Industrial · Memphis, Tennessee
Appling Farms Corporate Park
Appling Farms Corporate Park is financed with a $24.2M CMBS loan at 7.05% that reaches maturity on January 1, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $24,200,000
- Original balance (same notes)
- $24,200,000
- Interest rate
- 7.05% fixed
- Originated
- December 18, 2023
- Maturity
- January 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- December 31, 2025
- Prepayment premium ends
- June 30, 2028 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 6916, 6935, 6936, 6949, 6972, 6991 and 7005 Appling Farms Parkway, Memphis, TN 38133
- Metro
- Memphis, TN-MS-AR
- Rentable area
- 297,292 sq ft
- Built
- 2003
- Largest tenants
- uLabs Systems LLC; ACADIAN AMBULANCE SERVICE Inc; Trane Inc
- Value at securitization
- $43.4M (Nov 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.67x | 1.95x |
| Occupancy | 97% | 99% |
| Net operating income (annualized from 6 months) | $2.9M | $3.4M |
| Debt yield | 14.0% |
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 BANK5 2024-5YR5 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Largest tenant's lease ends 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
- Net operating income is 18% above the underwritten figure ($3.4M a year against $2.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.67x at securitization to 1.95x on the latest statements.
- The filing gives Aug 2027 as the lease end date for the largest tenant (uLabs Systems LLC), 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 | $24.2M | Current | No | 1.95x | 99% |
| August 2026 | $24.2M | Current | No | 1.95x | 99% |
| July 2026 | $24.2M | Current | No | 2.20x | 99% |
| June 2026 | $24.2M | Current | No | 2.20x | 99% |
| May 2026 | $24.2M | Current | No | 2.20x | 99% |
| April 2026 | $24.2M | Current | No | 1.67x | 96% |
| March 2026 | $24.2M | Current | No | 1.67x | 96% |
| February 2026 | $24.2M | Current | No | 1.75x | 95% |
| January 2026 | $24.2M | Current | No | 1.75x | 95% |
| December 2025 | $24.2M | Current | No | 1.75x | 95% |
| November 2025 | $24.2M | Current | No | 1.75x | 95% |
| October 2025 | $24.2M | Current | No | 1.77x | 95% |
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 |
|---|---|---|---|---|
| BANK5 2024-5YR5 | 9 | $24,200,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Memphis loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 8400 Winchester | Memphis, TN | Industrial | $27.0M | 7.376% | Aug 2029 | 1.73x | 100% | Current |
| Country View Apartments | Memphis, TN | Multifamily | $21.5M | 6.71% | Apr 2029 | 1.05x | 54% | Current |
| Homewood Suites Southaven | Southaven, MS | Hotel | $17.6M | 7.765% | Dec 2029 | 1.50x | 94% | Current |
| Jamesbridge Apartments | Memphis, TN | Multifamily | $14.3M | 4.65% | Sep 2029 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Ventura Apartments | Memphis, TN | Multifamily | $13.7M | 7.119% | Sep 2029 | 1.25x | 93% | Late, less than 30 days |
| Olive Branch Commons | Olive Branch, MS | Retail | $12.2M | 5.33% | May 2029 | n/a | n/a | Current |
| Quail Hollow | Memphis, TN | Office | $10.5M | 4.90% | Jun 2029 | n/a | n/a | Current |
| Number 10 Main Apartments | Memphis, TN | Multifamily | $8.0M | 4.91% | Nov 2029 | 0.99x | 79% | 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.