Office CMBS Loans: 7.5% – 10% Non-Recourse 10-Year Fixed · $3M to $100M+
PeerSense structures office CMBS conduit financing from $5M to $100M+ for Class A CBD credit-tenant, medical office, life-science-convertible, and government-occupied office assets. Every deal is stress-tested against exit cap rates 100–200 bps wider than current marks before sizing. Non-recourse 10-year fixed, 55%–65% LTV, 25-year amortization.
Class A CBD credit-tenant · medical office (on-campus + credit-tenant off-campus) · life-science-convertible · government-occupied · trophy CBD.
Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What are typical office CMBS rates in 2026?
Office CMBS rates are 7.5%–10.0% non-recourse 10-year fixed in April 2026 — the highest among major CRE asset classes. Class A CBD with credit-tenant single-tenant lease: 7.5%–8.5%. Medical office (tightest office sub-category): 7.25%–8.25%. Class A CBD multi-tenant: 8.0%–9.0%. Class B office: 8.5%–9.75%. Max LTV 55%–65%. Min DSCR 1.40x–1.60x. Stress-tested exit cap rates at +100–200 bps.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Office CMBS Underwriting Matrix — Rate, LTV, DSCR by Deal Profile
CMBS conduits price office 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 CBD Credit-Tenant Single-Tenant | 60–65% | 1.40x | 10-yr fixed | 25-yr (2–3 IO) | 7.5% – 8.5% | Non-recourse |
| Medical Office (On-Campus) | 65–70% | 1.40x | 10-yr fixed | 25-yr (2–3 IO) | 7.25% – 8.25% | Non-recourse |
| Medical Office (Off-Campus Credit-Tenant) | 60–65% | 1.40x | 10-yr fixed | 25-yr (2 IO) | 7.75% – 8.75% | Non-recourse |
| Class A CBD Multi-Tenant | 55–60% | 1.45x | 10-yr fixed | 25-yr (1–2 IO) | 8.0% – 9.0% | Non-recourse |
| Life-Science-Convertible Office | 55–65% | 1.40x | 10-yr fixed | 25-yr (1–2 IO) | 8.0% – 9.25% | Non-recourse |
| Government-Occupied Office (GSA) | 65–70% | 1.35x | 10-yr fixed | 25-yr (2–3 IO) | 7.5% – 8.5% | Non-recourse |
| Suburban Class A Office | 50–55% | 1.50x | 10-yr fixed | 25-yr (0–2 IO) | 8.25% – 9.5% | Non-recourse |
| Class B Office (Stabilized) | 50–55% | 1.55x | 10-yr fixed | 25-yr (0–1 IO) | 8.5% – 9.75% | Non-recourse |
Class A CBD Credit-Tenant Single-Tenant7.5% – 8.5% · 60–65% LTV
- Max LTV
- 60–65%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25-yr (2–3 IO)
- Rate Range
- 7.5% – 8.5%
- Recourse
- Non-recourse
Medical Office (On-Campus)7.25% – 8.25% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25-yr (2–3 IO)
- Rate Range
- 7.25% – 8.25%
- Recourse
- Non-recourse
Medical Office (Off-Campus Credit-Tenant)7.75% – 8.75% · 60–65% LTV
- Max LTV
- 60–65%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25-yr (2 IO)
- Rate Range
- 7.75% – 8.75%
- Recourse
- Non-recourse
Class A CBD Multi-Tenant8.0% – 9.0% · 55–60% LTV
- Max LTV
- 55–60%
- Min DSCR
- 1.45x
- Term
- 10-yr fixed
- Amortization
- 25-yr (1–2 IO)
- Rate Range
- 8.0% – 9.0%
- Recourse
- Non-recourse
Life-Science-Convertible Office8.0% – 9.25% · 55–65% LTV
- Max LTV
- 55–65%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25-yr (1–2 IO)
- Rate Range
- 8.0% – 9.25%
- Recourse
- Non-recourse
Government-Occupied Office (GSA)7.5% – 8.5% · 65–70% LTV
- Max LTV
- 65–70%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 25-yr (2–3 IO)
- Rate Range
- 7.5% – 8.5%
- Recourse
- Non-recourse
Suburban Class A Office8.25% – 9.5% · 50–55% LTV
- Max LTV
- 50–55%
- Min DSCR
- 1.50x
- Term
- 10-yr fixed
- Amortization
- 25-yr (0–2 IO)
- Rate Range
- 8.25% – 9.5%
- Recourse
- Non-recourse
Class B Office (Stabilized)8.5% – 9.75% · 50–55% LTV
- Max LTV
- 50–55%
- Min DSCR
- 1.55x
- Term
- 10-yr fixed
- Amortization
- 25-yr (0–1 IO)
- Rate Range
- 8.5% – 9.75%
- 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.
Why Office CMBS Is the Most Stress-Tested Category in CRE
Post-COVID structural vacancy (major metros running 18–25% availability vs. 10–12% historical) has fundamentally reshaped how CMBS conduits and rating agencies underwrite office. Every deal gets stress-tested against exit cap rates 100–200 bps wider than current marks. Re-leasing assumptions use stressed rents 10–25% below market. TI/LC reserves are front-loaded to cover re-leasing costs at lease roll. That stress testing is what's keeping LTVs at 55%–65% and DSCRs at 1.40x–1.60x — which in turn constrains proceeds but preserves non-recourse execution for sponsors willing to put more equity in.
Medical Office Is the Outlier — Tightest Office CMBS
Medical office (MOB) on-campus and affiliated — health system, specialty practice, or hospital-anchored — trades 50–150 bps tighter than generic office CMBS. Tenant credit is stronger (health systems, Fortune 500 medical groups), occupancy is sticky (tenants invest in buildouts they can't easily move), and specialty lender competition (Kayne Anderson, Ventas, Welltower, Synovus) is deep. MOB qualifies for 65%–70% LTV, 1.40x DSCR.
Credit-Tenant Long-Lease = Tightest CMBS Spreads
Class A CBD office with a single credit-tenant (investment-grade-rated corporation on a 10+ year NNN lease) trades at the tightest office CMBS spreads because the cash flow is essentially a credit-lease bond with real estate collateral. Law firms on 15-year leases, Fortune 500 HQ occupancy, government-occupied (GSA) office — these are where CMBS office is still being actively originated at 7.5%–8.5% in April 2026.
Stressed Exit Cap Rate = Loan Sizing Discipline
CMBS conduits size office loans to a stressed exit cap rate assumption — if current comps trade at 7.5% cap, lender sizes against 9.0–9.5% exit cap. That 150–200 bps cap rate cushion is what's keeping LTV ratios at 55%–65% even on prestigious Class A deals. Sponsors have to put more equity in, but non-recourse is preserved.
Office-to-Residential Conversion = Exit-Stage CMBS
If your office is undergoing conversion to residential/mixed-use, bridge is the construction financing. Post-conversion CMBS (or agency debt if residential-dominant) is the permanent financing. Bridge + conversion + CMBS is the dominant capital stack for major urban office-to-residential conversions in NYC, SF, DC, Chicago, LA. See /bridge-loans/office for the bridge side.
Office CMBS Deal Types We Structure
Class A CBD Credit-Tenant Single-Tenant
You own or are refinancing a Class A CBD office building 100% leased to an investment-grade credit tenant (Fortune 500 corporate HQ, major law firm, financial services, tech anchor) on a 10+ year remaining NNN lease. CMBS locks in 7.5%–8.5% non-recourse at 60%–65% LTV.
Medical Office Building (On-Campus)
You own an on-campus medical office building adjacent to a major hospital with health-system tenants on long NNN leases. CMBS locks in 7.25%–8.25% non-recourse at 65%–70% LTV with 2–3 years IO — tightest rates in office CMBS.
GSA / Government-Occupied Office
Federal or state government-occupied office (GSA lease, court building, federal agency) with 10+ year lease and renewal probability. CMBS treats government tenancy as near-credit-tenant pricing (7.5%–8.5%) with 65%–70% LTV.
Post-Repositioning Stabilization Refinance
You completed a Class B office repositioning (amenity upgrade, lobby rebuild, tenant re-leasing) with bridge; now at stabilized occupancy (85%+) with WALT 7+ years. CMBS refinance locks in long-term non-recourse at 8.25%–9.5% at 50%–55% LTV.
Life-Science-Convertible Office
Your office building in a life-sciences market (Boston, SF, San Diego, Raleigh-Durham) has lab-convertible specs (12'+ ceilings, 100+ lb/SF floor loads, adequate HVAC). With 5+ year tenant commitments, CMBS finances at 8.0%–9.25% non-recourse 10-yr fixed.
Office CMBS Loans — Frequently Asked Questions
What are typical office CMBS rates in 2026?+
Office CMBS rates are 7.5%–10.0% non-recourse 10-year fixed in April 2026 — the highest among major CRE asset classes reflecting post-COVID structural vacancy concerns. Class A CBD with credit-tenant single-tenant lease: 7.5%–8.5%. Medical office: 7.25%–8.25% (tightest office sub-category). Class A CBD multi-tenant: 8.0%–9.0%. Class B office: 8.5%–9.75%. Suburban office: 8.25%–9.5%.
Is office CMBS even available in 2026?+
Yes, but selectively. CMBS conduits continue to lend on Class A CBD office with credit-tenant long-lease structures, medical office, life-science-convertible office, and government-occupied office. The bar is high: institutional sponsor, 1.40x+ DSCR, clear long-term leases, post-COVID occupancy recovery trajectory. Generic suburban Class B/C office with trailing vacancy concerns is largely outside CMBS mandate — bridge + private credit is the alternative (see /bridge-loans/office).
What LTV can I get on office CMBS?+
Office CMBS LTV is the lowest of any CRE asset class — 55%–65% max. Class A CBD credit-tenant: 60%–65%. Medical office on-campus: 65%–70%. Class A CBD multi-tenant: 55%–60%. Class B office: 50%–55%. Lenders stress-test exit cap rates 100–200 bps wider than current marks before sizing, which forces conservative LTVs.
Does medical office CMBS price differently?+
Yes. Medical office (MOB) trades 50–150 bps tighter than generic office CMBS because tenant credit is stronger (health systems, specialty practices with 10-year+ triple-net leases), occupancy is sticky (tenants invest heavily in buildouts), and specialty lender competition is deep. Expect 7.25%–8.25% CMBS rates and 65%–70% LTV on clean on-campus MOB.
Can I refinance a maturing office CMBS loan with new CMBS?+
Selectively. If your office has stabilized at 90%+ occupancy with 5+ year WALT and credit tenants, CMBS-to-CMBS refinance is available at current-market terms (likely wider spreads than your original 2014–2017 CMBS). If NOI has declined materially, bridge-to-CMBS is the alternative path — 24–36 months of bridge at 10%–13% to stabilize, then CMBS refinance at improved metrics. See /bridge-loans/office.
Is office CMBS non-recourse?+
Yes. All office CMBS loans are non-recourse with bad-boy carve-outs. TI/LC reserves, occasionally operating covenants (minimum DSCR, occupancy floor), and NOI coverage triggers are enforced during the loan term. Non-recourse is preserved even on office CMBS despite the market stress.
What's the minimum DSCR on office CMBS?+
Minimum DSCR is 1.40x–1.60x on trailing 12-month NOI — the highest DSCR requirement of any CRE asset class. Class A CBD credit-tenant: 1.40x. Medical office: 1.40x. Multi-tenant office: 1.45x–1.55x. Class B office: 1.50x–1.60x. Stressed DSCR at the lender (applying rent growth haircuts, TI/LC reserves, and re-leasing assumptions) is often 15–25% below trailing NOI.
How does WALT affect office CMBS pricing?+
WALT is critical for office CMBS. 10-year+ WALT on credit tenants qualifies for the tightest spreads. 5–7 year WALT qualifies for standard pricing. Under 5 year WALT triggers aggressive rollover risk pricing (+100–250 bps) and lower LTV. Office CMBS conduits stress-test lease expirations during the loan term assuming renewal rates 10–25% below market — this haircut is the main reason LTVs are constrained.
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: Office 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.