CMBS mixed-use feasibility study sample (conduit refinance).
A redacted 8-page excerpt from a completed CMBS conduit feasibility study delivered for a mixed-use refinance — ground-floor retail with mid-rise multifamily above in a top-50 MSA suburban submarket. KBRA-aligned methodology, tenant rollover analysis, retail and multifamily dual comp sets, debt yield sensitivity, and B-piece buyer scrutiny commentary. Sponsor name, exact address, tenant names, and specific financials redacted.
Back to all samplesAbout this sample.
This sample is an 8-page excerpt from a CMBS conduit feasibility study delivered for a sponsor refinancing a mixed-use property in a top-50 MSA suburban submarket. The original engagement was scoped to satisfy KBRA Property Evaluation Methodology (January 9, 2026), B-piece buyer scrutiny expectations, and the rating agency cross-reference depth that conduit-pool-survivable feasibility scope requires. The deliverable supported a $42M CMBS conduit refinance through a major originator, with the loan ultimately securitized into a 2026 conduit pool.
The excerpt covers the Executive Summary opening pages, the KBRA Methodology Reconciliation page (showing how the deliverable maps to KBRA's published methodology), the Retail Tenant Rollover Analysis (the most distinctive CMBS analytical feature), the Mixed-Use Comparable Set methodology with both retail and multifamily comp set construction, and the Conclusion of Feasibility certification page. Sponsor name, tenant names (anchor tenant and the broader rent roll), exact address (city and state preserved), and specific financial figures are redacted; methodology, citations, exhibit format, and certification language are preserved exactly as delivered.
The full deliverable was 112 pages. This excerpt is a representative cross-section showing the practice's actual format for CMBS conduit mixed-use engagements.
Sample specifications
What the full deliverable contains.
The original 112-page deliverable covers eleven sections aligned to KBRA Property Evaluation Methodology, B-piece buyer scrutiny expectations, and mixed-use-specific dual-component analytical conventions. The 8-page excerpt below shows pages from sections marked with "✓ in excerpt."
Full deliverable table of contents
The 8-page excerpt covers Sections 01, 04, 05, 06, and 11 — a representative cross-section showing executive summary structure, KBRA methodology reconciliation, dual comp set construction (retail and multifamily), and the certification page citing KBRA, S&P, Fitch, Moody's, and DBRS methodologies.
Two exhibits from the excerpt.
A redacted retail tenant rollover schedule from Section 05, and a redacted multifamily comp set table from Section 06. Both shown as visual previews; the full PDF download contains them at delivery quality.
| Tenant | SF | % GLA | Lease Exp | Rent/SF | Credit |
|---|---|---|---|---|---|
| [REDACTED] | 15,400 | 38% | 2031 | $32 | Investment grade |
| [REDACTED] | 6,200 | 15% | 2027 | $28 | Mid-market |
| [REDACTED] | 4,800 | 12% | 2026 | $35 | Mid-market |
| [REDACTED] | 3,600 | 9% | 2029 | $30 | Local |
| [REDACTED] | 2,800 | 7% | 2028 | $33 | Local |
| 5 remaining tenants | 7,800 | 19% | Various | $26–$36 | Mixed |
Anchor at 38% GLA + investment-grade lease expiring 2031 (5 years post-loan-maturity) is the single most consequential underwriting fact. Rollover concentration in 2026–2027 (27% of GLA) drives the rollover risk modeling.
| Property | Year | Units | Avg. Rent | Occ | PSF |
|---|---|---|---|---|---|
| [REDACTED] | 2018 | 168 | $2,180 | 95.4% | $2.92 |
| [REDACTED] | 2020 | 142 | $2,310 | 94.1% | $3.05 |
| [REDACTED] | 2017 | 110 | $2,090 | 96.2% | $2.85 |
| [REDACTED] | 2019 | 184 | $2,250 | 93.8% | $2.98 |
| SUBJECT (Mixed-Use Multifamily) | 2017 | 156 | TBD | TBD | TBD |
Mixed-use multifamily comp set construction follows the same methodology as standalone multifamily — primary submarket comp set, occupancy verification, unit mix and amenity matrix alignment. The retail and multifamily components are analyzed separately and blended at the cap rate level (Section 08).
These two exhibits show the dual-component analytical depth that mixed-use feasibility requires under CMBS scope. The retail tenant rollover schedule in Exhibit 5.3 reflects the most distinctive CMBS analytical feature — granular tenant-by-tenant rollover analysis with credit profile and lease expiration beyond loan maturity. The multifamily comp set in Exhibit 6.2 reflects standard institutional multifamily methodology applied to the residential component. The full PDF includes Exhibit 5.1 (anchor tenant credit analysis), Exhibit 5.2 (retail submarket trade area), Exhibit 6.1 (multifamily submarket vacancy and absorption), Exhibit 8.1 (blended cap rate analysis with retail and multifamily weighting), and 18 additional exhibits across the deliverable.
KBRA methodology, tenant rollover, and B-piece buyer review.
CMBS conduit feasibility scope is rating-agency-driven in a way that no other lender type is. The deliverable must reconcile against KBRA Property Evaluation Methodology (most recently updated January 9, 2026), and the originator typically expects cross-reference compatibility with S&P, Fitch, Moody's, and DBRS published methodologies. Each rating agency's methodology drives specific analytical expectations on cap rate selection, NOI normalization, expense reserves, and reserve account structures. The bankable framework's CMBS scope is built to KBRA primary with cross-agency reconciliation built into Section 04 of the deliverable.
Tenant rollover analysis is the most distinctive analytical feature that distinguishes CMBS scope from SBA, USDA, conventional bank, or life-co scope. Where SBA scope addresses tenant rollover only when materially relevant, and life-co scope addresses it through the lender's own narrative diligence, CMBS scope requires tenant-by-tenant rollover analysis with credit profile, lease expiration relative to loan maturity, and rollover concentration scenarios. For mixed-use deals with retail components, rollover analysis applies to the entire retail tenant base; for pure-multifamily CMBS, rollover analysis is lighter but still present. Exhibit 5.3 in this sample shows the rollover schedule format the practice delivers.
Debt yield sensitivity is the post-2008 second filter that CMBS underwriting added to DSCR. Pre-2008 CMBS underwriting relied primarily on DSCR; aggressive interest-only structures and compressed cap rates allowed deals to clear DSCR thresholds with NOI levels that turned out to be unsustainable when cap rates expanded. Debt yield doesn't move when interest rate or amortization period changes — it isolates the property's cash flow contribution to loan principal. CMBS conduit thresholds are typically 8–10% debt yield; CMBS SASB 7–9%. The deliverable's Section 09 covers debt yield sensitivity with multiple stress scenarios specific to the deal's risk profile.
B-piece buyer scrutiny is the structural diligence that occurs after the originator commits the loan but before securitization closes. The B-piece buyer (typically Eightfold, Rialto, KKR, LNR, Argentic, or similar) holds the most subordinated tranche of the rated bond and absorbs first-loss risk. B-piece buyer diligence is structurally more aggressive than originator underwriting — they re-examine the deliverable's analytical work product, sometimes requesting kickouts (excluding specific deals from the pool) or scope modifications. Section 10 of this deliverable includes explicit B-piece buyer commentary addressing the most likely scrutiny points the deal will face during the diligence period.
Read the CMBS conduit sub-pillar →·Read the CMBS SASB sub-pillar →·Read the mixed-use pillar →
What's redacted in this sample.
Sponsor name, anchor tenant name, the broader rent roll tenant names, and exact street address are redacted to protect the original client's confidentiality (city and state of the subject property are preserved). Specific rent values, tenant SF (preserved as percentages of GLA), occupancy values, and DSCR and debt yield specifics that would identify the deal are redacted. Where redaction creates ambiguity that affects evaluative usefulness, the practice preserves the format and inserts placeholder values (e.g., "[REDACTED]" with credit profile and lease expiration preserved in the rollover schedule, "TBD" in the multifamily comp table for the subject property).
Methodology, citations (KBRA Property Evaluation Methodology January 9, 2026; S&P, Fitch, Moody's, DBRS methodology references; RMA Annual Statement Studies; IBISWorld asset-class data), exhibit format, table structure, the rollover schedule methodology, the dual-comp-set framework, and certification page language are preserved exactly as delivered. Sponsors evaluating this sample see what they would actually receive in their own CMBS conduit mixed-use engagement, with their own deal's specifics in place of the redacted content.
Reviewed and approved for sample distribution by the original client. The full sample list at /sample-reports describes the redaction approach in detail.
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Continue exploring.
Three related pages on the practice site. The pillar covers mixed-use feasibility methodology in depth; the CMBS conduit sub-pillar covers conduit-specific analytical scope; the CMBS SASB sub-pillar covers single-asset single-borrower scope.
Mixed-Use Feasibility Study (pillar)
12-section asset pillar covering modern mixed-use feasibility — ground-floor retail, grocery anchor, mid-rise and high-rise multifamily, office, and hotel components. Allocated capital cost, blended cap rate analysis, parking and shared infrastructure.
CMBS Conduit sub-pillar
Sub-pillar covering CMBS conduit-specific scope. KBRA methodology, S&P/Fitch/Moody's/DBRS cross-reference, B-piece buyer scrutiny, conduit pool diversification, $5M-$75M deal band economics.
CMBS SASB sub-pillar
Sub-pillar covering single-asset single-borrower CMBS. $75M+ trophy deals, KBRA primary methodology, B-piece buyer asymmetry, KKR/LNR/Eightfold institutional buyer dynamics, full feasibility scope.
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