Mixed use · Santa Barbara, California
El Paseo
El Paseo is financed with a $11.9M CMBS loan at 3.499% that reaches maturity on February 11, 2031, in 4 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $11,868,911
- Original balance (same notes)
- $12,000,000
- Interest rate
- 3.499% fixed
- Originated
- February 9, 2021
- Maturity
- February 11, 2031
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- November 10, 2030
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 808, 812-814 State Street; 813-819 Anacapa Street; 23-25 East De La Guerra Street; 1-38 and 101-129 El Paseo, Santa Barbara, CA 93101
- Metro
- Santa Maria-Santa Barbara, CA
- Rentable area
- 57,687 sq ft
- Built
- 1922, renovated 1997
- Largest tenants
- El Paseo Restaurant; SB WineCask Ventures LLC; Davies Communications
- Value at securitization
- $22.8M (Oct 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.55x | 2.26x |
| Occupancy | 94% | 100% |
| Net operating income (annualized from 6 months) | $1.6M | $1.3M |
| Debt yield | 11.1% |
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-BNK32 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
- NOI down 20% 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 risen from 94% when the loan was securitized to 100%.
- Net operating income is 20% below the underwritten figure ($1.3M a year against $1.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.55x at securitization to 2.26x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $11.9M | Current | No | 2.26x | 100% |
| August 2026 | $11.9M | Current | No | 2.26x | 100% |
| July 2026 | $11.9M | Current | No | 2.60x | 98% |
| June 2026 | $11.9M | Current | No | 2.60x | 98% |
| May 2026 | $11.9M | Current | No | 3.40x | 96% |
| April 2026 | $12.0M | Current | No | 3.40x | 96% |
| March 2026 | $12.0M | Current | No | 3.40x | 96% |
| February 2026 | $12.0M | Current | No | 3.40x | 96% |
| January 2026 | $12.0M | Current | No | 3.42x | 98% |
| December 2025 | $12.0M | Current | No | 3.42x | 98% |
| November 2025 | $12.0M | Current | No | 3.42x | 98% |
| October 2025 | $12.0M | Current | No | 3.43x | 100% |
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-BNK32 | 21 | $11,868,911 | Sep 2026 | SEC filing, October 1, 2026 |
Other Santa Maria-Santa Barbara loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Verano Courtyard Apartments | Santa Barbara, CA | Multifamily | $13.8M | 3.369% | Jun 2031 | 2.70x | 96% | Current |
| Extra Space Storage - Lompoc, Ca | Lompoc, CA | Self storage | $7.3M | 3.852% | Mar 2031 | 3.41x | 95% | Current |
| The Platform Santa Barbara | Santa Barbara, CA | Mixed use | $7.0M | 3.41% | Sep 2031 | 0.61x | 64% | Current |
All loans maturing in 2031 · All Santa Maria-Santa Barbara 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.