Office · Las Vegas, Nevada
Dynamics Office
Dynamics Office is financed with a $8.3M CMBS loan at 4.34% that reaches maturity on August 6, 2031, in 4 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,291,436
- Original balance (same notes)
- $9,100,000
- Interest rate
- 4.34% fixed
- Originated
- July 29, 2021
- Maturity
- August 6, 2031
- Payments
- Amortizing over 30 years
- Master servicer
- KeyBank Real Estate Capital
- Originator
- AREF
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7495 7485 and 7425 West Azure Drive, Las Vegas, NV 89130
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 59,549 sq ft
- Built
- 2007
- Largest tenants
- Summit Ridge Church; Speakeasy; Leadership Academy
- Value at securitization
- $12.1M (Jun 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 1.75x |
| Occupancy | 95% | 94% |
| Net operating income (annualized from 6 months) | n/a | $959K |
| Debt yield | 11.6% |
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 Morgan Stanley Capital I Trust 2021-L7 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Largest tenant's lease ends within 12 months
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
- The filing gives Feb 2027 as the lease end date for the largest tenant (Summit Ridge Church), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $8.3M | Not reported | No | 1.75x | 94% |
| August 2026 | $8.3M | Not reported | No | 1.61x | 94% |
| July 2026 | $8.3M | Not reported | No | 1.61x | 94% |
| June 2026 | $8.3M | Not reported | No | 1.61x | 94% |
| May 2026 | $8.3M | Not reported | No | 1.61x | 94% |
| April 2026 | $8.4M | Not reported | No | 1.61x | 94% |
| March 2026 | $8.4M | Not reported | No | 1.59x | 94% |
| February 2026 | $8.4M | Not reported | No | 1.59x | 94% |
| January 2026 | $8.4M | Not reported | No | 1.53x | 94% |
| December 2025 | $8.4M | Not reported | No | 1.60x | 91% |
| November 2025 | $8.4M | Not reported | No | 1.60x | 91% |
| October 2025 | $8.5M | Not reported | No | 1.60x | 91% |
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 Capital I Trust 2021-L7 | 36 | $8,291,436 | Sep 2026 | SEC filing, October 2, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Summerhill Pointe Apartments | Las Vegas, NV | Multifamily | $60.0M | 3.548% | Jun 2031 | 2.63x | 93% | 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 |
| 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 |
| Sunset Hills Apartments | Henderson, NV | Multifamily | $16.6M | 3.75% | Mar 2031 | 1.24x | 83% | Current |
| Gardner Plaza | Henderson, NV | Mixed use | $15.5M | 4.38% | Feb 2031 | 2.08x | 95% | Current |
| Beltway Marketplace | Las Vegas, NV | Retail | $14.8M | 6.344% | Sep 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Las Vegas-Henderson-North Las Vegas 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.