Co-op housing CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on co-op housing CMBS loans originated in the 12 months to October 19, 2026 was 6.00%, across 89 loans (SEC Form ABS-EE filings, as of October 28, 2026). National Cooperative Bank originated 84 of them, and 100% were ten-year loans. Co-op loans are small: the median was $3.5M.
- Median rate, 12 months
- 6.00%
- 89 loans
- Median loan size
- $3.5M
- middle half $1.8M to $4.8M
- Co-op loans in trusts
- 809
- $3.2B outstanding
- 10-year terms
- 100%
- of loans in 12 months
Co-op housing loans are blanket mortgages made to a cooperative housing corporation and secured by its building, mostly in New York. Shareholders pay maintenance charges that cover the corporation's debt service and costs. National Cooperative Bank originates nearly all of the co-op loans in CMBS trusts.
Co-op housing CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 0 | too few | 6.63% | |
| Last 180 days | 19 | 6.06% | 5.93% to 6.25% | 6.56% |
| Last 12 months | 89 | 6.00% | 5.89% to 6.18% | 6.40% |
| 10-year loans, 12 months | 89 | 6.00% | 5.89% to 6.18% | 6.19% |
Original note rate, windows ending October 19, 2026. A median is shown when at least 10 loans are in the window. Full rate tables for every type: CMBS loan rates.
How co-op housing CMBS loans are underwritten
Median loan-to-value on whole co-op loans was 10.3% and median debt service coverage 6.93x, far outside any other property type, which is why co-op loans are left out of the site's headline leverage figures. What matters in a co-op loan is the corporation's finances, covered below.
| Measure (at securitization) | 25th percentile | Median | 75th percentile |
|---|---|---|---|
| Loan-to-value | 6.5% | 10.3% | 15.5% |
| Debt service coverage (NCF) | 4.98x | 6.93x | 9.67x |
| Debt yield (NOI) | 34.2% | 52.6% | 67.1% |
| Loan size | $1.8M | $3.5M | $4.8M |
Leverage, coverage and debt yield on whole loans only; loan size on every loan. "All types" leaves out co-op housing. See DSCR, debt yield and the loan calculator.
- Under $5M 67 (75%)
- $5M to $10M 19 (21%)
- $10M to $25M 1 (1%)
- $25M to $50M 2 (2%)
- $50M and up 0 (0%)
Term and interest-only
- 0% five-year terms, 100% ten-year
- 27% interest-only for the full term (all types: 87%)
- 0% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making co-op housing CMBS loans
National Cooperative Bank originated the most co-op housing CMBS loans in the 12 months to October 19, 2026, with 84 loans totaling $284 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- National Cooperative Bank 84 ($284M)
- Morgan Stanley 3 ($46.5M)
- Bank of America 1 ($42.0M)
Recent co-op housing loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| Metropolis Towers Coop | Jersey City, NJ | $29.0M | 5.59% | 10 yr | June 4, 2026 | Morgan Stanley |
| Cartier Apartments Owners, Corp. | Great Neck Plaza, NY | $1.0M | 6.15% | 10 yr | May 27, 2026 | National Cooperative Bank |
| 266 Pelham Road Corporation | New Rochelle, NY | $4.0M | 6.31% | 10 yr | May 27, 2026 | National Cooperative Bank |
| 813-815 8th Ave. Owners Corp. | Brooklyn, NY | $1.0M | 6.26% | 10 yr | May 27, 2026 | National Cooperative Bank |
| Fairfield Views Inc. A/k/a Fairfield Views, Inc. | Bronx, NY | $8.5M | 5.91% | 10 yr | May 27, 2026 | National Cooperative Bank |
| West Side Lofts, Ltd. | New York, NY | $2.4M | 6.35% | 10 yr | May 21, 2026 | |
| Executive House Owners, Inc. | Forest Hills, NY | $4.0M | 6.34% | 10 yr | May 15, 2026 | National Cooperative Bank |
| 3131 Grand Concourse Owners Corp. | Bronx, NY | $6.0M | 5.98% | 10 yr | May 13, 2026 | National Cooperative Bank |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news. Lender rankings for all types: CMBS lenders.
Co-op housing CMBS maturities and distress
809 co-op housing loans with $3.2 billion outstanding are still in CMBS trusts. 139 loans ($453 million) mature in 2027 and 2028. 0.0% of live co-op housing loans are 60 or more days delinquent and 0.4% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $2.2M | 1 |
| 2027 | $227M | 79 |
| 2028 | $226M | 60 |
| 2029 | $475M | 125 |
| 2030 | $266M | 69 |
| 2031 | $679M | 150 |
| 2032 | $495M | 110 |
Live loans by effective maturity year; 2026 includes loans already past maturity and still outstanding. How the shortfall test works, and the wall for every type: CMBS maturity wall. Loan-level lists by year: cmbs.news maturity wall.
What lenders look at on a co-op housing loan
The corporation's finances
Lenders review the co-op's budget, reserves, maintenance arrears and any planned assessments, since maintenance charges are what repay the loan.
Sponsor-held and rental units
Units still held by the original sponsor or rented out carry more risk than owner-occupied ones, so lenders look at how much of the building they make up.
Building condition and capital plans
Many co-op loans fund building work. Underwriters look at the engineering report and the capital plan the loan pays for.
Underlying share loans
Individual shareholders may have their own loans on their apartments; those sit outside the blanket mortgage but matter to the building's overall health.
Is a CMBS loan the right fit?
This is a specialty market served mostly by National Cooperative Bank and a few banks. Leverage and coverage on co-op loans sit far outside other property types, so the site's headline leverage figures leave them out.
Related: Multifamily CMBS loans · CMBS loan terms · How co-op loans are counted · all property types 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. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
What is the current rate on co-op housing CMBS loans?
The median original rate on co-op housing CMBS loans originated in the 12 months to October 19, 2026 was 6.00% across 89 loans; the middle half ran from 5.89% to 6.18%. Too few loans from the last 90 days have been securitized to give a reliable recent figure. Source: SEC Form ABS-EE filings as of October 28, 2026.
Who makes co-op housing CMBS loans?
In the 12 months to October 19, 2026, the most active originators of co-op housing CMBS loans were National Cooperative Bank (84), Morgan Stanley (3), Bank of America (1), counting loans by originator in the trusts' filings.
How many co-op housing CMBS loans mature in 2027 and 2028?
139 loans with $453 million outstanding, of the 809 co-op housing loans still in CMBS trusts as of October 28, 2026.
Financing a co-op housing property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.