Industrial CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on industrial CMBS loans originated in the 12 months to October 19, 2026 was 6.63%, across 64 loans (SEC Form ABS-EE filings, as of October 28, 2026), 23 basis points above the all-property median. Whole loans were written at a median 63.5% loan-to-value and 1.49x debt service coverage.
- Median rate, 12 months
- 6.63%
- 64 loans; all types 6.40%
- Median loan-to-value
- 63.5%
- all types 63.9%
- Median DSCR
- 1.49x
- all types 1.47x
- Median debt yield
- 10.9%
- all types 10.1%
Industrial covers warehouses, distribution buildings, flex space and light manufacturing (Schedule AL reports warehouse separately; it is folded in here). Most industrial CMBS loans are on fully leased buildings, so underwriting is mostly about the tenants and their leases.
Industrial CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 9 | too few | 6.63% | |
| Last 180 days | 31 | 6.80% | 6.56% to 7.03% | 6.56% |
| Last 12 months | 64 | 6.63% | 6.37% to 6.89% | 6.40% |
| 5-year loans, 12 months | 49 | 6.70% | 6.35% to 6.95% | 6.46% |
| 10-year loans, 12 months | 15 | 6.54% | 6.40% to 6.64% | 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 industrial CMBS loans are underwritten
Whole industrial loans in the 12 months to October 19, 2026 (40 loans with full underwriting data) were written at a median 63.5% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.49x and median debt yield 10.9%, against 1.47x and 10.1% across property types. Lenders ask for more cash flow per dollar of debt on industrial than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 59.3% | 63.5% | 66.6% | 63.9% |
| Debt service coverage (NCF) | 1.36x | 1.49x | 1.61x | 1.47x |
| Debt yield (NOI) | 9.9% | 10.9% | 11.8% | 10.1% |
| Occupancy | 97.0% | 100.0% | 100.0% | 94.4% |
| Loan size | $10.6M | $20.9M | $40.9M | $15.0M |
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 3 (5%)
- $5M to $10M 10 (16%)
- $10M to $25M 27 (42%)
- $25M to $50M 9 (14%)
- $50M and up 15 (23%)
Term and interest-only
- 77% five-year terms, 23% ten-year
- 86% interest-only for the full term (all types: 87%)
- 2% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making industrial CMBS loans
Citi originated the most industrial CMBS loans in the 12 months to October 19, 2026, with 8 loans totaling $737 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Citi 8 ($737M)
- Wells Fargo 8 ($573M)
- Starwood Mortgage Capital 8 ($246M)
- BMO 7 ($693M)
- Bank of America 7 ($476M)
- UBS 5 ($574M)
- JPMorgan Chase 5 ($194M)
- Morgan Stanley 4 ($513M)
Recent industrial loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| The Assembly | San Jose, CA | $97.5M | 7.03% | 5 yr | September 29, 2026 | Barclays, Wells Fargo |
| Miami Ironside District II | Miami, FL | $12.8M | 7.14% | 5 yr | September 16, 2026 | Citi |
| ONX Briggs & Stratton | Sherrill, NY | $13.8M | 6.70% | 5 yr | August 12, 2026 | Starwood Mortgage Capital |
| Knight Energy Services Portfolio | Not reported | $17.3M | 7.42% | 5 yr | August 6, 2026 | Wells Fargo |
| Fedex Brooklyn | NY | $70.0M | 6.44% | 5 yr | August 5, 2026 | Morgan Stanley |
| Marion Property | Marion, OH | $25.0M | 6.82% | 5 yr | August 4, 2026 | BMO |
| Fratelli Beretta Industrial Portfolio | Mount Olive, NJ | $95.0M | 7.26% | 5 yr | July 29, 2026 | Citi |
| First Solar Distribution | New Iberia, LA | $24.5M | 6.06% | 5 yr | July 24, 2026 | Citi |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every industrial loan in CMBS. Lender rankings for all types: CMBS lenders.
Industrial CMBS maturities and distress
815 industrial loans with $20.1 billion outstanding are still in CMBS trusts. 182 loans ($3.7 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 3% had net operating income at securitization under 9% of today's balance, a rough sign they may need new equity or a different lender to refinance. 2.5% of live industrial loans are 60 or more days delinquent and 3.2% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $122M | 13 |
| 2027 | $1.1B | 68 |
| 2028 | $2.7B | 114 |
| 2029 | $3.9B | 152 |
| 2030 | $2.5B | 99 |
| 2031 | $4.8B | 189 |
| 2032 | $2.1B | 80 |
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 industrial loan
Tenant credit and lease term
A single-tenant warehouse is close to a bet on that tenant. Lenders look at credit, the lease term against the loan term, and renewal history.
Multi-tenant rollover
Smaller-bay and flex buildings have more tenants on shorter leases. Underwriters look at rollover by year and the cost to re-let space.
Functionality and location
Ceiling height, loading, truck court depth and highway access decide whether a building can be re-leased if a tenant leaves.
Environmental review
Industrial sites get close environmental scrutiny, since past uses can leave contamination that affects value and liability.
Is a CMBS loan the right fit?
Leased industrial buildings and portfolios fit CMBS well. Owner-occupied industrial usually fits an SBA or bank loan instead.
Related: CMBS loan requirements · Non-recourse CMBS loans · CMBS vs life company loans · 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 industrial CMBS loans?
The median original rate on industrial CMBS loans originated in the 12 months to October 19, 2026 was 6.63% across 64 loans; the middle half ran from 6.37% to 6.89%. 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.
How much leverage can I get on a industrial CMBS loan?
Whole industrial loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 63.5%, with the middle half between 59.3% and 66.6%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 10.9% and median DSCR 1.49x.
Who makes industrial CMBS loans?
In the 12 months to October 19, 2026, the most active originators of industrial CMBS loans were Citi (8), Wells Fargo (8), Starwood Mortgage Capital (8), counting loans by originator in the trusts' filings.
How many industrial CMBS loans mature in 2027 and 2028?
182 loans with $3.7 billion outstanding, of the 815 industrial loans still in CMBS trusts as of October 28, 2026.
Financing a industrial property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.