Multifamily · Cocoa, Florida
Cocoa Grand Apartments
Cocoa Grand Apartments is financed with a $46.9M CMBS loan at 6.56% that reaches maturity on August 6, 2029, in 2 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is late, less than 30 days.
The loan
- Balance in tracked trusts
- $46,900,000
- Original balance (same notes)
- $46,900,000
- Interest rate
- 6.56% fixed
- Originated
- July 31, 2024
- Maturity
- August 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2029
- Master servicer
- Berkadia
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 305 Laredo Drive, Cocoa, FL 32926
- Metro
- Palm Bay-Melbourne-Titusville, FL
- Units, rooms or beds
- 268
- Built
- 2022
- Value at securitization
- $66.1M (Mar 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.28x | 0.89x |
| Occupancy | 96% | 92% |
| Net operating income (annualized from 3 months) | $4.0M | $2.8M |
| Debt yield | 5.9% |
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 BMO 2024-5C6 Mortgage Trust 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
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since July 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 96% when the loan was securitized to 92%.
- Net operating income is 31% below the underwritten figure ($2.8M a year against $4.0M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.28x at securitization to 0.89x on the latest statements.
- At 0.89x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $46.9M | Late payment but less than 30 days delinquent | No | 0.89x | 92% |
| August 2026 | $46.9M | Current | No | 0.89x | 92% |
| July 2026 | $46.9M | Current | No | 0.89x | 92% |
| June 2026 | $46.9M | Current | No | n/a | n/a |
| May 2026 | $46.9M | Current | No | n/a | n/a |
| April 2026 | $46.9M | Late payment but less than 30 days delinquent | No | 0.83x | n/a |
| March 2026 | $46.9M | Late payment but less than 30 days delinquent | No | 0.83x | n/a |
| February 2026 | $46.9M | Late payment but less than 30 days delinquent | No | 0.86x | 90% |
| January 2026 | $46.9M | Current | No | 0.86x | 90% |
| December 2025 | $46.9M | Current | No | 0.82x | 90% |
| November 2025 | $46.9M | Current | No | 0.82x | 90% |
| October 2025 | $46.9M | Current | No | 0.82x | 90% |
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 |
|---|---|---|---|---|
| BMO 2024-5C6 Mortgage Trust | 5 | $46,900,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Palm Bay-Melbourne-Titusville loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Palm Bay West Shopping Center | Palm Bay, FL | Retail | $11.6M | 3.98% | Nov 2029 | 2.58x | 89% | Current |
| University Village, Melbourne | Melbourne, FL | Multifamily | $8.4M | 4.58% | Jun 2029 | 1.53x | 86% | Current |
All loans maturing in 2029 · All Palm Bay-Melbourne-Titusville 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.