Self-storage CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on self-storage CMBS loans originated in the 12 months to October 19, 2026 was 6.11%, across 115 loans (SEC Form ABS-EE filings, as of October 28, 2026), 29 basis points below the all-property median. Whole loans were written at a median 60.6% loan-to-value and 1.57x debt service coverage.
- Median rate, 12 months
- 6.11%
- 115 loans; all types 6.40%
- Median loan-to-value
- 60.6%
- all types 63.9%
- Median DSCR
- 1.57x
- all types 1.47x
- Median debt yield
- 9.7%
- all types 10.1%
Self-storage has been one of the steadiest CMBS property types: month-to-month rentals spread across hundreds of small tenants, low operating costs, and very few loans in trouble. Lenders like it, and it shows in rates.
Self-storage CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 12 | 6.34% | 6.05% to 6.68% | 6.63% |
| Last 180 days | 30 | 6.37% | 6.11% to 6.62% | 6.56% |
| Last 12 months | 115 | 6.11% | 5.86% to 6.37% | 6.40% |
| 5-year loans, 12 months | 64 | 6.30% | 6.00% to 6.46% | 6.46% |
| 10-year loans, 12 months | 51 | 5.97% | 5.78% to 6.15% | 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 self-storage CMBS loans are underwritten
Whole self-storage loans in the 12 months to October 19, 2026 (88 loans with full underwriting data) were written at a median 60.6% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.57x and median debt yield 9.7%, against 1.47x and 10.1% across property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 54.5% | 60.6% | 65.6% | 63.9% |
| Debt service coverage (NCF) | 1.42x | 1.57x | 1.87x | 1.47x |
| Debt yield (NOI) | 9.2% | 9.7% | 10.7% | 10.1% |
| Occupancy | 83.1% | 86.6% | 92.0% | 94.4% |
| Loan size | $6.0M | $8.9M | $15.1M | $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 (15%)
- $5M to $10M 50 (43%)
- $10M to $25M 33 (29%)
- $25M to $50M 6 (5%)
- $50M and up 9 (8%)
Term and interest-only
- 56% five-year terms, 44% ten-year
- 78% interest-only for the full term (all types: 87%)
- 13% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making self-storage CMBS loans
Bank of America originated the most self-storage CMBS loans in the 12 months to October 19, 2026, with 19 loans totaling $329 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Bank of America 19 ($329M)
- Wells Fargo 15 ($198M)
- Deutsche Bank 15 ($173M)
- Barclays 13 ($118M)
- Goldman Sachs 10 ($282M)
- Morgan Stanley 10 ($140M)
- Citi 9 ($260M)
- BMO 6 ($162M)
Recent self-storage loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| StorQuest Self Storage - Stockton | Stockton, CA | $9.5M | 7.21% | 5 yr | September 30, 2026 | Goldman Sachs |
| Compass Storage National Portfolio 2.0 | Not reported | $95.0M | 5.95% | 5 yr | August 19, 2026 | Citi |
| My Garage Self Storage | Midlothian, TX | $7.0M | 6.77% | 5 yr | August 18, 2026 | Barclays |
| All American Self Storage | AL | $23.6M | 6.54% | 5 yr | August 6, 2026 | Wells Fargo |
| Cane Island Storage | Katy, TX | $6.0M | 6.80% | 5 yr | August 6, 2026 | Barclays |
| Lockhart Self Storage | TX | $8.0M | 6.14% | 5 yr | August 5, 2026 | Bank of America |
| Lockhart Self Storage | Lockhart, TX | $8.5M | 6.61% | 5 yr | August 3, 2026 | Barclays |
| CubeSmart Self Storage | Aurora, CO | $7.7M | 6.64% | 10 yr | July 31, 2026 | NWL Company |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every self-storage loan in CMBS. Lender rankings for all types: CMBS lenders.
Self-storage CMBS maturities and distress
1,140 self-storage loans with $13.3 billion outstanding are still in CMBS trusts. 233 loans ($2.5 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 4% 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. 0.3% of live self-storage loans are 60 or more days delinquent and 0.3% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $73.1M | 14 |
| 2027 | $1.1B | 111 |
| 2028 | $1.4B | 122 |
| 2029 | $2.2B | 179 |
| 2030 | $2.5B | 197 |
| 2031 | $2.6B | 230 |
| 2032 | $1.5B | 128 |
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 self-storage loan
Occupancy and in-place rents
With month-to-month tenants, the rent roll can reprice quickly. Lenders compare in-place rents with current street rates and discount income from promotions.
New supply nearby
A new facility in the trade area can pull occupancy and rents down. Underwriters check the supply pipeline around the property.
Operator and management
Many facilities are run under a national operator's platform. Lenders look at who manages the property and how it markets units.
Portfolios
Storage loans are often portfolios of several facilities. Lenders look at each site and at release provisions for selling one facility off the loan.
Is a CMBS loan the right fit?
Stabilized storage owners are well suited to CMBS, including for ten-year terms. Facilities still leasing up usually need a bridge or bank loan first.
Related: Partial release · CMBS loan terms · Conduit 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 self-storage CMBS loans?
The median original rate on self-storage CMBS loans originated in the 12 months to October 19, 2026 was 6.11% across 115 loans; the middle half ran from 5.86% to 6.37%. Loans from the last 90 days had a median of 6.34% (12 loans). Source: SEC Form ABS-EE filings as of October 28, 2026.
How much leverage can I get on a self-storage CMBS loan?
Whole self-storage loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 60.6%, with the middle half between 54.5% and 65.6%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 9.7% and median DSCR 1.57x.
Who makes self-storage CMBS loans?
In the 12 months to October 19, 2026, the most active originators of self-storage CMBS loans were Bank of America (19), Wells Fargo (15), Deutsche Bank (15), counting loans by originator in the trusts' filings.
How many self-storage CMBS loans mature in 2027 and 2028?
233 loans with $2.5 billion outstanding, of the 1,140 self-storage loans still in CMBS trusts as of October 28, 2026.
Financing a self-storage property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.