Multifamily · Galveston, Texas
Carelton Courtyard and University Place
Carelton Courtyard and University Place is financed with a $11.3M CMBS loan at 4.22% that reaches maturity on October 1, 2026, this month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $11,307,772
- Original balance (same notes)
- $12,975,000
- Interest rate
- 4.22% fixed
- Originated
- September 2, 2016
- Maturity
- October 1, 2026
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ended
- June 30, 2026
- Master servicer
- Trimont LLC
- Originator
- CIBC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 215 Market Street and 711 St. Marys Boulevard, Galveston, TX 77550
- Metro
- Houston-Pasadena-The Woodlands, TX
- Units, rooms or beds
- 257
- Built
- 1972, renovated 2016
- Value at securitization
- $17.3M (Jul 2016)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.62x | 1.36x |
| Occupancy | 100% | 94% |
| Net operating income (annualized from 6 months) | $1.2M | $1.0M |
| Debt yield | 9.3% |
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 Bank of America Merrill Lynch Trust 2016-C32 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
- Past maturity
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 100% when the loan was securitized to 94%.
- Net operating income is 15% below the underwritten figure ($1.0M a year against $1.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.62x at securitization to 1.36x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $11.3M | Current | No | 1.36x | 94% |
| August 2026 | $11.3M | Current | No | 1.32x | 86% |
| July 2026 | $11.4M | Current | No | 1.38x | 86% |
| June 2026 | $11.4M | Current | No | 1.38x | 86% |
| May 2026 | $11.4M | Current | No | 1.39x | 82% |
| April 2026 | $11.4M | Current | No | 1.39x | 82% |
| March 2026 | $11.4M | Current | No | 1.39x | 82% |
| February 2026 | $11.5M | Current | No | 1.39x | 82% |
| January 2026 | $11.5M | Current | No | 1.39x | 82% |
| December 2025 | $11.5M | Current | No | 1.39x | 82% |
| November 2025 | $11.5M | Current | No | 1.45x | 84% |
| October 2025 | $11.6M | Current | No | 1.45x | 84% |
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 Bank of America Merrill Lynch Trust 2016-C32 | 23 | $11,307,772 | Sep 2026 | SEC filing, September 29, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Helios Plaza | Houston, TX | Office | $118.5M | 2.90% | Oct 2026 | 3.22x | 100% | Current |
| Fry 529 Retail Center | Cypress, TX | Retail | $19.7M | 4.27% | Nov 2026 | 1.44x | 100% | Current |
| Timbergrove Heights | Houston, TX | Multifamily | $8.4M | 4.625% | Dec 2026 | 1.13x | 88% | Current |
| Braes Hollow Apartments | Houston, TX | Multifamily | $6.2M | 4.80% | Nov 2026 | 2.26x | 93% | Current |
| Fresenius Houston | Houston, TX | Office | $5.5M | 4.887% | Nov 2026 | n/a | n/a | Current |
All loans maturing in 2026 · 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.