Mixed-Use CMBS Loans6.5% to 7.9% Non Recourse 10 Year Fixed · $10 million and up
Talk to PeerSense. The capital source sets the terms. This includes residential over retail, office retail, and multi component urban assets. Mixed use is component underwriting: we split the rent roll into its property types, position the dominant income stream into its tightest pricing lane, and present the blend the way a conduit credit committee actually reads it.
Residential over retail · office retail blends · live work shop districts · commercial condo structures · single asset and portfolio.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical mixed-use CMBS rates in 2026?
Talk to PeerSense. The capital source sets the terms.5% to 7.9% non recourse 10 year fixed in July 2026, at the 60 to 65% LTV gold standard lane with 1.25x to 1.35x blended DSCR. Pricing lands between the property types inside the asset: residential dominant blends price near multifamily CMBS, retail dominant blends near retail paper, and office heavy assets price widest. The dominant income component, typically 60%+ of effective gross income, sets the lane. This is why we pre split the rent roll and position the file to its strongest defensible classification before submission.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated July 2026.
Mixed-Use CMBS Underwriting Matrix, Rate, LTV, DSCR by Deal Profile
CMBS conduits price mixed-use 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 |
|---|---|---|---|---|---|---|
| Residential Dominant (60%+ Apartment EGI) | 65 to 70% | 1.25x | 10-yr fixed | 30 yr (2 to 5 IO) | 6.5% to 7.1% | Non recourse |
| Apartments over Grocery / Anchored Retail | 65 to 70% | 1.25x | 10-yr fixed | 30 yr (2 to 5 IO) | 6.55% to 7.2% | Non recourse |
| Retail Dominant w/ Upper Floor Apartments | 60 to 68% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.75% to 7.5% | Non recourse |
| Office Retail Blend (Stabilized) | 60 to 65% | 1.35x | 10-yr fixed | 30 yr (1 to 3 IO) | 7.1% to 7.9% | Non recourse |
| Live Work Shop District Asset | 60 to 68% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.8% to 7.6% | Non recourse |
| Commercial Condo Component | 60 to 65% | 1.30x | 10-yr fixed | 30 yr (1 to 3 IO) | 6.9% to 7.7% | Non recourse |
| Portfolio (2+ Mixed Use Assets) | 65 to 70% | 1.25x | 10-yr fixed | 30 yr (2 to 5 IO) | 6.6% to 7.4% | Non recourse |
| Cash Out Refinance (Stabilized) | 60 to 65% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.6% to 7.5% | Non recourse |
Residential Dominant (60%+ Apartment EGI)6.5% to 7.1% · 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
- 6.5% to 7.1%
- Recourse
- Non recourse
Apartments over Grocery / Anchored Retail6.55% to 7.2% · 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
- 6.55% to 7.2%
- Recourse
- Non recourse
Retail Dominant w/ Upper Floor Apartments6.75% to 7.5% · 60 to 68% LTV
- Max LTV
- 60 to 68%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.75% to 7.5%
- Recourse
- Non recourse
Office Retail Blend (Stabilized)7.1% to 7.9% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 30 yr (1 to 3 IO)
- Rate Range
- 7.1% to 7.9%
- Recourse
- Non recourse
Live Work Shop District Asset6.8% to 7.6% · 60 to 68% LTV
- Max LTV
- 60 to 68%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.8% to 7.6%
- Recourse
- Non recourse
Commercial Condo Component6.9% to 7.7% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (1 to 3 IO)
- Rate Range
- 6.9% to 7.7%
- Recourse
- Non recourse
Portfolio (2+ Mixed Use Assets)6.6% to 7.4% · 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
- 6.6% to 7.4%
- Recourse
- Non recourse
Cash Out Refinance (Stabilized)6.6% to 7.5% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.6% to 7.5%
- Recourse
- Non recourse
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 November 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 Mixed Use CMBS Is Component Underwriting
A mixed use building is two or three property types sharing one foundation, and conduits refuse to underwrite it as a single blended number. The rent roll is split: apartments to multifamily conventions, ground floor retail to retail conventions, office floors to office conventions. Each has its own vacancy, rollover, TI/LC, and cap rate treatment, then is recombined into a blended NOI, value, and DSCR. That mechanical reality creates the positioning opportunity: the same building can price meaningfully differently depending on which component leads the narrative and how cleanly the split is documented. PeerSense prepares the component level package before submission so the asset lands in its tightest defensible lane.
The Dominant Component Sets the Lane
Conduits classify mixed use by dominant income: typically the component contributing 60%+ of effective gross income. Residential dominant assets read as multifamily with retail and price near multifamily paper, the tightest lane available to mixed use. Marginal classification calls (55/45 splits) are exactly where advisory positioning earns its keep: documentation, lease treatment, and narrative decide the lane.
Component Level Packages Close Faster
A file that arrives pre split, with separate operating history, rent roll, and market support for each component, gives the underwriter nothing to rebuild. Blended single number presentations trigger re underwriting, retrades, and timeline slips. We assemble the component package, including parking and signage income, which conduits credit when documented, as standard practice.
Ground Floor Retail Is Underwritten, Not Assumed
Neighborhood retail under apartments is a familiar, financeable profile. But the retail is credited at its own merits: tenant credit, term, local vs national mix, realistic market rent. Speculative or short term retail income gets vacancy adjusted and reserved. Files that pre haircut honestly keep their proceeds; files that lean on pro forma retail get cut at committee.
Office Exposure Is the Spread Driver
Meaningful office income is the widest priced component in the current conduit market and draws the heaviest rollover scrutiny. Where office is secondary, we position it conservatively and let the residential or retail component carry the credit. Where office dominates, the deal is priced honestly against office CMBS conventions, and sometimes routed to a different execution entirely.
Mixed-Use CMBS Deal Types We Structure
Residential over Retail Refinance
Your stabilized apartments over retail asset has a maturing loan. Component underwriting positions it residential dominant into the near multifamily pricing lane; 10 year fixed non recourse at 6.5% to 7.1% with cash out where basis supports it.
Urban District Acquisition
You're acquiring a live work shop district asset with apartments, boutique retail, and small office suites. CMBS finances the stabilized blend at 60 to 68% LTV with each component underwritten to its own conventions.
Bridge to CMBS Stabilization Exit
You repositioned a mixed use asset on bridge debt. Retail re tenanted, apartments renovated. Once the blended rent roll seasons, CMBS locks in long term non recourse debt at the stabilized basis.
Commercial Condo Financing
You own the commercial condo component: ground floor retail plus a parking unit, beneath a residential tower. CMBS finances the defined commercial collateral with clean condo documents and separate metering.
Cash Out on Long Held Urban Asset
Your long held mixed use building has appreciated well past its basis. Cash out CMBS refinance at 60 to 65% LTV pulls equity for the next acquisition while locking 10 year fixed non recourse debt on the existing asset.
Mixed-Use CMBS Loans, Frequently Asked Questions
What are typical mixed use CMBS rates in 2026?+
Roughly 6.5% to 7.9% non recourse 10 year fixed in July 2026. Residential dominant mixed use prices near multifamily CMBS, retail dominant near retail paper, and office heavy blends price widest. The dominant income component is usually 60%+ of effective gross income. It drives which pricing lane the conduit applies.
What LTV can I get on a mixed use CMBS loan?+
Typically 65% to 70% maximum, with the 60 to 65% lane earning the tightest spreads. Residential dominant assets with granular apartment income reach the top of the band; office heavy blends underwrite more conservatively. Cash out refinances typically size about 5 points inside acquisition leverage.
How do CMBS lenders underwrite mixed use income?+
Component by component: apartments, retail, office, parking, and signage are each underwritten to their own market vacancy, rollover, TI/LC load, and cap rate convention, then recombined into a blended NOI and value. Pre split files close faster and price tighter.
Does the dominant component change pricing?+
Yes. It effectively sets the lane. 60%+ residential EGI reads as multifamily with retail; dominant retail reads as retail with apartments; meaningful office exposure prices widest. Positioning the file to its strongest defensible classification is one of the highest leverage decisions on the deal.
Is ground floor retail a problem in underwriting?+
Not inherently. It is underwritten on its own merits. Those merits include tenant credit, term, local vs national mix, and realistic market rent. Vacant or short term space is vacancy adjusted and reserved rather than credited at pro forma. Strong neighborhood retail under apartments is a familiar, financeable profile.
What is the minimum DSCR on a mixed use CMBS loan?+
Blended 1.25x to 1.35x on trailing NOI, leaning toward the more conservative component's convention: residential dominant blends can clear at 1.25x, while office- or retail heavy blends are held to 1.30x+.
Is mixed use CMBS non recourse?+
Yes. Non recourse with standard bad boy carve outs, including at deal sizes where bank financing would require full personal guarantees. That plus 10 year fixed pricing and cash out capability is why stabilized urban mixed use owners route to conduit execution.
Can condo structure or partially owner occupied mixed use qualify?+
Commercial condo collateral can finance in CMBS with clean condo documents and separate metering. Meaningful owner occupancy shifts the deal toward owner user executions. This includes SBA 504 where the owner's business occupies the majority. PeerSense routes each structure to the lane that fits it.
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.
100 million dollars a month or more
A clean loan tape comes first.
$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 November 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.
Mixed-Use CMBS Loan: PeerSense will reach out. No obligation.
Ready to Lock Your Mixed-Use 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: Mixed-Use 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.