By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $10 million CMBS multifamily refinance is a non-recourse fixed-rate execution placed into a multi-property CMBS pool by a CMBS conduit lender. CMBS multifamily competes with agency on properties that fall outside the agency box (commercial NOI exposure, sponsor profile issues, tertiary markets) and on properties where defeasance prepay flexibility is preferred over yield maintenance. Most $10M CMBS multifamily transactions are at 65 to 70 percent LTV with 10-year fixed-rate terms.
Get a Quote on Your $10M Deal →$10M CMBS multifamily refinances fund as a single senior CMBS loan placed into a conduit pool. The decision is typically CMBS versus agency, with agency winning on most stabilized market-rate multifamily.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Typical $10M CMBS multifamily sponsors are private capital and family office multifamily owners with 5 to 30 properties. The CMBS execution is typically chosen when the property has commercial NOI exposure (ground-floor retail), the sponsor profile does not fit agency standards, the market is tertiary, or the sponsor wants defeasance prepayment optionality.
On a $10.4M Class B mixed-use multifamily refinance in a Sun Belt market with 78 percent multifamily NOI and 22 percent ground-floor commercial NOI (a small neighborhood retail center), Fannie and Freddie both passed because the commercial component exceeded the multifamily cutoff. CMBS quoted at 6.55 percent fixed 10-year, 67 percent LTV, $7M loan amount, with 5 years of interest-only and full defeasance prepayment. The sponsor took the CMBS execution because no agency lender would quote, and the CMBS structure preserved exit optionality through defeasance.
Anonymized. All deal references protect borrower and lender identity.
Tell us about your transaction. We will run it past lenders that actively fund this size and product type and send back terms within 48 hours.
Apply for Financing →