Manufactured housing · Gilroy, California
Garlic Farms MHC
5878 Garlic Farm Drive, Gilroy, CA · Google Maps
Garlic Farms MHC is financed with a $22.0M CMBS loan at 6.53% that reaches maturity on July 1, 2031, in 4 years and 8 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $22,000,000
- Original balance (same notes)
- $22,000,000
- Interest rate
- 6.53% fixed
- Originated
- June 26, 2026
- Maturity
- July 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 31, 2030
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 5878 Garlic Farm Drive, Gilroy, CA 95020
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Units, rooms or beds
- 160
- Built
- 1971
- Value at securitization
- $33.6M (Mar 2026)
Performance
| Measure | At securitization | Latest |
|---|---|---|
| DSCR (NOI) | 1.33x | n/a |
| Occupancy | 96% | n/a |
| Net operating income | $1.9M | n/a |
Comparable loans: manufactured housing properties in San Jose-Sunnyvale-Santa Clara, CA, with NOI, occupancy and value.
Watch flags
Computed from the BANK5 2026-5YR24 filing for the reporting period ending October 13, 2026, filed with the SEC October 30, 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.
Who is behind this loan
- Non-recourse carveout guarantor
- Shown with Pro
- Sponsor
- Shown with Pro
- Parties and contacts named by the trust
- Shown with Pro
Source: SEC Form 424B2 prospectus, Annex A-1, filed Aug 2026.
Source: SEC Form 10-D, Exhibit 99.1 distribution statement, filed Oct 2026.
Operating statement
| Annual | At securitization | Latest | Per unit |
|---|---|---|---|
| Revenue | $2.7M | n/a | |
| Operating expenses | $730K | n/a | |
| Net operating income | $1.9M | n/a | |
| Net cash flow | $1.9M | n/a | |
| Expense ratio | 27.4% | n/a |
From the servicer's Schedule AL report; 160 units.
Refinance and early payoff, at today's rates
This estimate uses today's Treasury curve and needs JavaScript.
Rough estimates, not quotes. New loan: the filed NOI divided by the coverage you set, at the Treasury yield for the term plus your spread. Early payoff: the present value of the remaining scheduled payments to the open date at today's Treasury yields, less the balance, which is roughly what defeasance or yield maintenance costs. Loan documents, fees and the securities bought change the real number. Treasury yields: U.S. Treasury daily par curve.
The last 3 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $22.0M | Current | No | n/a | n/a |
| September 2026 | $22.0M | Current | No | n/a | n/a |
| August 2026 | $22.0M | Current | No | 1.24x | 96% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements.
Where the loan sits
One trust holds this loan in the data.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2026-5YR24 | 16 | $22,000,000 | Oct 2026 | SEC filing, October 30, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Towers at Cupertino City Center | Cupertino, CA | Office | $145.0M | 6.442% | Mar 2031 | 1.79x | n/a | Current |
| 110 120 and 130 Holger Way | San Jose, CA | Office | $141.0M | 2.97% | Aug 2031 | 2.26x | 100% | Current |
| PATHLINE PARK 9 and 10 | Sunnyvale, CA | Office | $130.0M | 2.502% | Feb 2031 | 4.46x | 100% | Current |
| 520 Almanor | Sunnyvalle, CA | Mixed use | $101.6M | 2.555% | Nov 2031 | 5.76x | 98% | Current |
| The Assembly | San Jose, CA | Industrial | $97.5M | 7.03% | Oct 2031 | n/a | n/a | Current |
| 2600 El Camino Real | Palo Alto, CA | Office | $46.4M | 3.734% | Apr 2031 | 3.02x | 92% | Current |
| 5300-5350 Hellyer Avenue | San Jose, CA | Office | $44.0M | 3.913% | Nov 2031 | 1.30x | 100% | Current |
| KKR First Republic Center | Palo Alto, CA | Mixed use | $41.6M | 2.328% | Jan 2031 | 5.42x | 100% | Current |
All loans maturing in 2031 · All San Jose-Sunnyvale-Santa Clara loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.