CMBS loans by property type
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
Multifamily was the most common property type in CMBS lending over the 12 months to October 19, 2026, with 292 of 1,047 loans (SEC Form ABS-EE filings, as of October 28, 2026). Median rates ran from 6.11% for self-storage to 7.02% for hotel.
Terms side by side
| Property type | Loans, 12 mo | Median rate | LTV | DSCR | Debt yield | Median size | Full IO | 5-year |
|---|---|---|---|---|---|---|---|---|
| Multifamily | 292 | 6.35% | 67.3% | 1.33x | 8.8% | $15.1M | 95% | 92% |
| Retail | 141 | 6.58% | 62.7% | 1.61x | 11.3% | $16.7M | 85% | 64% |
| Office | 87 | 6.64% | 59.6% | 1.84x | 13.5% | $37.1M | 82% | 76% |
| Hotel | 96 | 7.02% | 61.1% | 1.77x | 15.0% | $19.0M | 67% | 85% |
| Self-storage | 115 | 6.11% | 60.6% | 1.57x | 9.7% | $8.9M | 78% | 56% |
| Industrial | 64 | 6.63% | 63.5% | 1.49x | 10.9% | $20.9M | 86% | 77% |
| Mixed use | 66 | 6.42% | 62.5% | 1.42x | 10.0% | $16.7M | 89% | 83% |
| Mobile home park | 82 | 6.41% | 63.7% | 1.39x | 9.4% | $6.2M | 96% | 85% |
| Co-op housing | 89 | 6.00% | 10.3%* | 6.93x* | * | $3.5M | 27% | 0% |
| All types (co-op left out) | 958 | 6.40% | 63.9% | 1.47x | 10.1% | $15.0M | 87% | 79% |
Loans originated October 19, 2025 to October 19, 2026. Medians; leverage, coverage and debt yield on whole loans. The all-types rate includes co-op loans. *Co-op housing loans are blanket mortgages on cooperative buildings and sit far outside other types on leverage and coverage. Healthcare has too few loans for a page.
| Group | Range | Median | Middle half | Loans |
|---|---|---|---|---|
| Multifamily | 6.35% | 6.06% to 6.59% | 292 | |
| Retail | 6.58% | 6.21% to 6.81% | 141 | |
| Office | 6.64% | 6.39% to 6.94% | 87 | |
| Hotel | 7.02% | 6.65% to 7.42% | 96 | |
| Self-storage | 6.11% | 5.86% to 6.37% | 115 | |
| Industrial | 6.63% | 6.37% to 6.89% | 64 | |
| Mixed use | 6.42% | 6.01% to 6.80% | 66 | |
| Mobile home park | 6.41% | 6.16% to 6.63% | 82 | |
| Co-op housing | 6.00% | 5.89% to 6.18% | 89 |
What the differences mean
- Rate follows risk: hotel had the highest median (7.02%), then office (6.64%); self-storage the lowest among commercial types (6.11%).
- Debt yield shows how much cash flow lenders want per dollar of loan: 15.0% for hotel against 8.8% for multifamily. See debt yield.
- Leverage was highest for multifamily (67.3%) and lowest for office (59.6%).
- Interest-only is the norm almost everywhere: full-term IO ranged from 67% to 96% of loans across commercial types.
Loans still in CMBS trusts, by property type
12,062 loans with $280.4 billion outstanding were still reporting in CMBS trusts as of October 28, 2026. Office had the highest share with a special servicer (9.5%), self-storage the lowest (0.3%).
- Office1,805 loans $76.1B
- Retail2,757 loans $60.6B
- Multifamily2,004 loans $37.8B
- Hotel1,275 loans $30.1B
- Mixed use825 loans $28.0B
- Industrial815 loans $20.1B
- Self-storage1,140 loans $13.3B
- Mobile home park401 loans $4.0B
- Co-op housing809 loans $3.2B
| Property type | Live loans | Balance | 60+ days delinquent | With special servicer | Maturing 2027 |
|---|---|---|---|---|---|
| Multifamily | 2,004 | $37.8B | 5.0% | 6.1% | 101 |
| Retail | 2,757 | $60.6B | 1.3% | 2.3% | 450 |
| Office | 1,805 | $76.1B | 6.7% | 9.5% | 270 |
| Hotel | 1,275 | $30.1B | 2.9% | 4.6% | 196 |
| Self-storage | 1,140 | $13.3B | 0.3% | 0.3% | 111 |
| Industrial | 815 | $20.1B | 2.5% | 3.2% | 68 |
| Mixed use | 825 | $28.0B | 4.1% | 5.9% | 101 |
| Mobile home park | 401 | $4.0B | 0.8% | 0.8% | 21 |
| Co-op housing | 809 | $3.2B | 0.0% | 0.4% | 79 |
| All loans | 12,062 | $280.4B | 3.0% | 4.3% | 1,420 |
Share of loans by count. All loans includes healthcare and loans with no property type reported. Wall by type: CMBS maturity wall.
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
Which property type gets the best CMBS terms?
By median rate over the 12 months to October 19, 2026, self-storage (6.11%) among commercial types. By leverage, multifamily loans were written highest, at a median 67.3% loan-to-value.
Why do hotel CMBS loans cost more?
Hotel income resets nightly, so lenders price in more risk: hotel loans had a median rate of 7.02% and were sized to a median debt yield of 15.0%, against 10.1% across property types.
Which property type has the most CMBS loans in special servicing?
Office: 9.5% of live office loans were with a special servicer as of October 28, 2026, the highest share of any property type, against 4.3% across all loans.
Get a CMBS quote
Buying or refinancing stabilized commercial property? Send the deal to Janover Capital LLC and a capital markets advisor will reply within one business day.