Does tenant mix affect CMBS pricing for mixed use?

Yes. Credit tenants (national retailers, professional services firms) receive tighter pricing than mom and pop tenants. Mixed use properties with medical office, government agencies, or national retail chains command the best conduit spreads.

Can I finance a mixed use building with vacant office floors?

CMBS conduits underwrite to in place leases only. Vacant space receives no income credit. If your office component has significant vacancy, consider a bridge loan to fund tenant improvements and lease up before pursuing CMBS permanent financing.

What is the minimum percentage split for CMBS mixed use?

There is no strict minimum, but conduits prefer neither component to be less than 20% of total income. Properties with 80%+ office and minimal retail are underwritten as office. Balanced splits (40/60 or 50/50) are viewed most favorably for the diversification benefit.

Published: March 31, 2026·Last updated: September 7, 2026·By Ed Freeman, Capital Advisor. PeerSense

What is the best financing for mixed use (retail + office) at 65% LTV?

Mixed use retail and office properties at 65% LTV qualify for non recourse CMBS financing with fixed rates typically priced 6.75% to 9% for stabilized assets, with the strongest sponsors at 60% LTV reaching 6.25% for 10 year terms. Properties combining ground floor retail with upper floor office space benefit from diversified income streams that conduits view favorably, provided overall occupancy exceeds 85% and weighted average lease term is 5+ years.

Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder

Prime: 6.75% 10 Yr Treasury: 4.78% Est. CMBS Range: 6.25% to 11%+ (typical 6.75% to 9.5%)as of Sep 7, 2026

Mixed Use (Retail + Office)

CMBS Mixed Use Retail & Office Financing

Mixed use properties with retail and office components at 65% LTV qualify for CMBS non recourse financing from approximately 6.25% on the strongest stabilized deals (typical 6.75% to 9%). Diversified tenant base strengthens underwriting for stabilized assets.

Minimum 30 to 35% equity required. Owners of stabilized mixed use properties with diversified retail and office tenants, 85%+ occupancy, and no single tenant representing more than 40% of gross income.

Talk to PeerSense Call (317) 452 6990

KEY TERMS

Deal Parameters at a Glance

LTV Target

65%

Est. Rate Range

6.25% to 11%+ (typical 6.75% to 9.5%)

Term

5 to 10 years fixed

Recourse

Non recourse

DSCR

1.25x minimum

Closing Speed

45 to 60 days

Min Loan Size

$10 million and up

Loan Products

CMBS

Indicative only, as of November 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.

FIT ASSESSMENT

When Is This the Right Fit?

This financing fits when your mixed use property is 85%+ occupied with a balanced mix of retail and office tenants. CMBS conduits evaluate mixed use properties based on the dominant use: if retail exceeds 50% of income, it is underwritten as retail; if office dominates, it is underwritten as office. The diversification benefit comes from multiple income streams reducing vacancy risk. Urban and transit oriented mixed use assets receive the tightest pricing. If your property has significant vacancy in either component, stabilize before pursuing CMBS. Properties with residential components may require separate underwriting treatment.

Want the full program overview, current rate sheet, and underwriting matrix? See the CMBS Loans guide →

ADVANTAGES

Key Benefits

Diversified retail + office income reduces single tenant concentration risk

Non recourse CMBS terms protect personal assets on mixed use assets

Ground floor retail generates higher per square foot revenue than pure office

Urban mixed use assets benefit from live work play demand fundamentals

Fully assumable CMBS debt enhances property value at disposition

ALTERNATIVES

Strategic Alternatives

Mixed Use CMBS 65% LTV

If your mixed use property includes residential or other components beyond retail and office

Learn more

CMBS Loans for Grocery Anchored Retail

If your property is primarily grocery anchored retail with minimal office

Learn more

Private Credit for Value Add CRE

If your mixed use property needs repositioning before qualifying for CMBS

Learn more

Frequently Asked Questions

Conduits evaluate each component separately and then blend. Retail and office spaces are underwritten at their respective market rates with appropriate vacancy assumptions. The blended NOI must support 1.25x DSCR. Lenders prefer no single tenant exceeding 30 to 40% of total income.

See Related Rates by Program

PeerSense covers the full commercial capital stack. These are indicative levels direct capital sources have been pricing across these programs as of November 1, 2026.

Desk Record

150 files.

See 150 files received over 12 months to October 28, 2026, with outcomes by lane from terms through approval or funding.

See current rates

Originator warehouse

$100M a month

Focus $100 million a month. Will look at $10 million a month. $10 million is not the focus.

See current rates

Invoice Factoring

0.5 to 3.5% / 30d

B2B invoices from $20 million a month. Advance 80 to 95 percent of face.

See current rates

Bridge Loans

9.00 to 14.00%

$10 million and up. Cash in about 35 percent. Name the takeout first.

See current rates

Data Center

CRS to 89%

$1 billion to $30 billion plus. Signed or guaranteed hyperscaler lease.

See current rates

Contracted revenue sale

Up to 89%

15 year lease signed or guaranteed by a hyperscaler. Size follows the lease.

See current rates

Hotel Financing

Hotel financing is search only for $10 million and up, with cash in about 35 percent.

See current rates

Private Credit

7.80 to 18.00%

Non bank flexibility for commercial real estate at $10 million and up.

See current rates

SBA 7(a) & 504

Search path. Not a growth lane at PeerSense.

See current rates

Connect with PeerSense, Direct Capital Advisory

PeerSense pre underwrites every deal before presenting it to our institutional capital sources. With a curated network of lender relationships and live market rate intelligence, Talk to PeerSense about your mixed use (retail + office) deal with the right capital source, right now.

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Fee at closing only · Complimentary initial consultation

Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated September 2026.

Disclaimer: The information on this page is provided for educational purposes only and does not constitute financial, legal, or investment advice. Rates, terms, and availability are subject to change based on market conditions, property characteristics, and borrower qualifications. The rate ranges cited reflect approximate market pricing as of September 2026 and may not reflect current conditions at the time of reading. PeerSense sources capital through a curated network of commercial lenders and capital sources. All financing is provided by third party lenders subject to their own underwriting criteria and approval processes. Borrowers should consult with qualified financial and legal professionals before making any financing decisions.