Multifamily · Portland, Oregon
Division Street Apartments
Division Street Apartments is financed with a $8.3M CMBS loan at 6.35% that reaches maturity on October 1, 2029, in 2 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,300,000
- Original balance (same notes)
- $8,300,000
- Interest rate
- 6.35% fixed
- Originated
- September 13, 2024
- Maturity
- October 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 31, 2029
- Master servicer
- Wells Fargo Bank, NA
- Originator
- Bank of America, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 6518, 6512 and 6410-6476 Southeast Division Street, Portland, OR 97206
- Metro
- Portland-Vancouver-Hillsboro, OR-WA
- Units, rooms or beds
- 59
- Built
- 1968, renovated 2023
- Value at securitization
- $11.8M (Aug 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.28x | 1.18x |
| Occupancy | 97% | 95% |
| Net operating income (annualized from 6 months) | $682K | $637K |
| Debt yield | 7.7% |
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 2024-5YR12 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 7% below the underwritten figure ($637K a year against $682K; the latest statement covers 6 months, annualized).
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $8.3M | Current | No | 1.18x | 95% |
| August 2026 | $8.3M | Current | No | 1.18x | 95% |
| July 2026 | $8.3M | Current | No | 1.23x | 92% |
| June 2026 | $8.3M | Current | No | 1.23x | 92% |
| May 2026 | $8.3M | Current | No | 1.23x | 92% |
| April 2026 | $8.3M | Current | No | 1.20x | 92% |
| March 2026 | $8.3M | Current | No | 1.20x | 92% |
| February 2026 | $8.3M | Current | No | 1.20x | 92% |
| January 2026 | $8.3M | Current | No | 1.20x | 92% |
| December 2025 | $8.3M | Current | No | 1.20x | 92% |
| November 2025 | $8.3M | Current | No | 1.25x | 97% |
| October 2025 | $8.3M | Late payment but less than 30 days delinquent | No | 1.25x | 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 |
|---|---|---|---|---|
| BANK5 2024-5YR12 | 22 | $8,300,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Portland-Vancouver-Hillsboro loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Wood Village Town Center | Wood Village, OR | Retail | $77.2M | 4.139% | Jun 2029 | n/a | n/a | Current |
| Louisa Apartments | Portland, OR | Multifamily | $58.4M | 5.073% | Oct 2029 | 0.96x | 93% | Current |
| Embassy Suites Washington Square | Tigard, OR | Hotel | $54.2M | 5.304% | Feb 2029 | 0.10x | 48% | Current |
| Kruse Woods V | Lake Oswego, OR | Office | $28.5M | 7.448% | Nov 2029 | 2.70x | 98% | Current |
| Millikan Business Center | Beaverton, OR | Mixed use | $25.8M | 3.357% | Nov 2029 | 2.22x | 100% | Current |
| Townhomes with a View | Clackamas, OR | Multifamily | $24.3M | 4.40% | Jul 2029 | 1.07x | 90% | Delinquent |
| Hollywood Station | Portland, OR | Retail | $14.7M | 4.46% | May 2029 | n/a | n/a | Delinquent |
| Creekside Village Apartments | Beaverton, OR | Multifamily | $12.8M | 4.61% | May 2029 | n/a | n/a | Current |
All loans maturing in 2029 · All Portland-Vancouver-Hillsboro 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.