Mixed-use CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on mixed-use CMBS loans originated in the 12 months to October 19, 2026 was 6.42%, across 66 loans (SEC Form ABS-EE filings, as of October 28, 2026), in line with the all-property median. Whole loans were written at a median 62.5% loan-to-value and 1.42x debt service coverage.
- Median rate, 12 months
- 6.42%
- 66 loans; all types 6.40%
- Median loan-to-value
- 62.5%
- all types 63.9%
- Median DSCR
- 1.42x
- all types 1.47x
- Median debt yield
- 10.0%
- all types 10.1%
Mixed-use loans are on buildings with more than one kind of income, most often apartments over street retail, or office with ground-floor shops. Lenders underwrite each income stream on its own terms and then combine them.
Mixed-use CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 5 | too few | 6.63% | |
| Last 180 days | 24 | 6.45% | 6.02% to 6.84% | 6.56% |
| Last 12 months | 66 | 6.42% | 6.01% to 6.80% | 6.40% |
| 5-year loans, 12 months | 55 | 6.46% | 6.02% to 6.80% | 6.46% |
| 10-year loans, 12 months | 11 | 6.29% | 5.99% to 6.72% | 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 mixed-use CMBS loans are underwritten
Whole mixed-use loans in the 12 months to October 19, 2026 (52 loans with full underwriting data) were written at a median 62.5% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.42x and median debt yield 10.0%, against 1.47x and 10.1% across property types. Lenders accept thinner coverage on mixed-use than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 55.0% | 62.5% | 67.0% | 63.9% |
| Debt service coverage (NCF) | 1.29x | 1.42x | 1.61x | 1.47x |
| Debt yield (NOI) | 8.3% | 10.0% | 11.6% | 10.1% |
| Occupancy | 93.0% | 96.7% | 100.0% | 94.4% |
| Loan size | $10.5M | $16.7M | $43.4M | $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 11 (17%)
- $10M to $25M 27 (41%)
- $25M to $50M 13 (20%)
- $50M and up 12 (18%)
Term and interest-only
- 83% five-year terms, 17% ten-year
- 89% interest-only for the full term (all types: 87%)
- 5% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making mixed-use CMBS loans
Citi originated the most mixed-use CMBS loans in the 12 months to October 19, 2026, with 18 loans totaling $619 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Citi 18 ($619M)
- Deutsche Bank 8 ($501M)
- Goldman Sachs 6 ($422M)
- Morgan Stanley 6 ($245M)
- BMO 5 ($112M)
- Argentic 5 ($90.2M)
- Wells Fargo 4 ($573M)
- Bank of America 4 ($82.7M)
Recent mixed-use loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| 359 West 39th Street | New York, NY | $4.0M | 6.93% | 5 yr | September 22, 2026 | Goldman Sachs |
| 20 West 47th Street | New York, NY | $69.9M | 7.12% | 5 yr | September 2, 2026 | Citi |
| 325 North Woodward | MI | $38.0M | 7.19% | 5 yr | August 5, 2026 | JPMorgan Chase |
| 200 300 400 600 Willlowbrook | West Chester, PA | $19.3M | 6.43% | 10 yr | July 23, 2026 | KeyBank |
| Project Embassy | Washington, DC | $140M | 7.54% | 5 yr | July 22, 2026 | Wells Fargo |
| 1750 H Street | Washington, DC | $27.0M | 6.95% | 5 yr | July 7, 2026 | Citi |
| Robert Pitt Professional Plaza | Monsey, NY | $25.0M | 6.81% | 10 yr | July 2, 2026 | Argentic |
| Innovation Center of Vermont | Burlington, VT | $26.0M | 6.29% | 10 yr | June 25, 2026 | Argentic |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every mixed-use loan in CMBS. Lender rankings for all types: CMBS lenders.
Mixed-use CMBS maturities and distress
825 mixed-use loans with $28.0 billion outstanding are still in CMBS trusts. 211 loans ($6.1 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 27% 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. 4.1% of live mixed-use loans are 60 or more days delinquent and 5.9% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $921M | 20 |
| 2027 | $3.7B | 101 |
| 2028 | $2.4B | 110 |
| 2029 | $7.2B | 182 |
| 2030 | $4.3B | 129 |
| 2031 | $4.5B | 146 |
| 2032 | $1.6B | 69 |
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 mixed-use loan
Each component on its own
Residential units are underwritten like an apartment building and the commercial space like retail or office, with that space's own vacancy, rollover and leasing costs.
Ground-floor retail
Street retail can be the most valuable and the most volatile part of the building. Lenders look closely at those tenants and at how long ground-floor space would take to re-let.
Which use dominates
A building that is mostly residential is priced closer to multifamily; one that is mostly commercial closer to retail or office. The filings classify each loan by its main use.
Is a CMBS loan the right fit?
CMBS handles mixed-use buildings that some agency and bank programs will not, because it can underwrite the commercial income. Buildings with a large vacant commercial space usually need it leased first.
Related: How CMBS underwriting works · Multifamily CMBS loans · Retail CMBS 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 mixed-use CMBS loans?
The median original rate on mixed-use CMBS loans originated in the 12 months to October 19, 2026 was 6.42% across 66 loans; the middle half ran from 6.01% to 6.80%. 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 mixed-use CMBS loan?
Whole mixed-use loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 62.5%, with the middle half between 55.0% and 67.0%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 10.0% and median DSCR 1.42x.
Who makes mixed-use CMBS loans?
In the 12 months to October 19, 2026, the most active originators of mixed-use CMBS loans were Citi (18), Deutsche Bank (8), Goldman Sachs (6), counting loans by originator in the trusts' filings.
How many mixed-use CMBS loans mature in 2027 and 2028?
211 loans with $6.1 billion outstanding, of the 825 mixed-use loans still in CMBS trusts as of October 28, 2026.
Financing a mixed-use property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.