Industrial portfolio, 2 properties · Nevada
Cheyenne West and Donovan Business Parks
This portfolio is financed with a $3.5M CMBS loan at 3.594% that reaches maturity on December 11, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $3,500,000
- Original balance (same notes)
- $3,500,000
- Interest rate
- 3.594% fixed
- Originated
- November 15, 2021
- Maturity
- December 11, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 10, 2024
- Prepayment premium ends
- September 10, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Value at securitization
- $8.0M (Aug 2021)
Performance
| At securitization | Latest (Jun 2024) | |
|---|---|---|
| DSCR (NOI) | 3.68x | 5.34x |
| Occupancy | 100% | 84% |
| Net operating income (annualized from 6 months) | $470K | $685K |
| Debt yield | 19.6% |
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 BANK 2021-BNK38 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Occupancy down 10 points 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
- Occupancy has fallen from 100% when the loan was securitized to 84%.
- Net operating income is 46% above the underwritten figure ($685K a year against $470K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.68x at securitization to 5.34x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $3.5M | Current | No | 5.34x | 84% |
| August 2026 | $3.5M | Current | No | 5.34x | 84% |
| July 2026 | $3.5M | Current | No | 5.34x | 84% |
| June 2026 | $3.5M | Current | No | 5.34x | 84% |
| May 2026 | $3.5M | Current | No | 5.34x | 84% |
| April 2026 | $3.5M | Current | No | 5.34x | 84% |
| March 2026 | $3.5M | Current | No | 5.34x | 84% |
| February 2026 | $3.5M | Current | No | 5.34x | 84% |
| January 2026 | $3.5M | Current | No | 5.34x | 84% |
| December 2025 | $3.5M | Current | No | 5.34x | 84% |
| November 2025 | $3.5M | Current | No | 5.34x | 84% |
| October 2025 | $3.5M | Current | No | 5.34x | 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 |
|---|---|---|---|---|
| BANK 2021-BNK38 | 43 | $3,500,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Nevada loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 9295 & 9315 Prototype Drive | Reno, NV | Industrial | $177.5M | 6.242% | Jun 2031 | n/a | n/a | Current |
| Summerhill Pointe Apartments | Las Vegas, NV | Multifamily | $60.0M | 3.548% | Jun 2031 | 2.63x | 93% | Current |
| Sparks Crossing | Sparks, NV | Retail | $49.1M | 6.05% | Jan 2031 | n/a | n/a | Current |
| Montecito Tower | Las Vegas, NV | Office | $32.5M | 3.64% | Jun 2031 | 1.72x | 83% | Current |
| The Crossing at Lake Mead | Las Vegas, NV | Multifamily | $28.9M | 3.083% | Jul 2031 | 2.53x | 88% | Current |
| Spanish Ridge Portfolio | NV | Office | $24.4M | 3.404% | Dec 2031 | 2.48x | 100% | Current |
| 3025 South Las Vegas Boulevard | Las Vegas, NV | Retail | $18.5M | 6.85% | Feb 2031 | 1.38x | 100% | Current |
| Henderson Properties | Henderson, NV | Mixed use | $18.5M | 3.499% | Nov 2031 | 2.51x | 95% | 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.