Can I refinance a spec warehouse into CMBS before full lease-up?

CMBS conduits underwrite to in-place income only. A spec warehouse at 50% leased will be underwritten at 50% income, resulting in lower proceeds. Consider a bridge extension until you reach 85%+ occupancy, then approach CMBS for the permanent takeout.

Does clear height and truck court configuration affect CMBS pricing?

Indirectly. Modern Class A industrial (32+ clear height, cross-dock, ESFR sprinklers) commands higher rents and lower vacancy, which translates to stronger DSCR and better CMBS pricing. Older facilities with 18-24 clear may trade at wider spreads due to functional obsolescence risk.

What tenant credit quality matters most for industrial CMBS?

Investment-grade logistics tenants (Amazon, FedEx, Walmart, major 3PLs) provide the strongest credit support. However, CMBS conduits also value tenants with proven operating history and long-term leases, even without formal credit ratings, if the facility is mission-critical to operations.

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

What is the best financing for industrial/warehouse at 65% LTV?

Stabilized warehouse and industrial properties at 65% LTV can exit bridge debt into permanent CMBS non-recourse financing from approximately 6.25% on the strongest stabilized deals (typical 6.75%–9%) or conventional loans from approximately 6.25% on the strongest stabilized deals (typical 6.75%–9%). Industrial logistics assets with credit tenants on long-term NNN leases receive the most aggressive conduit pricing, reflecting the sector's strong fundamentals and persistent demand.

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

Prime: 6.75% 10-Yr Treasury: 4.78% Est. CMBS Range: 6.25% – 11%+ (typical 6.75% – 9%)as of Sep 7, 2026

Industrial/Warehouse

Warehouse & Industrial Bridge Exit Refinance

Exit your warehouse or industrial bridge loan into permanent CMBS or conventional financing at 65% LTV. Non-recourse options from approximately 6.25% on the strongest stabilized deals (typical 6.75%–9%) for stabilized logistics and distribution facilities.

Minimum 30-35% equity required. Industrial property owners with stabilized warehouse or logistics facilities holding bridge or construction debt.

Talk to PeerSense Call (317) 452-6990

KEY TERMS

Deal Parameters at a Glance

LTV Target

65%

Est. Rate Range

6.25% – 11%+ (typical 6.75% – 9%)

Term

5-10 years fixed

Recourse

Non-recourse (CMBS) / Recourse (Conventional)

DSCR

1.25x minimum

Closing Speed

30-45 days (CMBS) / 30-60 days (Conventional)

Min Loan Size

$10 million and up

Loan Products

CMBS, Conventional

Indicative only, as of September 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 refinance is right when your warehouse or industrial property has completed construction or renovation, achieved stabilized occupancy (85%+), and you are holding bridge debt at 8-14% that needs a permanent exit. Industrial is currently the most favored CRE asset class in CMBS due to e-commerce tailwinds and supply chain reshoring, resulting in the tightest spreads outside of multifamily. If your facility has a credit tenant (Amazon, FedEx, DHL, major 3PLs) on a long-term lease, you may qualify for near-credit-tenant CMBS pricing. Conventional financing is competitive for deals under $3M where CMBS origination overhead is less efficient.

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

ADVANTAGES

Key Benefits

Industrial sector commands the tightest CMBS spreads after multifamily

E-commerce and supply chain reshoring drive persistent tenant demand

Non-recourse CMBS available at competitive rates for stabilized industrial

NNN industrial leases with credit tenants simplify underwriting

Low capital expenditure requirements compared to office or retail

ALTERNATIVES

Strategic Alternatives

65% LTV Industrial Owner-User Financing

If you occupy the building and want SBA 504 leverage

Learn more

Self-Storage CMBS Bridge Exit

If your industrial property includes self-storage components

Learn more

CMBS Balloon Maturity Refinance

If you are refinancing existing permanent debt rather than exiting a bridge

Learn more

Frequently Asked Questions

E-commerce growth, supply chain reshoring, and nearshoring have created persistent demand for warehouse and logistics space. Industrial vacancy rates are at historic lows (3-5% nationally), and rental rate growth has exceeded all other CRE sectors for three consecutive years. CMBS conduits price this strength with the tightest spreads.

See Related Rates by Program

PeerSense covers the full commercial capital stack. Indicative levels that lenders in our network have been pricing across these programs, as of September 1, 2026.

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

0.5–3.5% / 30d

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

See current rates

Bridge Loans

9.00–14.00%

$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 is search only. Public floor $10 million and up. Cash in about 35 percent.

See current rates

Private Credit

7.80–18.00%

Non-bank flexibility. Public CRE floor $10 million and up.

See current rates

SBA 7(a) & 504

Search path. Not a growth lane on this desk.

See current rates

DSCR Investor

Search path. Public CRE floor $10 million and up.

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, we match your industrial/warehouse 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.