Multifamily · Houston, Texas
Falls of West Oaks
Falls of West Oaks is financed with a $18.3M CMBS loan at 3.80% that reaches maturity on June 5, 2031, in 4 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $18,298,994
- Original balance (same notes)
- $19,500,000
- Interest rate
- 3.80% fixed
- Originated
- May 24, 2021
- Maturity
- June 5, 2031
- Payments
- Interest only for 12 months, then amortizing
- Prepayment lockout ends
- March 4, 2031
- Master servicer
- Midland Loan Services
- Originator
- 3650 Real Estate Investment Trust 2 LLC
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred January 5, 2026
- Workout strategy
- Other
- Defeasance
- None reported
The property
- Address
- 4034 HIghway 6 S, Houston, TX 77082
- Metro
- Houston-Pasadena-The Woodlands, TX
- Units, rooms or beds
- 288
- Built
- 1981, renovated 2021
- Value at securitization
- $27.4M (Jan 2021)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 1.41x | n/a |
| Occupancy | 93% | n/a |
| Net operating income | $1.5M | n/a |
Watch flags
Computed from the 3650R 2021-PF1 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in every report since December 2025.
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 most recent valuation in the filing is $22.0M (March 9, 2026), against $27.4M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $18.3M | 90+ days delinquent | Yes | n/a | n/a |
| August 2026 | $18.3M | 90+ days delinquent | Yes | n/a | n/a |
| July 2026 | $18.3M | 90+ days delinquent | Yes | n/a | n/a |
| June 2026 | $18.3M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $18.3M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $18.3M | 90+ days delinquent | Yes | 1.39x | 86% |
| March 2026 | $18.3M | 90+ days delinquent | Yes | 1.39x | 86% |
| February 2026 | $18.3M | 90+ days delinquent | Yes | 1.39x | 86% |
| January 2026 | $18.3M | 60-89 days delinquent | Yes | 1.39x | 86% |
| December 2025 | $18.3M | 30-59 days delinquent | No | 1.39x | 86% |
| November 2025 | $18.3M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| October 2025 | $18.3M | Current | No | n/a | n/a |
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.
Special-servicing history
- Transferred to the special servicer January 5, 2026, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| 3650R 2021-PF1 Commercial Mortgage Trust | 22 | $18,298,994 | Sep 2026 | SEC filing, September 29, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1201 Lake Robbins | The Woodlands, TX | Office | $250.0M | 3.827% | Oct 2031 | 2.84x | 100% | Current |
| 1500 Post Oak Boulevard | Houston, TX | Office | $140.0M | 6.747% | Mar 2031 | n/a | n/a | Current |
| West Memorial Place | Houston, TX | Office | $106.0M | 7.035% | May 2031 | n/a | n/a | Current |
| 2700 Post Property | Houston, TX | Office | $81.5M | 4.46% | Mar 2031 | n/a | n/a | Current |
| HP Plaza | Spring, TX | Office | $79.0M | 7.01% | Jun 2031 | n/a | n/a | Current |
| Waterway Plaza I | The Woodlands, TX | Office | $66.0M | 3.269% | Feb 2031 | 3.74x | 100% | Current |
| Fountains on the Lake | Stafford, TX | Retail | $59.1M | 3.776% | Dec 2031 | 3.70x | 97% | Current |
| Bella Terra | Richmond, TX | Retail | $52.3M | 3.48% | Dec 2031 | 3.12x | 91% | Current |
All loans maturing in 2031 · All Houston-Pasadena-The Woodlands 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.