Trepp | Data Point of the Day: Data Centers Maturities

The securitized data-center market is entering a critical phase, with maturity schedules and note rates signaling both opportunity and refinancing risk amidst heavy borrower demand. Nearly $6.5 billion in CMBS loans come due between 2026 and 2028, led by a $3.7 billion tranche maturing in 2027 at a median note rate of 9.31%—mostly floating-rate debt that was originated at a much lower original coupon. That figure stands out against the 5.86% median for 2026 maturities and 6.53% for 2028, suggesting that a significant portion of 2027 debt was originated during a sweet spot before the future of monetary policy was clear but during a period in which the soon-rising indices carried maximum effect. Beyond 2028, maturities taper sharply, with less than $450 million scheduled through 2030, and those later loans carry notably lower or moderate rates, including a 3.64% median for 2029.

The concentration of high-rate CMBS in 2027 introduces a refinancing challenge if base rates remain elevated or spreads widen. Consider also the large and rising demand for new construction financing, as well as acquisition financing that will be marketed for origination alongside refinancing for these maturities. According to TreppCRE, of the $3.75 billion of data centers CMBS loans maturing in 2027, 19% carry a current debt-service coverage ratio of more than 2.0x, while the remaining 80% still carry DSCRs over 1.4x. Maturities clustered in near-term windows with above-market coupons may drive recapitalization activity, while lower-rate vintages could offer stability or acquisition upside.

Understanding these patterns allows market participants to position ahead of refinancing waves and assess where competitive pressure may compress spreads in a sector that continues to attract institutional capital.

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