Retail CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on retail CMBS loans originated in the 12 months to October 19, 2026 was 6.58%, across 141 loans (SEC Form ABS-EE filings, as of October 28, 2026), 18 basis points above the all-property median. Whole loans were written at a median 62.7% loan-to-value and 1.61x debt service coverage.
- Median rate, 12 months
- 6.58%
- 141 loans; all types 6.40%
- Median loan-to-value
- 62.7%
- all types 63.9%
- Median DSCR
- 1.61x
- all types 1.47x
- Median debt yield
- 11.3%
- all types 10.1%
Retail spans grocery-anchored centers, unanchored strips, single-tenant net lease buildings and regional malls, and CMBS lenders treat each very differently. The common thread is the tenants: who they are, when their leases end, and what the leases let them do if a neighbor leaves.
Retail CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 18 | 6.99% | 6.78% to 7.20% | 6.63% |
| Last 180 days | 44 | 6.81% | 6.58% to 7.04% | 6.56% |
| Last 12 months | 141 | 6.58% | 6.21% to 6.81% | 6.40% |
| 5-year loans, 12 months | 90 | 6.60% | 6.28% to 6.86% | 6.46% |
| 10-year loans, 12 months | 51 | 6.48% | 6.11% 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 retail CMBS loans are underwritten
Whole retail loans in the 12 months to October 19, 2026 (107 loans with full underwriting data) were written at a median 62.7% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.61x and median debt yield 11.3%, against 1.47x and 10.1% across property types. Lenders ask for more cash flow per dollar of debt on retail than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 55.0% | 62.7% | 67.5% | 63.9% |
| Debt service coverage (NCF) | 1.43x | 1.61x | 1.91x | 1.47x |
| Debt yield (NOI) | 10.2% | 11.3% | 12.6% | 10.1% |
| Occupancy | 92.8% | 97.3% | 100.0% | 94.4% |
| Loan size | $10.5M | $16.7M | $35.0M | $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 2 (1%)
- $5M to $10M 30 (21%)
- $10M to $25M 63 (45%)
- $25M to $50M 18 (13%)
- $50M and up 28 (20%)
Term and interest-only
- 64% five-year terms, 36% ten-year
- 85% 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 retail CMBS loans
Wells Fargo originated the most retail CMBS loans in the 12 months to October 19, 2026, with 18 loans totaling $547 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Wells Fargo 18 ($547M)
- Goldman Sachs 17 ($666M)
- Citi 15 ($460M)
- BMO 12 ($514M)
- Barclays 12 ($256M)
- JPMorgan Chase 10 ($721M)
- Bank of America 10 ($361M)
- Morgan Stanley 8 ($319M)
Recent retail loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| SoHo Centrale | New York, NY | $55.5M | 6.82% | 5 yr | October 19, 2026 | Goldman Sachs |
| Kayyem Retail Portfolio | Not reported | $6.7M | 7.43% | 5 yr | October 6, 2026 | Barclays |
| 2461 East 17th Street | Brooklyn, NY | $18.5M | 7.10% | 5 yr | September 10, 2026 | Citi |
| Pavilions at San Mateo | Albuquerque, NM | $20.4M | 6.86% | 5 yr | September 9, 2026 | Barclays |
| Beltway Marketplace | Las Vegas, NV | $14.8M | 6.34% | 5 yr | August 31, 2026 | UBS |
| Kingsport Pavilion | Kingsport, TN | $18.9M | 6.77% | 5 yr | August 31, 2026 | Goldman Sachs |
| At Home Retail Center | North Canton, OH | $7.0M | 7.73% | 5 yr | August 27, 2026 | Benefit Street Partners (BSPRT) |
| Clackamas Town Center | Happy Valley, OR | $97.0M | 6.96% | 5 yr | August 18, 2026 | Rialto |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every retail loan in CMBS. Lender rankings for all types: CMBS lenders.
Retail CMBS maturities and distress
2,757 retail loans with $60.6 billion outstanding are still in CMBS trusts. 935 loans ($18.6 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 10% 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. 1.3% of live retail loans are 60 or more days delinquent and 2.3% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $1.3B | 64 |
| 2027 | $7.3B | 450 |
| 2028 | $11.3B | 485 |
| 2029 | $13.3B | 629 |
| 2030 | $7.2B | 301 |
| 2031 | $6.6B | 339 |
| 2032 | $4.4B | 205 |
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 retail loan
Anchors and shadow anchors
A grocery or big-box anchor drives traffic for everyone else. Lenders check the anchor's lease term and credit, whether the anchor owns its own pad (a shadow anchor the borrower does not control), and what happens if it goes dark.
Co-tenancy clauses
Some leases let smaller tenants cut rent or leave if an anchor closes or occupancy falls below a set level. Underwriters read the leases for these clauses because one vacancy can trigger several rent cuts.
Rollover during the loan term
Leases expiring before maturity are the main risk. Lenders often require a leasing reserve, or a cash sweep tied to a major tenant's renewal, so money is on hand to re-let the space.
Tenant sales and occupancy cost
Where tenants report sales, the ratio of rent to sales shows whether a tenant can afford to stay. High occupancy cost is a warning sign at renewal.
Single-tenant net lease
A single-tenant loan is close to a bet on one tenant's credit and lease term. Loans are commonly sized so the debt is paid down or refinanceable before the lease expires.
Is a CMBS loan the right fit?
CMBS is one of the deepest sources of non-recourse debt for retail, including property types many banks avoid. Owners with heavy near-term rollover should expect reserves or cash management.
Related: CMBS cash management · CMBS reserves · How CMBS underwriting works · 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 retail CMBS loans?
The median original rate on retail CMBS loans originated in the 12 months to October 19, 2026 was 6.58% across 141 loans; the middle half ran from 6.21% to 6.81%. Loans from the last 90 days had a median of 6.99% (18 loans). Source: SEC Form ABS-EE filings as of October 28, 2026.
How much leverage can I get on a retail CMBS loan?
Whole retail loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 62.7%, with the middle half between 55.0% and 67.5%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 11.3% and median DSCR 1.61x.
Who makes retail CMBS loans?
In the 12 months to October 19, 2026, the most active originators of retail CMBS loans were Wells Fargo (18), Goldman Sachs (17), Citi (15), counting loans by originator in the trusts' filings.
How many retail CMBS loans mature in 2027 and 2028?
935 loans with $18.6 billion outstanding, of the 2,757 retail loans still in CMBS trusts as of October 28, 2026.
Financing a retail property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.