Multifamily · Cleveland, Ohio
118 Flats Oval
118 Flats Oval is financed with a $4.9M CMBS loan at 5.36% that reaches maturity on March 6, 2027, in 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,912,544
- Original balance (same notes)
- $5,450,000
- Interest rate
- 5.36% fixed
- Originated
- February 14, 2017
- Maturity
- March 6, 2027
- Payments
- Interest only for 36 months, then amortizing
- Master servicer
- Trimont LLC
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1591, 1595, 1599, and 1607 East 118th Street, Cleveland, OH 44106
- Metro
- Cleveland, OH
- Units, rooms or beds
- 32
- Built
- 2016
- Value at securitization
- $8.1M (Jan 2017)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.26x | 1.10x |
| Occupancy | 91% | 75% |
| Net operating income | $462K | $401K |
| Debt yield | 8.2% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2017-RC1 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Occupancy down 10 points or more from securitization
- Matures within 12 months
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 91% when the loan was securitized to 75%.
- Net operating income is 13% below the underwritten figure ($401K a year against $462K).
- Debt service coverage moved from 1.26x at securitization to 1.10x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.9M | Current | No | 1.10x | 75% |
| August 2026 | $4.9M | Current | No | 1.10x | 75% |
| July 2026 | $4.9M | Current | No | 1.10x | 75% |
| June 2026 | $4.9M | Current | No | 1.10x | 75% |
| May 2026 | $4.9M | Current | No | 1.18x | 75% |
| April 2026 | $5.0M | Current | No | 1.18x | 75% |
| March 2026 | $5.0M | Current | No | 1.18x | 75% |
| February 2026 | $5.0M | Current | No | 1.18x | 75% |
| January 2026 | $1.9M | Current | No | n/a | n/a |
| December 2025 | $5.0M | Current | No | 1.28x | 78% |
| November 2025 | $5.0M | Current | No | 1.28x | 78% |
| October 2025 | $5.0M | Current | No | 1.28x | 78% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2017-RC1 | 36 | $4,912,544 | Sep 2026 | SEC filing, September 29, 2026 |
Other Cleveland loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Key Center Cleveland | Cleveland, OH | Mixed use | $157.3M | 5.31% | Feb 2027 | 1.84x | 89% | With the special servicer |
| One Cleveland Center | Cleveland, OH | Office | $49.9M | 5.30% | Nov 2027 | 1.11x | 69% | With the special servicer |
| HBP Euclid | Euclid, OH | Industrial | $37.5M | 4.66% | Aug 2027 | n/a | n/a | Current |
| Key Center | Cleveland, OH | Office | $25.0M | 5.31% | Feb 2027 | 1.85x | 89% | With the special servicer and 30-59 days delinquent |
| Freedom Square II | Independence, OH | Office | $24.0M | 4.15% | Nov 2027 | n/a | n/a | Current |
| Flats East Bank Phase I | Cleveland, OH | Mixed use | $20.6M | 5.885% | Apr 2027 | 0.49x | 54% | With the special servicer |
| Crocker Block K & Detroit | Westlake, OH | Retail | $13.1M | 4.71% | Nov 2027 | n/a | n/a | Current |
| Northern Ohio Industrial Park | Elyria, OH | Industrial | $9.2M | 4.487% | Nov 2027 | 3.22x | 88% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.