- 17 loans
- Maturing 2027 to 2028
- $2.0B
- 58 loans
Property mix
Office is the largest share of Washington's CMBS debt, $2.8B across 49 loans.
- Office49 loans $2.8B
- Retail54 loans $1.2B
- Hotel27 loans $752M
- Multifamily30 loans $437M
- Mixed use10 loans $422M
- Self-storage24 loans $248M
- Industrial5 loans $71.8M
- Mobile home park8 loans $45.5M
Lenders active in Washington
The originators with the most Washington loans in CMBS trusts from the last 12 months.
- Deutsche Bank 5
- Wells Fargo 4
- Bank of America 2
- Citi 2
- Morgan Stanley 1
- KeyBank 1
- Barclays 1
- Rialto 1
Full rankings: CMBS lenders.
Washington CMBS maturities by year
21 loans ($961 million) mature in 2027 and 37 ($1.0 billion) in 2028. 10 loans (4.8% of the state's loans) are with a special servicer, against 4.3% nationally, and 4.3% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $144M | 6 |
| 2027 | $961M | 21 |
| 2028 | $1.0B | 37 |
| 2029 | $1.6B | 46 |
| 2030 | $1.2B | 34 |
| 2031 | $519M | 32 |
| 2032 | $287M | 19 |
2026 includes 3 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 Washington: Seattle (45), Bellevue (14), Tacoma (12), Everett (10), Vancouver (10), Redmond (8), Renton (6), Olympia (6).
Every loan, property by property, is listed on cmbs.news by metro area: Seattle-Tacoma-Bellevue, WA, Portland-Vancouver-Hillsboro, OR-WA, Spokane-Spokane Valley, WA, Olympia-Lacey-Tumwater, WA.
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 Washington?
210 loans with $6.0 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 Washington?
The median original rate on Washington CMBS loans originated in the 12 months to October 19, 2026 was 6.39% across 17 loans; the middle half ran from 6.13% to 6.58%. Rates depend far more on property type and leverage than on state.
How many Washington CMBS loans mature in 2027 and 2028?
21 loans ($961 million) in 2027 and 37 ($1.0 billion) in 2028.
Financing property in Washington?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.