Today's CMBS Loan Rates — April 2026

As of April 28, 2026, CMBS conduit rates are 5.60–7.10% (10-yr fixed, non-recourse) by property type: multifamily 5.50–6.30%, industrial 5.50–6.30%, self-storage 5.65–6.65%, hotel 5.85–6.85%, retail 5.95–6.95%, office 6.00–7.10%. Spread over 10-yr Treasury (4.25%) is 175-275 bps.

CMBS conduit rates (5.60–7.10%) are typically 50-150 bps lower than bank portfolio CRE rates (6.50–8.50%) for stabilized $5M+ deals because CMBS is securitized and pooled. CMBS is also non-recourse, vs banks typically requiring recourse. Trade-off: CMBS has defeasance/yield-maintenance prepay; banks are more flexible.

10-yr Treasury yield is 4.25% as of April 28, 2026 (Federal Reserve H.15), down from 4.45% in early March. The 10-yr is the primary base rate for CMBS conduit pricing. CMBS spreads currently +175-275 bps over 10-yr depending on property type and sponsor profile.

April 2026 CMBS conduit spreads: AAA bond +78 bps (tightened from +95 in February), full conduit loan spreads 175-275 bps over 10-yr Treasury. Multifamily and industrial price tightest (175-200), office widest (250-275). Spread compression in April reflected strong investor demand following $125.6B 2025 issuance — highest since 2007 (Trepp).

Yes — CMBS rates compressed 15-30 bps from March to April 2026 as 10-yr Treasury fell ~20 bps and conduit spreads tightened ~17 bps. Forward curves suggest further 25-50 bps compression possible through year-end if Fed signals rate cuts. CMBS issuance is on pace for another $125B+ year, supporting tight spreads.

April 2026 CMBS max LTVs by property type: multifamily 75%, industrial 70%, retail (anchored) 70%, self-storage 70%, hotel 65%, office 65%. Min DSCR 1.25-1.40x. Trophy assets with strong sponsorship may stretch to top-of-band. Higher LTV is achievable via mezzanine debt subordinate to CMBS senior.

CMBS loans typically lock prepayment via defeasance (substitute Treasury collateral) or yield maintenance (pay PV of remaining interest). Lockout period usually 24-48 mo, then defeasance window for years 3-9 of a 10-yr term. Open prepay typically last 3-6 months. This is the biggest CMBS friction vs bank/life-co loans.

Yes — CMBS conduit loans are non-recourse to the borrower except for standard 'bad-boy' carve-outs (fraud, misappropriation, environmental). The underlying collateral (the property) is the recourse. This is the single biggest reason institutional sponsors choose CMBS over bank/portfolio loans.

Active CMBS conduit shelves April 2026: Wells Fargo, JPMorgan, Goldman Sachs, Citi, Deutsche Bank, Barclays, Morgan Stanley, Bank of America, Cantor Commercial, Starwood, Greystone, Argentic, Ladder Capital, KeyBank. Each runs a securitization shelf and originates loans for pooled CMBS execution.

Practical CMBS conduit minimum is $5M. Below $5M, loans are typically routed to small-balance CMBS programs (Argentic, Ladder, Greystone, Starwood SBC) at slightly wider spreads (+25-50 bps). True conduit shelves prefer $10M+ for execution efficiency. Largest CMBS deals are $500M+ trophy assets.