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Can You Refinance Part of a Mixed-Use Property With a CMBS Loan?

Partial Property CMBS Refinancing for Mixed-Use Properties

While in most cases, CMBS loans are only allowed for individual properties or groups of properties, in some cases, one part of a mixed-use property may be eligible for CMBS refinancing. For example, if a mixed-use property is divided into residential a residential section, featuring apartments, and a retail condominium section, each owned separately, a borrower may be able to get a conduit loan to refinance only one section of the property.

However, if the borrower owns both parts of the property and currently has a loan that covers both, they would not be able to refinance only part of it with a CMBS loan. In addition, CMBS financing and refinancing is also available for office condos. The lesson: just because a property owner doesn’t own the whole property does not necessarily mean that it’s ineligible for conduit financing.

To learn more about CMBS loans, fill out the form below to speak to a conduit loan expert today.

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