Mixed-Use CMBS Loans6.5% – 7.9% Non-Recourse 10-Year Fixed · $3M to $100M+
PeerSense structures mixed-use CMBS conduit financing from $5M to $100M — 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?
PeerSense places mixed-use CMBS at roughly 6.5%–7.9% non-recourse 10-year fixed in July 2026, at the 60–65% LTV gold-standard lane with 1.25x–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, which 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) | 65–70% | 1.25x | 10-yr fixed | 30-yr (2–5 IO) | 6.5% – 7.1% | Non-recourse |
| Apartments over Grocery / Anchored Retail | 65–70% | 1.25x | 10-yr fixed | 30-yr (2–5 IO) | 6.55% – 7.2% | Non-recourse |
| Retail-Dominant w/ Upper-Floor Apartments | 60–68% | 1.30x | 10-yr fixed | 30-yr (2–3 IO) | 6.75% – 7.5% | Non-recourse |
| Office-Retail Blend (Stabilized) | 60–65% | 1.35x | 10-yr fixed | 30-yr (1–3 IO) | 7.1% – 7.9% | Non-recourse |
| Live-Work-Shop District Asset | 60–68% | 1.30x | 10-yr fixed | 30-yr (2–3 IO) | 6.8% – 7.6% | Non-recourse |
| Commercial Condo Component | 60–65% | 1.30x | 10-yr fixed | 30-yr (1–3 IO) | 6.9% – 7.7% | Non-recourse |
| Portfolio (2+ Mixed-Use Assets) | 65–70% | 1.25x | 10-yr fixed | 30-yr (2–5 IO) | 6.6% – 7.4% | Non-recourse |
| Cash-Out Refinance (Stabilized) | 60–65% | 1.30x | 10-yr fixed | 30-yr (2–3 IO) | 6.6% – 7.5% | Non-recourse |
Residential-Dominant (60%+ Apartment EGI)6.5% – 7.1% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–5 IO)
- Rate Range
- 6.5% – 7.1%
- Recourse
- Non-recourse
Apartments over Grocery / Anchored Retail6.55% – 7.2% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–5 IO)
- Rate Range
- 6.55% – 7.2%
- Recourse
- Non-recourse
Retail-Dominant w/ Upper-Floor Apartments6.75% – 7.5% · 60–68% LTV
- Max LTV
- 60–68%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–3 IO)
- Rate Range
- 6.75% – 7.5%
- Recourse
- Non-recourse
Office-Retail Blend (Stabilized)7.1% – 7.9% · 60–65% LTV
- Max LTV
- 60–65%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 30-yr (1–3 IO)
- Rate Range
- 7.1% – 7.9%
- Recourse
- Non-recourse
Live-Work-Shop District Asset6.8% – 7.6% · 60–68% LTV
- Max LTV
- 60–68%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–3 IO)
- Rate Range
- 6.8% – 7.6%
- Recourse
- Non-recourse
Commercial Condo Component6.9% – 7.7% · 60–65% LTV
- Max LTV
- 60–65%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30-yr (1–3 IO)
- Rate Range
- 6.9% – 7.7%
- Recourse
- Non-recourse
Portfolio (2+ Mixed-Use Assets)6.6% – 7.4% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–5 IO)
- Rate Range
- 6.6% – 7.4%
- Recourse
- Non-recourse
Cash-Out Refinance (Stabilized)6.6% – 7.5% · 60–65% LTV
- Max LTV
- 60–65%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–3 IO)
- Rate Range
- 6.6% – 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 does not lend and does not set 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 July 21, 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 does not lend and does not set 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 with its own vacancy, rollover, TI/LC, and cap-rate treatment, then 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 — 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 today's 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%–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 60–68% 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 60–65% 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%–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 — usually 60%+ of effective gross income — drives which pricing lane the conduit applies.
What LTV can I get on a mixed-use CMBS loan?+
Typically 65%–70% maximum, with the 60–65% 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 — tenant credit, term, local-vs-national mix, realistic market rent — with vacant or short-term space 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–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 — including SBA 504 where the owner's business occupies the majority — and PeerSense routes each structure to the lane that fits it.
Deals We Structure
Representative deal profiles showing our typical financing structures and terms.
$12M Hilton-Flag Hotel, Charlotte, NC
6.75% fixed | 65% LTV | 52-day close
$8M Value-Add Multifamily, Tampa, FL
SOFR +395 | 75% LTC | 14-day close
$6.5M Mixed-Use Development, Austin, TX
80% LTC | Interest-only | 18-mo term
$2.8M QSR Franchise (3 Units) Indianapolis, IN
Prime +2.75% | 25-yr term | 10% down
$3.2M/mo Manufacturing AR, Cleveland, OH
1.5% factor fee | 90% advance | 48-hr funding
$1.8M 6-Unit Rental Portfolio, Phoenix, AZ
7.25% | 75% LTV | No income docs | 1.25x DSCR
Indicative only, as of July 21, 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 does not lend and does not set pricing. What these terms mean.
Tell Us About Your Mixed-Use CMBS Deal
Property address, purchase price or payoff, trailing-12 NOI, occupancy, WALT, and exit plan. We'll return a CMBS spread indication and conduit shortlist within 48 hours.
Mixed-Use CMBS Loan: Response within 24–48 hours. 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 within 48 hours.
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 is a capital advisory firm, not a lender. We do not originate, fund, or service loans. 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.