Industrial CMBS Loans6.0% to 7.5% Non Recourse 10 Year Fixed · $10 million and up
Talk to PeerSense. The capital source sets the terms. The tightest CMBS rates in commercial real estate because the tenant base (Amazon, FedEx, UPS, Walmart, Target, and the 3PLs) carries the strongest credit of any CRE asset class.
Warehouse · distribution · last mile logistics infill · cold storage · flex / R&D · IOS (industrial outdoor storage) · credit tenant leased single tenant industrial.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical industrial CMBS rates in 2026?
Talk to PeerSense. The capital source sets the terms.25x+ DSCR, credit tenant or multi tenant WALT clearing the loan term, and debt yield clearing the 8.5% industrial floor. Rates 6.0% to 7.5% non recourse 10 year fixed in May 2026, the tightest CMBS rates in CRE because the tenant base (Amazon, FedEx, UPS, Walmart, 3PLs) carries the strongest credit of any asset class. Credit tenant single tenant: 6.0% to 6.5%. Multi tenant Class A: 6.25% to 6.75%. Cold storage: 6.5% to 7.25%. Higher 70 to 75% LTV is available on top credit tenant deals but pays a 25 to 50 bps premium. Lease up or transitional deals route to [bridge financing](/bridge-loans/industrial) first.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Industrial CMBS Underwriting Matrix, Rate, LTV, DSCR by Deal Profile
CMBS conduits price industrial deals based on a tight underwriting grid: property class, sponsor credit, tenant concentration (single-tenant vs. multi-tenant), DSCR, and lease term. Pick your deal profile for typical CMBS spread pricing.
| Property Type | Max LTV | Min DSCR | Term | Amortization | Rate Range | Recourse |
|---|---|---|---|---|---|---|
| Credit Tenant Single Tenant (IG) | 70 to 75% | 1.25x | 10-yr fixed | 30 yr (3 to 5 IO) | 6.0% to 6.5% | Non recourse |
| Multi Tenant Class A Distribution | 70 to 75% | 1.25x | 10-yr fixed | 30 yr (3 to 5 IO) | 6.25% to 6.75% | Non recourse |
| Last Mile Logistics Infill | 65 to 70% | 1.25x | 10-yr fixed | 30 yr (2 to 5 IO) | 6.25% to 7.0% | Non recourse |
| Cold Storage / Refrigerated | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.5% to 7.25% | Non recourse |
| Flex / R&D / Life Sciences | 60 to 70% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.5% to 7.5% | Non recourse |
| Class B Warehouse | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (0 to 3 IO) | 6.5% to 7.25% | Non recourse |
| Industrial Outdoor Storage (IOS) | 55 to 65% | 1.35x | 10-yr fixed | 30 yr (0 to 2 IO) | 7.0% to 7.75% | Non recourse |
| Owner Occupied Manufacturing | 65 to 75% | 1.25x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.5% to 7.25% | Non recourse (typically SBA 504 alt) |
Credit Tenant Single Tenant (IG)6.0% to 6.5% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (3 to 5 IO)
- Rate Range
- 6.0% to 6.5%
- Recourse
- Non recourse
Multi Tenant Class A Distribution6.25% to 6.75% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (3 to 5 IO)
- Rate Range
- 6.25% to 6.75%
- Recourse
- Non recourse
Last Mile Logistics Infill6.25% to 7.0% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 5 IO)
- Rate Range
- 6.25% to 7.0%
- Recourse
- Non recourse
Cold Storage / Refrigerated6.5% to 7.25% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.5% to 7.25%
- Recourse
- Non recourse
Flex / R&D / Life Sciences6.5% to 7.5% · 60 to 70% LTV
- Max LTV
- 60 to 70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.5% to 7.5%
- Recourse
- Non recourse
Class B Warehouse6.5% to 7.25% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (0 to 3 IO)
- Rate Range
- 6.5% to 7.25%
- Recourse
- Non recourse
Industrial Outdoor Storage (IOS)7.0% to 7.75% · 55 to 65% LTV
- Max LTV
- 55 to 65%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 30 yr (0 to 2 IO)
- Rate Range
- 7.0% to 7.75%
- Recourse
- Non recourse
Owner Occupied Manufacturing6.5% to 7.25% · 65 to 75% LTV
- Max LTV
- 65 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.5% to 7.25%
- Recourse
- Non recourse (typically SBA 504 alt)
Indicative only, as of May 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Indicative ranges as of May 2026. Individual deal pricing depends on LTV, DSCR, property type, tenant credit, sponsor track record, and market spreads at the time of rate lock. Contact PeerSense for a deal specific indication.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Why Industrial Is the Tightest CMBS Category in CRE
Industrial CMBS trades 25 to 75 bps tighter than multifamily CMBS and 100 to 250 bps tighter than office CMBS, at the same LTV, same DSCR, same loan size. Why? Tenant credit quality, lease structure, supply dynamics, and default history. E commerce tenancy (Amazon, FedEx, UPS, Walmart, Target, the 3PLs) produces the strongest tenant credit mix in any CRE asset class. Long term NNN leases with annual escalators lock in cash flow predictability. Supply constraints in major logistics corridors make re leasing risk minimal. Historical default rates on industrial CMBS are the lowest of any property type.
E Commerce Tenant Credit Mix
Amazon (AA), FedEx (BBB+), UPS (A), Walmart (AA), Target (A), Home Depot (A), and the national 3PLs (XPO, Ryder, DHL, Penske) rent the majority of U.S. institutional quality warehouse space. This is the strongest tenant credit mix in any CRE asset class. Single tenant credit tenant industrial CMBS prices at the tightest end of the CMBS curve because the tenant underwriting is cleaner than the real estate underwriting.
NNN Leases with Annual Escalators
Standard industrial lease terms are 7 to 10 years NNN (tenant pays tax, insurance, maintenance) with 2 to 3% annual rent escalators or CPI indexation. That predictable cash flow growth lets CMBS conduits and rating agencies underwrite to stabilized cash flow projections with confidence, which compresses spreads.
Institutional Portfolio + CMBS Dual Market
The major institutional portfolio lender lenders compete aggressively with CMBS conduits for industrial paper. Institutional portfolio lenders price 25 to 50 bps inside CMBS on investment grade credit tenant deals; CMBS wins on smaller and more complex structures. The dual market keeps both sides honest on pricing.
Environmental Diligence Is the Main Hurdle
Industrial CMBS diligence focuses heavily on Phase I Environmental Site Assessment. Historical industrial uses (manufacturing, auto, dry cleaners, gas stations) can trigger Phase II soil/groundwater testing that adds 30 to 60 days to close and $25K to $150K to closing costs. Pre screen Phase I at LOI stage to avoid surprises.
Industrial CMBS Deal Types We Structure
Credit Tenant Single Tenant NNN Industrial
You own or are acquiring a 100K to 500K SF distribution center NNN leased to Amazon, FedEx, UPS, or Walmart with 10+ year remaining lease term. CMBS locks in 6.0% to 6.5% non recourse 10 year fixed with up to 5 years IO at 70% to 75% LTV.
Multi Tenant Class A Distribution Center
You own a 300K to 1M SF multi tenant Class A distribution facility in a major logistics corridor (Inland Empire, NJ, Atlanta, DFW, Chicago). CMBS locks in 6.25% to 6.75% non recourse 10 year fixed.
Last Mile Logistics Infill
50K to 250K SF infill warehouse in a metro market (LA, NJ, Atlanta, DFW, Chicago, Miami) with strong last mile demand. CMBS at 6.25% to 7.0% depending on tenant mix and remaining lease term.
Cold Storage / Refrigerated Distribution
Temperature controlled cold storage or freezer facility leased to USCS, Lineage, Americold, or similar cold storage operator. CMBS at 6.5% to 7.25% non recourse with 2 to 3 years IO.
Flex / R&D / Life Sciences
R&D / lab / life sciences campus in Boston, SF, San Diego, or Raleigh Durham. CMBS at 6.5% to 7.5% at 60% to 70% LTV. Tenant credit of the life science occupants (biotech, pharma) is heavily scrutinized during underwriting.
Industrial CMBS Loans, Frequently Asked Questions
What are typical industrial CMBS rates in 2026?+
Industrial CMBS rates are 6.0% to 7.5% non recourse 10 year fixed in May 2026, the tightest CMBS rates in all of commercial real estate. Credit tenant leased (Amazon, FedEx, Walmart) single tenant: 6.0% to 6.5%. Multi tenant Class A distribution: 6.25% to 6.75%. Last mile logistics infill: 6.25% to 7.0%. Cold storage: 6.5% to 7.25%. Flex/R&D: 6.5% to 7.5%. IOS (industrial outdoor storage): 7.0% to 7.75%.
Why does industrial CMBS price tighter than multifamily CMBS?+
Industrial is the single most favored CRE asset class for CMBS conduits and rating agencies. E commerce tenant base (Amazon, FedEx, UPS, Walmart, Target, the 3PLs), long term NNN leases with rent escalators, supply constrained markets, and low historical default rates combine to make industrial the most defensible CMBS asset. That's why it trades 25 to 75 bps tighter than multifamily CMBS and 100 to 250 bps tighter than office CMBS.
What LTV can I get on industrial CMBS?+
Industrial CMBS LTV caps at 75% with 70% to 75% typical for core Class A. Credit tenant single tenant: 70% to 75%. Multi tenant Class A: 70% to 75%. Class B industrial: 65% to 70%. Cold storage: 65% to 70%. Flex/R&D: 60% to 70%. IOS: 55% to 65%. Lower LTV on specialty industrial (IOS, cold storage, flex) reflects tighter exit market depth vs. standard warehouse.
How does tenant credit affect industrial CMBS pricing?+
On single tenant industrial, tenant credit is everything. Investment grade rated tenants (AA / A / BBB rated) on 10+ year NNN leases price 25 to 75 bps tighter than unrated tenants on the same property. Amazon (AA) or FedEx (BBB+) with 12 year lease prices at the tightest end of industrial CMBS. On multi tenant, WALT (weighted average lease term) and tenant diversification matter more than individual tenant credit.
Is industrial CMBS non recourse?+
Yes. All industrial CMBS loans are non recourse with standard bad boy carve outs. Non recourse is the structural advantage over bank industrial debt. Completion and environmental carve outs are enforced more strictly in industrial CMBS than in multifamily due to historical industrial use environmental risks.
Does industrial CMBS offer interest only periods?+
Yes. Industrial CMBS offers 2 to 5 years IO on core deals, longer than most property types. Credit tenant single tenant Class A industrial can achieve full term 10 year IO on low LTV deals. Multi tenant Class A: 3 to 5 years IO. Class B: 0 to 3 years IO. Cold storage: 2 to 3 years IO.
Can CMBS finance industrial outdoor storage (IOS)?+
Yes, but specialty CMBS conduits are newer to the space. Pricing is 50 to 150 bps wider than standard warehouse CMBS due to tighter exit market depth. IOS at 55% to 65% LTV, 1.35x+ DSCR, and clean zoning is financeable. Most IOS financing is still bridge + private credit (see /bridge-loans/industrial) with CMBS reserved for larger stabilized portfolios.
How long does industrial CMBS take to close?+
45 to 75 days from LOI to close. Industrial CMBS diligence focuses heavily on Phase I Environmental Site Assessment given historical manufacturing and industrial uses. Clean environmental reports with no recognized environmental conditions (RECs) close on the fast end. Phase II testing requirements extend close by 30 to 60 days.
Deals We Structure
Originators, factoring, CMBS, and bridge. Sizes and structures only. No counterparties named. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Focus is 100 million a month. The desk will look at 10 million a month.
Tape first. 10 million is not the focus.
$20 million a month B2B invoices
Advance on the account debtor. Annual receivables is not facility size.
$10 million and up flagged hotel, CMBS refi
Cash in about 35 percent. Named takeout.
$10 million and up value add multifamily bridge
Named takeout first. Close follows the book.
Hyperscaler lease. Owner keeps the facility.
Up to 89 percent of contracted lease value. Do not name the source.
Revolving line against eligible originator receivables
Advance rates are set facility by facility by asset class. Often paired with a flow takeout.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Talk to PeerSense
Property address, purchase price or payoff, trailing 12 NOI, occupancy, WALT, and exit plan. We'll return a CMBS spread indication and conduit shortlist.
Industrial CMBS Loan: The desk will reach out. No obligation.
Ready to Lock Your Industrial CMBS Rate?
Send us the property address, purchase price (or payoff balance), trailing 12 NOI, rent roll, and exit plan. We'll return a CMBS spread indication and conduit shortlist. Public floor is $10 million and up. Cash in about 35 percent.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Disclaimer: Industrial CMBS conduit rates, terms, and availability are subject to change based on property condition, sponsor qualifications, tenant concentration, market conditions, securitization schedule, and rating agency reviews. Rate ranges quoted reflect approximate May 2026 10 year fixed CMBS conduit pricing and may not reflect current market conditions at the time of reading. CMBS loans carry defeasance or yield maintenance prepayment structures, review the prepayment schedule carefully before closing. PeerSense sources capital through a curated network of commercial lenders and capital sources. All financing is provided by third party CMBS conduit lenders subject to their own underwriting criteria, rating agency review, and securitization timelines. Borrowers should consult qualified financial and legal professionals before making any financing decisions.