Office · Houston, Texas
14405 Walters Road
14405 Walters Road is financed with a $7.8M CMBS loan at 5.075% that reaches maturity on June 6, 2028, in 19 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $7,801,189
- Original balance (same notes)
- $8,750,000
- Interest rate
- 5.075% fixed
- Originated
- May 24, 2018
- Maturity
- June 6, 2028
- Payments
- Interest only for 18 months, then amortizing
- Prepayment lockout ends
- March 5, 2028
- Master servicer
- Trimont LLC
- Originator
- SMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 14405 Walters Road, Houston, TX 77014
- Metro
- Houston-Pasadena-The Woodlands, TX
- Rentable area
- 174,072 sq ft
- Built
- 1984, renovated 2015
- Largest tenants
- PHH Mortgage Corporation; Fact Services Inc; Insight MRI & Diagnostics LLC
- Value at securitization
- $15.2M (May 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.65x | 0.20x |
| Occupancy | 80% | 35% |
| Net operating income (annualized from 6 months) | $940K | $113K |
| Debt yield | 1.5% |
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 Morgan Stanley Capital I Trust 2018-H3 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
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 80% when the loan was securitized to 35%.
- Net operating income is 88% below the underwritten figure ($113K a year against $940K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.65x at securitization to 0.20x on the latest statements.
- At 0.20x, the property's reported NOI does not cover its debt service.
- The filing gives Jan 2028 as the lease end date for the largest tenant (PHH Mortgage Corporation), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $7.8M | Current | No | 0.20x | 35% |
| August 2026 | $7.8M | Current | No | 0.16x | 36% |
| July 2026 | $7.8M | Current | No | 0.16x | 36% |
| June 2026 | $7.8M | Current | No | 0.16x | 36% |
| May 2026 | $7.9M | Current | No | 0.57x | 36% |
| April 2026 | $7.9M | Current | No | 0.57x | 36% |
| March 2026 | $7.9M | Current | No | 0.60x | 39% |
| February 2026 | $7.9M | Current | No | 0.60x | 39% |
| January 2026 | $7.9M | Current | No | 0.60x | 39% |
| December 2025 | $7.9M | Current | No | 0.60x | 39% |
| November 2025 | $7.9M | Current | No | 0.79x | 42% |
| October 2025 | $8.0M | Current | No | 0.79x | 42% |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2018-H3 | 37 | $7,801,189 | Sep 2026 | SEC filing, October 2, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Heritage Plaza, Houston | Houston, TX | Office | $172.0M | 7.63% | May 2028 | 2.13x | 78% | Current |
| Sugar Land Town Square | Sugar Land, TX | Mixed use | $105.0M | 7.966% | Nov 2028 | 1.19x | 69% | Current |
| Rockridge Apartments | Houston, TX | Multifamily | $54.0M | 8.00% | Nov 2028 | 0.44x | 25% | With the special servicer and 90+ days delinquent |
| Pin Oak North Medical Office | Bellaire, TX | Office | $53.6M | 4.647% | Feb 2028 | 0.85x | 66% | With the special servicer and 90+ days delinquent |
| 5444 & 5430 Westheimer | Houston, TX | Office | $51.0M | 4.72% | Nov 2028 | 0.68x | 43% | Current |
| 6330 West Loop South | Bellaire, TX | Office | $48.4M | 8.18% | May 2028 | 1.21x | 88% | Current |
| Victory Lakes | League City, TX | Retail | $39.0M | 5.01% | Oct 2028 | n/a | n/a | Current |
| Market Center at Aliana | Richmond, TX | Retail | $37.0M | 7.03% | Oct 2028 | 1.29x | 95% | Current |
All loans maturing in 2028 · All Houston-Pasadena-The Woodlands loans
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.