Self-Storage CMBS Loans6.25% to 7.75% Non Recourse 10 Year Fixed · $10 million and up
Talk to PeerSense. The capital source sets the terms. Among the tightest CMBS rates in CRE because the operational simplicity, low default history, and deep exit market make self storage a conduit favorite.
Climate controlled · drive up · mixed inventory · portfolio CMBS · REIT quality institutional · single asset and multi asset pooled.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical self-storage CMBS rates in 2026?
Talk to PeerSense. The capital source sets the terms.25x+ DSCR, and debt yield clearing the 8.5% self storage floor. Rates 6.25% to 7.75% non recourse 10 year fixed in May 2026, among the tightest CMBS rates in CRE because the operational simplicity, low historical default rates, and deep exit market make storage a conduit favorite. REIT quality Class A climate controlled: 6.25% to 6.85%. Standard climate controlled: 6.5% to 7.25%. Drive up + mix: 6.75% to 7.5%. Higher 70 to 75% LTV available on REIT quality climate controlled but pays a 25 to 50 bps premium. Lease up / newly built deals route to [bridge financing](/bridge-loans/self-storage) first and graduate to CMBS at stabilization.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Self-Storage CMBS Underwriting Matrix, Rate, LTV, DSCR by Deal Profile
CMBS conduits price self-storage 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 |
|---|---|---|---|---|---|---|
| REIT Quality Class A Climate Controlled | 70 to 75% | 1.25x | 10-yr fixed | 30 yr (3 to 5 IO) | 6.25% to 6.85% | Non recourse |
| Standard Climate Controlled | 70 to 75% | 1.30x | 10-yr fixed | 30 yr (2 to 5 IO) | 6.5% to 7.25% | Non recourse |
| Drive Up + Mixed Inventory | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.75% to 7.5% | Non recourse |
| Secondary Market Stabilized | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 7.0% to 7.75% | Non recourse |
| Portfolio (3 to 10+ Facilities) | 70 to 75% | 1.25x | 10-yr fixed | 30 yr (3 to 5 IO) | 6.5% to 7.25% | Non recourse |
| Newly Stabilized Post Lease Up | 65 to 70% | 1.35x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.75% to 7.5% | Non recourse |
| Cash Out Refinance (Stabilized) | 65 to 70% | 1.30x | 10-yr fixed | 30 yr (2 to 3 IO) | 6.5% to 7.5% | Non recourse |
| 5 Year Fixed Self Storage | 65 to 70% | 1.30x | 5-yr fixed | 30 yr (2 IO) | 6.25% to 7.25% | Non recourse |
REIT Quality Class A Climate Controlled6.25% to 6.85% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (3 to 5 IO)
- Rate Range
- 6.25% to 6.85%
- Recourse
- Non recourse
Standard Climate Controlled6.5% to 7.25% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 5 IO)
- Rate Range
- 6.5% to 7.25%
- Recourse
- Non recourse
Drive Up + Mixed Inventory6.75% to 7.5% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- 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
Secondary Market Stabilized7.0% to 7.75% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 7.0% to 7.75%
- Recourse
- Non recourse
Portfolio (3 to 10+ Facilities)6.5% to 7.25% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.25x
- Term
- 10-yr fixed
- Amortization
- 30 yr (3 to 5 IO)
- Rate Range
- 6.5% to 7.25%
- Recourse
- Non recourse
Newly Stabilized Post Lease Up6.75% to 7.5% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.75% to 7.5%
- Recourse
- Non recourse
Cash Out Refinance (Stabilized)6.5% to 7.5% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.30x
- Term
- 10-yr fixed
- Amortization
- 30 yr (2 to 3 IO)
- Rate Range
- 6.5% to 7.5%
- Recourse
- Non recourse
5 Year Fixed Self Storage6.25% to 7.25% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.30x
- Term
- 5-yr fixed
- Amortization
- 30 yr (2 IO)
- Rate Range
- 6.25% to 7.25%
- 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.
Why Self Storage CMBS Prices Close to Multifamily CMBS
Self storage has the cleanest operational profile in commercial real estate, no complex tenant rent rolls, no franchise agreements, no environmental complications, and a retail tenant base of thousands of individual customers on month to month terms. Historical CMBS default rates on self storage are among the lowest of any property type. Recessionary revenue durability (storage demand is counter cyclical during moves and downsizing) makes it a conduit favorite. That risk profile compresses spreads tight to multifamily CMBS, often within 25 bps.
Economic vs. Physical Occupancy
Self storage CMBS conduits underwrite to economic occupancy (collected rent ÷ market rent at full occupancy) rather than physical occupancy because rent promotions and discount pricing are common. A 90% physical / 75% economic facility is underwritten at 75% for DSCR purposes. Stabilized facilities at 85%+ economic occupancy qualify for tightest spreads.
Portfolio CMBS = Tighter Pricing + Higher LTV
Self storage portfolio CMBS loans (3 to 10+ facilities as collateral on a single loan) are a major portion of the self storage CMBS market. Geographic and operational diversification supports higher LTV (75% vs. 70% for single asset) and tighter DSCR requirements (1.25x vs. 1.30x). Spreads are typically 15 to 25 bps tighter than equivalent single asset deals.
Climate Controlled = Tightest Self Storage CMBS
Climate controlled storage commands 30 to 50% rent premiums over drive up and tenant stickiness is stronger (commercial/business storage, valuable items). Spreads on Class A climate controlled are 25 to 50 bps tighter than drive up/mixed-inventory facilities. Urban infill climate controlled facilities with supply constraints trade at the tightest self storage CMBS spreads.
REIT Quality Institutional = Best CMBS Execution
Public Storage, Extra Space, CubeSmart, and National Storage Affiliates set the REIT quality benchmark. Facilities comparable to REIT standards (modern construction, revenue management systems, institutional operator) qualify for the tightest self storage CMBS spreads and highest LTVs. Sub institutional facilities can still finance but trade 25 to 75 bps wider.
Self-Storage CMBS Deal Types We Structure
REIT Quality Class A Climate Controlled Acquisition
You're acquiring or refinancing a 70K to 150K SF Class A climate controlled self storage facility with institutional quality construction, modern revenue management, and 90%+ economic occupancy. CMBS at 6.25% to 6.85% non recourse at 70% to 75% LTV.
Self Storage Portfolio (3 to 10 Facilities)
You own or are acquiring a 3 to 10 facility self storage portfolio with geographic concentration (metro or regional) and similar asset class. Portfolio CMBS at 6.5% to 7.25% non recourse at 70% to 75% LTV with tighter DSCR requirements.
Climate Controlled Conversion Exit Refinance
You completed a drive up to climate controlled conversion with bridge (see /bridge-loans/self-storage); post conversion facility is stabilized at climate premium rents. CMBS refinance at improved pricing at stabilization.
Bridge to CMBS Lease Up Exit
You used bridge to cover C of O lease up (18 to 36 months); facility is now at 85%+ economic occupancy with 6 to 12 months stabilized performance. CMBS refinance locks in long term non recourse at 6.75% to 7.5% at 65% to 70% LTV.
Cash Out Refinance (Mature Portfolio)
You own a long held stabilized self storage portfolio that has appreciated with cap rate compression since acquisition. Cash out CMBS refinance pulls equity out at 65% to 70% LTV for reinvestment into new facilities or 1031 redeployment.
Self-Storage CMBS Loans, Frequently Asked Questions
What are typical self storage CMBS rates in 2026?+
Self storage CMBS rates are 6.25% to 7.75% non recourse 10 year fixed in May 2026, among the tightest CMBS rates in CRE. REIT quality Class A climate controlled: 6.25% to 6.85%. Standard climate controlled: 6.5% to 7.25%. Drive up + mix: 6.75% to 7.5%. Secondary market self storage: 7.0% to 7.75%. Trades close to multifamily CMBS due to operational simplicity and deep exit market.
What LTV can I get on self storage CMBS?+
Self storage CMBS LTV caps at 75% with 70% to 75% typical for core institutional deals. REIT quality climate controlled: 70% to 75%. Standard climate controlled: 70% to 75%. Drive up with mix: 65% to 70%. Secondary market: 65% to 70%. Cash out refi typically 5 points below acquisition LTV. Higher LTVs require 1.30x+ DSCR and stronger sponsor track record.
Why does self storage CMBS price tightly?+
Self storage is one of the cleanest operational profiles in CRE, no complex tenant rent rolls, no environmental concerns (bare concrete warehouses), no franchise agreements, and a tenant base of thousands of individual retail customers on month to month terms. Historical default rates are among the lowest in CMBS; revenue durability through recessions is among the best. That risk profile compresses spreads 50 to 100 bps inside office CMBS and tracks closely with multifamily CMBS pricing.
Can CMBS finance a newly stabilized (post lease up) self storage?+
Yes, but requires trailing 6 to 12 months at stabilized economic occupancy (85%+). Newly built facilities finishing lease up typically use bridge (see /bridge-loans/self-storage) for the 18 to 36 month lease up period, then refinance into CMBS at stabilization. Some conduits with self storage specialty will underwrite to trailing 6 month NOI with appropriate stabilization period.
What's the minimum DSCR on self storage CMBS?+
Minimum DSCR is 1.25x to 1.35x on trailing 12 month NOI. REIT quality Class A: 1.25x. Standard stabilized: 1.30x. Newly stabilized: 1.35x. Secondary market: 1.30x to 1.35x. Stressed DSCR at the lender applying management fee, property tax increases, and conservative revenue growth typically runs 5 to 10% below trailing NOI.
Is self storage CMBS non recourse?+
Yes. All self storage CMBS loans are non recourse with standard bad boy carve outs. Non recourse is preserved even on sub-$10M storage deals that often would carry personal guarantees on bank debt.
Does self storage CMBS offer interest only periods?+
Yes. Standard self storage CMBS offers 2 to 5 years of interest only. REIT quality climate controlled can achieve 5 years IO at 70% LTV. Value add expansion or recently stabilized facilities: 2 to 3 years IO. Full term IO is available on low LTV Class A deals with strong institutional sponsors.
Can CMBS finance a self storage portfolio (3+ facilities)?+
Yes. Self storage portfolio CMBS loans are common, multiple facilities as collateral on a single non recourse loan. 3 to 10+ facility portfolios typically finance at 6.5% to 7.25% depending on geographic concentration, asset class mix (climate vs. drive up), and sponsor. Portfolio diversification often allows higher LTV (75%) and tighter DSCR (1.25x) vs. single asset pricing.
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.
Self-Storage CMBS Loan: The desk will reach out. No obligation.
Ready to Lock Your Self-Storage 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: Self-Storage 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.