Self storage · New Orleans, Louisiana
Fountainbleau Self Storage
Fountainbleau Self Storage is financed with a $6.5M CMBS loan at 3.41% that reaches maturity on January 6, 2031, in 4 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $6,492,452
- Original balance (same notes)
- $6,849,500
- Interest rate
- 3.41% fixed
- Originated
- December 18, 2020
- Maturity
- January 6, 2031
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- October 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4040 Tulane Avenue, New Orleans, LA 70119
- Metro
- New Orleans-Metairie, LA
- Rentable area
- 147,129 sq ft
- Units, rooms or beds
- 748
- Built
- 1960, renovated 1995
- Value at securitization
- $10.5M (Dec 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 3.07x | 0.10x |
| Occupancy | 90% | 66% |
| Net operating income | $727K | $35K |
| Debt yield | 0.5% |
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 BENCHMARK 2021-B23 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since August 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 90% when the loan was securitized to 66%.
- Net operating income is 95% below the underwritten figure ($35K a year against $727K).
- Debt service coverage moved from 3.07x at securitization to 0.10x on the latest statements.
- At 0.10x, 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 | $6.5M | Current | No | 0.10x | 66% |
| August 2026 | $6.5M | Current | No | 0.10x | 66% |
| July 2026 | $6.5M | Current | No | n/a | n/a |
| June 2026 | $6.5M | Current | No | n/a | n/a |
| May 2026 | $6.5M | Current | No | n/a | n/a |
| April 2026 | $6.5M | Current | No | 0.51x | 69% |
| March 2026 | $6.6M | Current | No | 0.51x | 69% |
| February 2026 | $6.6M | Current | No | 0.51x | 69% |
| January 2026 | $6.6M | Current | No | 0.51x | 69% |
| December 2025 | $6.6M | Current | No | 0.51x | 69% |
| November 2025 | $6.6M | Current | No | 0.82x | 74% |
| October 2025 | $6.6M | Current | No | 0.82x | 74% |
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 |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 42 | $6,492,452 | Sep 2026 | SEC filing, September 30, 2026 |
Other New Orleans-Metairie loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Energy Centre | New Orleans, LA | Office | $61.0M | 6.61% | Mar 2031 | n/a | n/a | Current |
| 115 Canvasback Drive | Saint Rose, LA | Mixed use | $38.0M | 3.755% | Apr 2031 | n/a | n/a | Current |
| Tanglewood Apartments | Westwego, LA | Multifamily | $30.0M | 3.83% | Nov 2031 | n/a | n/a | Current |
| Elmwood Distribution Center | Elmwood, LA | Industrial | $15.0M | 2.85% | Jul 2031 | 5.12x | 87% | Current |
| 5800 Brookhollow | Elmwood, LA | Industrial | $2.0M | 2.85% | Jul 2031 | 8.17x | 100% | Current |
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.