Multifamily CMBS Loans6.0% to 7.25% Non Recourse 10 Year Fixed · $10 million and up
Talk to PeerSense. The capital source sets the terms. 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 to 5 year interest only · agency alternative when agency doesn't fit.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
Multifamily CMBS Loans October 2026
What are multifamily CMBS loans?
Multifamily CMBS loans are commercial mortgages secured by apartment properties and packaged into securities for investors. As of October 2, 2026, PeerSense Capital Data tracked 268 multifamily loans of 10 million dollars or more across CMBS market filings. Loan terms depend on property cash flow, debt service coverage, leverage, sponsorship, and the capital source’s requirements.
PeerSense is a capital advisory firm that places files with direct capital sources. The desk places multifamily files with direct capital sources, and the client pays the fee. CMBS and bridge on this desk start at 10 million dollars. The gold standard is 10 million dollars and up with DSCR of 1.25 or better. The capital source sets the final structure and range.
The tracked data shows 2102 loans across 57 CMBS trusts issued in 2025 to 2026, with a median note size of 22 million dollars and median DSCR NCF of 1.53. SEC EDGAR ABS EE asset tapes provide the public filing data. Note level sizes can understate whole loan size when pari passu splits are present.
Tracked Lenders and Facilities
| Loans across CMBS trusts | 2102 loans across 57 CMBS trusts issued 2025 to 2026 |
|---|---|
| Data caveat | note level sizes; pari passu splits understate whole loan size and LTV |
| Loans of 10 million dollars or more | 1384 loans; NY 274, CA 196, TX 107, FL 73, MA 44, NJ 41, IL 39, PA 39, VA 36, GA 35; multifamily 268, retail 236, office 201, hotel 179, mixed use 158, portfolio or not stated 95, self storage 88, industrial 79, manufactured housing 39, other 19; median note 22 million dollars; median DSCR NCF 1.53; interest only share 88 percent; median single property LTV 55.7 percent |
| Loans of 50 million dollars or more | 198 loans; NY 61, CA 24, MA 10, TX 9, VA 6, FL 6, MD 5, NV 5; mixed use 34, office 32, retail 32, hotel 29, multifamily 27, self storage 14, industrial 12, manufactured housing 7, warehouse 6, portfolio or not stated 4 |
| Multifamily loans of 10 million dollars or more | 268 |
| Sponsor mix for 100 million dollars or more news | REIT 130; developer 146; family office or individual 24; operating company (own use) 57; institutional fund / PE real estate 315; nonprofit / government / health system 25; private owner operator / regional sponsor 181 |
These are tracked capital sources and market financings, not PeerSense loans, based on SEC EDGAR ABS EE EX 102 property capital deals data.
As of October 2, 2026. Next refresh November 2, 2026. The data date is October 2, 2026, and it is refreshed monthly. Read the Methodology
Recent Multifamily Financings
| July 2026 | Multifamily refinance | 16 million dollars |
|---|---|---|
| July 2026 | Multifamily refinance | 163 million dollars |
| July 2026 | Multifamily refinance | 13.5 million dollars |
| June 2026 | Multifamily CMBS financing | 45 million dollars |
| June 2026 | Multifamily refinance | 126.4 million dollars |
| June 2026 | Multifamily refinance | 115.6 million dollars |
These are public market financings tracked by PeerSense Capital Data, not PeerSense transactions, and names are withheld.
Common Questions
- How many multifamily CMBS loans are 10 million dollars or more?
- PeerSense Capital Data tracks 268 multifamily loans of 10 million dollars or more. The desk starts at 10 million dollars.
- What DSCR is used for a multifamily CMBS loan?
- The gold standard is a DSCR of 1.25 or better. The capital source sets the final requirement.
- Can a 50 million dollar multifamily refinance use CMBS?
- The tracked data includes 198 loans of 50 million dollars or more across property types, including 27 multifamily loans. The desk starts at 10 million dollars.
- What multifamily CMBS loan size is common in the tracked data?
- The median note size for loans of 10 million dollars or more is 22 million dollars. The median single property LTV is 55.7 percent.
- How many multifamily CMBS loans are in the tracked data?
- The data tracks 268 multifamily loans of 10 million dollars or more. Across all property types, it tracks 2102 loans across 57 CMBS trusts issued 2025 to 2026.
Prepared by
Edward L. Freeman, Managing Director, is accountable for the PeerSense Capital Data program. The methodology page explains how the program tracks and reviews its data. Read the Methodology
Talk Through Your File
Talk to PeerSense at (317) 452 6990 or use the booking page, then send the property details, requested amount, current debt, and operating figures so the file can be placed with direct capital sources.
What are typical multifamily CMBS rates in 2026?
Talk to PeerSense. The capital source sets the terms.25x+ DSCR, and debt yield clearing the 7.5% multifamily floor. Rates 6.0% to 7.25% non recourse 10 year fixed in May 2026 (SOFR swap + 225 to 325 bps spread). Core Class A: 6.0% to 6.5%. Class B stabilized: 6.25% to 6.75%. Higher 70 to 75% LTV is available but pays 25 to 75 bps premium for the leverage. Agency (Fannie/Freddie) is typically 25 to 75 bps tighter than CMBS, agency wins when it fits; CMBS wins when agency doesn't (tertiary markets, senior housing with heavy care, IO needs, $25M+ structured deals). Deals outside the lane route to [bridge financing](/bridge-loans) first and graduate to CMBS once stabilized.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 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 to 75% | 1.20x | 10-yr fixed | 30 yr (2 to 5 IO) | 6.0% to 6.5% | Non recourse |
| Class B Stabilized | 70 to 75% | 1.25x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.25% to 6.75% | Non recourse |
| Class C Stabilized | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (0 to 2 IO) | 6.75% to 7.25% | Non recourse |
| Tertiary / Smaller Markets | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (0 to 2 IO) | 6.75% to 7.25% | Non recourse |
| Senior Housing (Indep. + Assisted) | 65 to 70% | 1.35x | 10-yr fixed | 30 yr (0 to 2 IO) | 6.5% to 7.5% | Non recourse |
| Mixed Income / LIHTC Wrap | 70 to 75% | 1.25x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.5% to 7.0% | Non recourse |
| Post Stabilization Refi (Bridge Exit) | 70% | 1.25x | 10-yr fixed | 30 yr (3 to 5 IO) | 6.25% to 7.0% | Non recourse |
| 5 Year Fixed (Shorter Hold Plan) | 65 to 70% | 1.25x | 5-yr fixed | 30 yr (2 IO) | 6.0% to 6.75% | Non recourse |
Class A Core Institutional6.0% to 6.5% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.20x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 5 IO)
- Rate Range
- 6.0% to 6.5%
- Recourse
- Non recourse
Class B Stabilized6.25% to 6.75% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.25% to 6.75%
- Recourse
- Non recourse
Class C Stabilized6.75% 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 2 IO)
- Rate Range
- 6.75% to 7.25%
- Recourse
- Non recourse
Tertiary / Smaller Markets6.75% 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 2 IO)
- Rate Range
- 6.75% to 7.25%
- Recourse
- Non recourse
Senior Housing (Indep. + Assisted)6.5% to 7.5% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 30 yr (0 to 2 IO)
- Rate Range
- 6.5% to 7.5%
- Recourse
- Non recourse
Mixed Income / LIHTC Wrap6.5% to 7.0% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.5% to 7.0%
- Recourse
- Non recourse
Post Stabilization Refi (Bridge Exit)6.25% to 7.0% · 70% LTV
- Max LTV
- 70%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (3 to 5 IO)
- Rate Range
- 6.25% to 7.0%
- Recourse
- Non recourse
5 Year Fixed (Shorter Hold Plan)6.0% to 6.75% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.25x
- Term
- 5-yr fixed
- Amortization
- 30 yr (2 IO)
- Rate Range
- 6.0% to 6.75%
- 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 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.
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 to 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 to 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 to 50 bps wider spreads but with more structural flexibility.
Interest Only Flexibility
CMBS offers 2 to 5 years of interest only during the 10 year term. Agency IO typically burns off at year 1 to 3. For value add and lease up deals where years 1 to 3 cash flow is constrained, CMBS IO flexibility is valuable | even at the 25 to 75 bps spread premium to agency.
Multifamily CMBS Deal Types We Structure
Tertiary Market Class B Multifamily
You're refinancing a 200 to 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% to 7.25% with 3 years IO | fills the gap where agency doesn't.
Senior Housing (Independent + Assisted Living)
You own a 150 to 300 unit senior housing community with 30 to 50% assisted living component. Outside agency mandate. CMBS conduit with senior housing specialty structures at 6.5% to 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 to $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 to 5 years IO allows cash flow flexibility for year 1 distribution optimization.
5 Year Fixed for Shorter Hold Play
Your hold period is 3 to 5 years (not 7 to 10) | maybe waiting for market timing, 1031 chain, or planned partial sale. Agency minimum term is 5 to 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
Who places a multifamily CMBS loan of $10 million or more?+
The desk finds a capital source for your multifamily CMBS file and presents it only to sources whose tracked credit box fits. This lane covers multifamily loans of $10 million or more through 11 tracked conduit programs with caps up to $2.1 billion. Once the file arrives, the desk reads it, matches it against the credit boxes, and the selected sources issue terms for review. A capital source among capital sources approves this profile. PeerSense can place the introduction and is paid a referral fee at closing by the client, which may be the lender, borrower, or both depending on the structure. Call (317) 452 6990 or book a call at /book-a-call.
Should I choose CMBS or agency debt for multifamily?+
Agency (Fannie Mae DUS, Freddie Mac Optigo) is typically 25 to 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 to 5 years IO; agency requires IO to burn off at year 1 to 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% to 7.25% on 10 year fixed in May 2026, based on SOFR swap + 225 to 325 bps spread. Core Class A institutional multifamily: 6.0% to 6.50%. Class B stabilized: 6.25% to 6.75%. Class C / tertiary market: 6.75% to 7.25%. Senior housing CMBS: 6.5% to 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% to 75%. Value add / recent repositioning: 65% to 70%. Tertiary market / smaller deals: 65% to 70%. Senior housing CMBS: 65% to 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 to 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 to 15% below trailing NOI.
Does CMBS offer interest only periods on multifamily?+
Yes. 10 year CMBS multifamily typically offers 2 to 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 to 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 to 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 to 75 days from LOI to close. Rate lock is typically 30 to 45 days after LOI signing; closing is 15 to 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 to 75 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.
Multifamily CMBS Loan: The desk will reach out. No obligation.
Ready to Lock Your Multifamily 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: 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 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.