Multifamily · Pensacola, Florida
Bay Oaks Apartments
Bay Oaks Apartments is financed with a $5.5M CMBS loan at 3.30% that reaches maturity on September 6, 2031, in 4 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,475,000
- Original balance (same notes)
- $5,475,000
- Interest rate
- 3.30% fixed
- Originated
- August 24, 2021
- Maturity
- September 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4344 Langley Avenue, Pensacola, FL 32504
- Metro
- Pensacola-Ferry Pass-Brent, FL
- Units, rooms or beds
- 90
- Built
- 1979
- Value at securitization
- $8.7M (Aug 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.65x | 1.67x |
| Occupancy | 98% | n/a |
| Net operating income (annualized from 3 months) | $486K | $306K |
| Debt yield | 5.6% |
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 Benchmark 2021-B29 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
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 37% below the underwritten figure ($306K a year against $486K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.65x at securitization to 1.67x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $5.5M | Current | No | 1.67x | n/a |
| August 2026 | $5.5M | Current | No | 1.67x | n/a |
| July 2026 | $5.5M | Current | No | 1.67x | n/a |
| June 2026 | $5.5M | Current | No | n/a | n/a |
| May 2026 | $5.5M | Current | No | n/a | n/a |
| April 2026 | $5.5M | Current | No | 2.27x | 98% |
| March 2026 | $5.5M | Current | No | 2.27x | 98% |
| February 2026 | $5.5M | Current | No | 2.27x | 98% |
| January 2026 | $5.5M | Current | No | 2.27x | 98% |
| December 2025 | $5.5M | Current | No | 2.27x | 98% |
| November 2025 | $5.5M | Current | No | 2.30x | 97% |
| October 2025 | $5.5M | Current | No | 2.30x | 97% |
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 |
|---|---|---|---|---|
| Benchmark 2021-B29 Mortgage Trust | 43 | $5,475,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Pensacola-Ferry Pass-Brent loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Publix - Gulf Breeze | Gulf Breeze, FL | Retail | $42.5M | 3.375% | May 2031 | n/a | n/a | Current |
| BJ's Wholesale Club, Pensacola | Pensacola, FL | Retail | $14.8M | 3.68% | Sep 2031 | 2.43x | 100% | Current |
| Tiger Point Pavilion | Gulf Breeze, FL | Retail | $9.6M | 3.271% | Oct 2031 | n/a | n/a | Current |
| Sunshine Self Storage Pensacola | Pensacola, FL | Self storage | $5.7M | 3.49% | Jan 2031 | 2.48x | 90% | Current |
All loans maturing in 2031 · All Pensacola-Ferry Pass-Brent 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.