The ColumbiaNational team had the privilege of attending the 2026 Commercial/Multifamily Finance Conference and Expo (MBA CREF) in San Diego, hosted by the Mortgage Bankers Association. The four-day conference hosts the largest gathering focused on commercial and multifamily real estate finance.

After a full slate of meetings with life insurance company correspondent lenders and other capital providers, the key takeaway after this conference was that commercial real estate debt is not pulling back; it’s planning for growth in 2026. Through conversations at the conference and insights from peers in the industry, the market is evolving to offer a broader range of loan terms and LTVs.

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Capital Activity Is Increasing, Even as Rates Hold Steady

A key point from MBA CREF was that capital is actively returning into the market. All lenders shared plans to do at least as much business in 2026 as they did in the previous year. Several lenders even intend to target higher volumes as the new year continues.

Interest rates tied to the 10-year Treasury Yield are lower than nearly all of 2025. Credit spreads have fallen to historic lows, while the 10-year yield is at the low end of the 12-month range (4% – 4.5%). Notably, several capital sources are rolling out 3, 5, and 7-year fixed-rate loan options, in addition to longer-term financing. Yields on shorter-term Treasuries have moved materially lower as the Federal Reserve has reduced the short-term Fed Funds rate. This will allow borrowers to have more options for a lower coupon rate and greater flexibility for refinancing or disposition without incurring large prepayment premiums.

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Debt is Driving the Market

Private credit and debt funds remain liquid, life insurance companies are increasing allocations, banks are moving back into CRE debt, and the CMBS market has been functioning uneventfully. A key takeaway from MBA CREF was that, with this broad range of debt capital availability, the investment sales market should see accelerated growth, keeping deals moving forward.

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Borrowers are Gaining Leverage

The MBA CREF Conference confirmed that borrowers are in a stronger position today than they have been in previous years. There is greater flexibility in loan structures, more capital-seeking opportunities, and greater willingness on the part of lenders to engage with quality assets.

This grows more relevant for borrowers facing loan maturities in 2026, as lenders are actively working through refinances, extensions, and creative solutions. 2026 holds a meaningful window of opportunity for owners to reevaluate their options for the next phase of the cycle.

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Selectivity Still Matters by Asset Class

As cycles change, so does the stability of certain market sectors. Capital is actively improving, but it’s not evenly distributed amongst sectors. Multifamily, grocery-anchored retail, and industrial assets remain the most attractive sectors for life insurance. Low-leverage deals are currently priced in the low 5%’s for 10-year fixed-rate loans, and below 5% for shorter terms.

Lenders are showing major interest in multi-tenant properties with diverse, granular rent rolls, including self-storage properties and well-located suburban offices. While most office buildings remain challenging to underwrite unless they are very conservative, medical office properties offer broader appeal and can offer higher LTVs at lower rates than traditional urban office properties.

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A Market in Transition Still Creates Opportunity

Overall, the MBA CREF 2026 showed the ColumbiaNational team that the market is currently in an upswing. Capital is available, and options are widening, giving borrowers more choices in loan structures and terms. Understanding the new environment is crucial, and it’s important to work with experienced partners who have navigated past market shifts. As the conference made clear, our long-term relationships with multiple capital providers will create opportunities for our borrower clients in 2026.