Mezz is most available behind multifamily and stabilized office or industrial seniors, where intercreditor markets are deep. It is scarcer behind hotel, self-storage, and retail seniors, and rare on construction loans.
Where is mezz deepest?
Multifamily and industrial: long-duration, predictable cash flow, broad lender competition. CMBS and life-co seniors here will routinely consent to mezz with standardized intercreditor terms. Mezz attachment commonly runs to 80 to 85 percent of value on stabilized assets in these classes.
Where is mezz expensive or unavailable?
Hotels: cash-flow volatility and operating-business risk push mezz spreads to 12 to 16 percent. Self-storage and retail: thinner liquidity and senior reluctance reduce attachment levels. Office in 2026: secondary-market office is hard to fill above 65 percent total leverage; mezz where available carries 14 to 18 percent coupons.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1
- Financial Stability Report · Board of Governors of the Federal Reserve System · 2025-11