Multifamily CMBS Loans: 6.0% – 7.25% Non-Recourse 10-Year Fixed · $3M to $100M+
PeerSense structures multifamily CMBS conduit financing from $3M to $100M+ for deals where agency (Fannie Mae DUS, Freddie Mac Optigo) doesn't fit — tertiary markets, senior housing with heavy care component, loan sizes above agency's sweet spot, or structurally complex deals requiring interest-only flexibility. Non-recourse 10-year fixed, up to 75% LTV, 30-year amortization.
Non-recourse · 10-year fixed · 30-year amortization · up to 75% LTV · 2–5 year interest-only · agency alternative when agency doesn't fit.
Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What are typical multifamily CMBS rates in 2026?
Multifamily CMBS rates are 6.0%–7.25% non-recourse 10-year fixed in April 2026 (SOFR swap + 225–325 bps spread). Core Class A institutional: 6.0%–6.5%. Class B stabilized: 6.25%–6.75%. Class C / tertiary market: 6.75%–7.25%. Senior housing CMBS: 6.5%–7.5%. Agency (Fannie/Freddie) is typically 25–75 bps tighter — CMBS wins when agency doesn't fit, loan size exceeds $25M+ with structure, or you need longer IO.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Multifamily CMBS Underwriting Matrix — Rate, LTV, DSCR by Deal Profile
CMBS conduits price multifamily 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 |
|---|---|---|---|---|---|---|
| Class A Core Institutional | 70–75% | 1.20x | 10-yr fixed | 30-yr (2–5 IO) | 6.0% – 6.5% | Non-recourse |
| Class B Stabilized | 70–75% | 1.25x | 10-yr fixed | 30-yr (2–3 IO) | 6.25% – 6.75% | Non-recourse |
| Class C Stabilized | 65–70% | 1.30x | 10-yr fixed | 30-yr (0–2 IO) | 6.75% – 7.25% | Non-recourse |
| Tertiary / Smaller Markets | 65–70% | 1.30x | 10-yr fixed | 30-yr (0–2 IO) | 6.75% – 7.25% | Non-recourse |
| Senior Housing (Indep. + Assisted) | 65–70% | 1.35x | 10-yr fixed | 30-yr (0–2 IO) | 6.5% – 7.5% | Non-recourse |
| Mixed-Income / LIHTC Wrap | 70–75% | 1.25x | 10-yr fixed | 30-yr (2–3 IO) | 6.5% – 7.0% | Non-recourse |
| Post-Stabilization Refi (Bridge Exit) | 70% | 1.25x | 10-yr fixed | 30-yr (3–5 IO) | 6.25% – 7.0% | Non-recourse |
| 5-Year Fixed (Shorter Hold Plan) | 65–70% | 1.25x | 5-yr fixed | 30-yr (2 IO) | 6.0% – 6.75% | Non-recourse |
Class A Core Institutional6.0% – 6.5% · 70–75% LTV
- Max LTV
- 70–75%
- Min DSCR
- 1.20x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–5 IO)
- Rate Range
- 6.0% – 6.5%
- Recourse
- Non-recourse
Class B Stabilized6.25% – 6.75% · 70–75% LTV
- Max LTV
- 70–75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–3 IO)
- Rate Range
- 6.25% – 6.75%
- Recourse
- Non-recourse
Class C Stabilized6.75% – 7.25% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30-yr (0–2 IO)
- Rate Range
- 6.75% – 7.25%
- Recourse
- Non-recourse
Tertiary / Smaller Markets6.75% – 7.25% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30-yr (0–2 IO)
- Rate Range
- 6.75% – 7.25%
- Recourse
- Non-recourse
Senior Housing (Indep. + Assisted)6.5% – 7.5% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 30-yr (0–2 IO)
- Rate Range
- 6.5% – 7.5%
- Recourse
- Non-recourse
Mixed-Income / LIHTC Wrap6.5% – 7.0% · 70–75% LTV
- Max LTV
- 70–75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30-yr (2–3 IO)
- Rate Range
- 6.5% – 7.0%
- Recourse
- Non-recourse
Post-Stabilization Refi (Bridge Exit)6.25% – 7.0% · 70% LTV
- Max LTV
- 70%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30-yr (3–5 IO)
- Rate Range
- 6.25% – 7.0%
- Recourse
- Non-recourse
5-Year Fixed (Shorter Hold Plan)6.0% – 6.75% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.25x
- Term
- 5-yr fixed
- Amortization
- 30-yr (2 IO)
- Rate Range
- 6.0% – 6.75%
- Recourse
- Non-recourse
Indicative ranges as of April 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.
When Multifamily CMBS Beats Agency Debt
For conventional stabilized multifamily in primary and secondary markets, Fannie Mae DUS and Freddie Mac Optigo are almost always 25–75 bps tighter than CMBS and carry more flexible prepayment (yield maintenance is expensive but predictable; defeasance can swing between cheap and very expensive depending on Treasury direction). CMBS wins in specific pockets — and understanding those pockets is the difference between a 25-bps saved and a 75-bps missed opportunity.
Tertiary and Small-Market Multifamily
Agency has minimum market size and MSA requirements. Smaller MSAs (<200K population), rural markets, and specific secondary markets often fall outside Fannie DUS and Freddie Optigo delegated programs. CMBS conduits are market-agnostic — they'll lend in any market where NOI is underwritten, the property is in good condition, and the sponsor is qualified.
Senior Housing with Heavy Care Component
Agency prefers 'pure' multifamily. Senior housing with more than 20% assisted living or skilled nursing is typically outside agency mandate and CMBS becomes the primary non-recourse option. CMBS conduits with senior housing specialty price competitively at 25–75 bps premium to standard multifamily.
Larger Loan Sizes with Complex Structure
Above $25M with complex structure (earnouts, TI holdbacks, completion guarantees), agency delegated authority may not cover the full structure. Institutional CMBS conduits structure these custom deals routinely at 25–50 bps wider spreads but with more structural flexibility.
Interest-Only Flexibility
CMBS offers 2–5 years of interest-only during the 10-year term. Agency IO typically burns off at year 1–3. For value-add and lease-up deals where years 1–3 cash flow is constrained, CMBS IO flexibility is valuable — even at the 25–75 bps spread premium to agency.
Multifamily CMBS Deal Types We Structure
Tertiary Market Class B Multifamily
You're refinancing a 200–400 unit Class B multifamily in a tertiary market (<200K MSA population) where Fannie Mae DUS delegation doesn't reach competitively. CMBS conduit provides non-recourse 10-year fixed at 6.75%–7.25% with 3 years IO — fills the gap where agency doesn't.
Senior Housing (Independent + Assisted Living)
You own a 150–300 unit senior housing community with 30–50% assisted living component. Outside agency mandate. CMBS conduit with senior housing specialty structures at 6.5%–7.5% non-recourse 10-yr fixed, 30-year amort. Lender approves a qualified senior housing operator partner.
$50M+ Multifamily with Complex Capital Stack
You're refinancing a $50–$100M multifamily portfolio with pref equity, mezz, and earnout components. Agency delegated authority doesn't cover the full structure. Institutional CMBS conduit structures the entire stack with 70% senior LTV CMBS, 80% combined LTV with subordinated tranches, all non-recourse.
Post-Stabilization Bridge Exit
You completed a value-add renovation or new-construction lease-up; property is at 1.30x+ DSCR trailing. CMBS refinance locks in 10-year non-recourse at stabilization. 3–5 years IO allows cash flow flexibility for year-1 distribution optimization.
5-Year Fixed for Shorter-Hold Play
Your hold period is 3–5 years (not 7–10) — maybe waiting for market timing, 1031 chain, or planned partial sale. Agency minimum term is 5–7 years with stiff prepayment. 5-year CMBS fixed with IO and a step-down prepayment matches your hold plan better.
Multifamily CMBS Loans — Frequently Asked Questions
Should I choose CMBS or agency debt for multifamily?+
Agency (Fannie Mae DUS, Freddie Mac Optigo) is typically 25–75 bps tighter than CMBS for conventional stabilized multifamily in primary and secondary markets. CMBS wins when: (1) agency doesn't fit (tertiary markets, non-conforming property, senior housing with heavy care component), (2) loan size exceeds agency sweet spot ($25M+ with complex structure), (3) you want interest-only during the loan term (CMBS offers 2–5 years IO; agency requires IO to burn off at year 1–3), or (4) you want a shorter 5 or 7-year term than agency offers.
What are typical multifamily CMBS rates in 2026?+
Multifamily CMBS rates are 6.0%–7.25% on 10-year fixed in April 2026, based on SOFR swap + 225–325 bps spread. Core Class A institutional multifamily: 6.0%–6.50%. Class B stabilized: 6.25%–6.75%. Class C / tertiary market: 6.75%–7.25%. Senior housing CMBS: 6.5%–7.5%. Spreads tightest in favorable markets with 1.30x+ DSCR, 70% or lower LTV.
Is multifamily CMBS non-recourse?+
Yes — all CMBS multifamily loans are non-recourse with standard bad-boy carve-outs (fraud, waste, voluntary bankruptcy, misappropriation of funds, unpermitted transfers, environmental). The bad-boy carve-outs are enforceable personally against the sponsor. Non-recourse is the single biggest structural advantage over bank balance-sheet multifamily debt, which typically carries personal guarantees.
What LTV can I get on multifamily CMBS?+
Multifamily CMBS LTV maxes at 75%. Core institutional: 70%–75%. Value-add / recent repositioning: 65%–70%. Tertiary market / smaller deals: 65%–70%. Senior housing CMBS: 65%–70%. Cash-out refinance is typically capped 5 points below acquisition LTV. LTC on newly stabilized lease-up deals requires trailing 12-month DSCR verification.
What's the minimum DSCR on multifamily CMBS?+
Minimum DSCR is 1.20x–1.30x on trailing 12-month NOI. Core Class A: 1.20x. Class B stabilized: 1.25x. Class C / tertiary: 1.30x. Senior housing: 1.35x due to operational complexity. Stressed DSCR (lender's underwritten NOI applying management fee, reserves, and rent growth haircuts) is typically 5–15% below trailing NOI.
Does CMBS offer interest-only periods on multifamily?+
Yes. 10-year CMBS multifamily typically offers 2–5 years of interest-only followed by 25-year amortization for the remaining term. Higher-LTV deals and Class C properties get less IO (0–2 years); lower-LTV core deals get more IO (5 years full-term IO on strong deals). IO period is a key advantage over agency debt on value-add deals where year 1–3 cash flow is constrained.
What is defeasance and why does it matter for multifamily CMBS?+
Defeasance is the CMBS prepayment mechanism — to pay off the loan early, you must buy U.S. Treasuries that replicate the remaining payment stream. When Treasury rates are HIGHER than your loan coupon, defeasance is CHEAP (or even negative cost). When Treasury rates are LOWER than your loan coupon, defeasance is EXPENSIVE (several percent of par). This is fundamentally different from agency yield maintenance (which is uniformly expensive when rates drop). See our defeasance calculator for scenario modeling.
How long does a multifamily CMBS loan take to close?+
45–75 days from LOI to close. Rate lock is typically 30–45 days after LOI signing; closing is 15–30 days after rate lock. Conduit securitization schedule matters — deals that fit into a near-term securitization pool close faster. Well-documented institutional deals close in 45 days; tertiary-market or structurally complex deals extend to 60–75 days.
Deals We Fund
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
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Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Disclaimer: Multifamily 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 April 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.