Multifamily CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on multifamily CMBS loans originated in the 12 months to October 19, 2026 was 6.35%, across 292 loans (SEC Form ABS-EE filings, as of October 28, 2026), 5 basis points below the all-property median. Whole loans were written at a median 67.3% loan-to-value and 1.33x debt service coverage.
- Median rate, 12 months
- 6.35%
- 292 loans; all types 6.40%
- Median loan-to-value
- 67.3%
- all types 63.9%
- Median DSCR
- 1.33x
- all types 1.47x
- Median debt yield
- 8.8%
- all types 10.1%
Apartments are the largest property type in recent CMBS lending by loan count, and they compete with Fannie Mae and Freddie Mac for the same borrowers. A conduit loan tends to win where agency terms do not fit: a property with a story the agencies will not underwrite, a borrower who wants full-term interest-only, or a five-year hold.
Multifamily CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 61 | 6.45% | 6.28% to 6.63% | 6.63% |
| Last 180 days | 136 | 6.45% | 6.19% to 6.63% | 6.56% |
| Last 12 months | 292 | 6.35% | 6.06% to 6.59% | 6.40% |
| 5-year loans, 12 months | 268 | 6.34% | 6.04% to 6.56% | 6.46% |
| 10-year loans, 12 months | 24 | 6.39% | 6.11% 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 multifamily CMBS loans are underwritten
Whole multifamily loans in the 12 months to October 19, 2026 (257 loans with full underwriting data) were written at a median 67.3% loan-to-value, higher than the all-property median of 63.9%. Median coverage was 1.33x and median debt yield 8.8%, against 1.47x and 10.1% across property types. Lenders accept thinner coverage on multifamily than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 62.5% | 67.3% | 70.5% | 63.9% |
| Debt service coverage (NCF) | 1.26x | 1.33x | 1.43x | 1.47x |
| Debt yield (NOI) | 8.2% | 8.8% | 9.8% | 10.1% |
| Occupancy | 94.0% | 96.1% | 98.9% | 94.4% |
| Loan size | $8.2M | $15.1M | $29.4M | $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 17 (6%)
- $5M to $10M 73 (25%)
- $10M to $25M 118 (40%)
- $25M to $50M 63 (22%)
- $50M and up 21 (7%)
Term and interest-only
- 92% five-year terms, 8% ten-year
- 95% 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 multifamily CMBS loans
Citi originated the most multifamily CMBS loans in the 12 months to October 19, 2026, with 42 loans totaling $1.1 billion. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Citi 42 ($1.1B)
- Deutsche Bank 26 ($340M)
- AxLender 25 ($387M)
- Barclays 24 ($469M)
- Natixis 22 ($465M)
- Bank of America 19 ($561M)
- Morgan Stanley 18 ($406M)
- Argentic 16 ($329M)
Recent multifamily loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| NW Arkansas Portfolio | AR | $36.1M | 6.22% | 5 yr | October 14, 2026 | AxLender |
| Almeda Apartments | Jacksonville, FL | $4.9M | 6.51% | 5 yr | October 6, 2026 | AxLender |
| The Venue | Lansing, MI | $6.8M | 6.62% | 5 yr | October 5, 2026 | Deutsche Bank |
| Brookside Apartments | Gresham, OR | $13.8M | 6.81% | 5 yr | October 2, 2026 | Deutsche Bank |
| Sanctuary at Winterlakes | Port St. Lucie, FL | $10.0M | 6.46% | 5 yr | October 1, 2026 | Barclays |
| Douglaston Villas & Townhomes | Altamonte Springs, FL | $29.3M | 6.42% | 5 yr | September 30, 2026 | AxLender |
| 1810 Belcourt Ave | Nashville, TN | $6.8M | 6.67% | 5 yr | September 30, 2026 | AxLender |
| Virginia Portfolio | Hampton, VA | $15.3M | 6.46% | 5 yr | September 25, 2026 | Deutsche Bank |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every multifamily loan in CMBS. Lender rankings for all types: CMBS lenders.
Multifamily CMBS maturities and distress
2,004 multifamily loans with $37.8 billion outstanding are still in CMBS trusts. 276 loans ($5.2 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 23% 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. 5.0% of live multifamily loans are 60 or more days delinquent and 6.1% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $276M | 28 |
| 2027 | $1.9B | 101 |
| 2028 | $3.3B | 175 |
| 2029 | $10.9B | 533 |
| 2030 | $8.2B | 422 |
| 2031 | $8.6B | 472 |
| 2032 | $1.4B | 85 |
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 multifamily loan
Rent roll and trailing operating statement
Underwriters build net operating income from the current rent roll and the last twelve months of actual income and expenses, then haircut anything that looks temporary: concessions, a burst of recent lease-ups, below-trend repairs.
Occupancy and economic vacancy
Physical occupancy is only the start. Lenders look at collections, concessions and bad debt, and underwrite to the income the property actually collects.
Rent regulation
In rent-regulated markets such as New York City, lenders underwrite regulated units at their legal rents and limit credit for future increases. The building's mix of regulated and market units shapes how much it can borrow.
Property condition and reserves
A property condition report sets the replacement reserve and any up-front repair holdback. Older buildings usually carry larger reserves.
The agency alternative
For a stabilized apartment property the same borrower can often get an agency quote. Compare prepayment terms as well as rate: agency loans and CMBS loans handle early payoff differently.
Is a CMBS loan the right fit?
A conduit loan suits stabilized apartment owners who want fixed-rate, non-recourse debt with full-term interest-only, or who fall outside agency guidelines. Properties still leasing up usually start with a bridge loan.
Related: CMBS vs agency loans · DSCR · CMBS loan requirements · 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 multifamily CMBS loans?
The median original rate on multifamily CMBS loans originated in the 12 months to October 19, 2026 was 6.35% across 292 loans; the middle half ran from 6.06% to 6.59%. Loans from the last 90 days had a median of 6.45% (61 loans). Source: SEC Form ABS-EE filings as of October 28, 2026.
How much leverage can I get on a multifamily CMBS loan?
Whole multifamily loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 67.3%, with the middle half between 62.5% and 70.5%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 8.8% and median DSCR 1.33x.
Who makes multifamily CMBS loans?
In the 12 months to October 19, 2026, the most active originators of multifamily CMBS loans were Citi (42), Deutsche Bank (26), AxLender (25), counting loans by originator in the trusts' filings.
How many multifamily CMBS loans mature in 2027 and 2028?
276 loans with $5.2 billion outstanding, of the 2,004 multifamily loans still in CMBS trusts as of October 28, 2026.
Financing a multifamily property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.