Multifamily · Richmond, Texas
Haven at Bellaire
Haven at Bellaire is financed with a $41.6M CMBS loan at 6.262% that reaches maturity on October 6, 2030, in 3 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 60-89 days delinquent.
The loan
- Balance in tracked trusts
- $41,600,000
- Original balance (same notes)
- $41,600,000
- Interest rate
- 6.262% fixed
- Originated
- September 24, 2025
- Maturity
- October 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2026
- Prepayment premium ends
- July 5, 2030 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- 60-89 days delinquent (code 2)
- Special servicing
- Transferred August 6, 2026
- Workout strategy
- TBD
- Defeasance
- Partly defeased
The property
- Address
- 20220 Bellaire Boulevard, Richmond, TX 77407
- Metro
- Houston-Pasadena-The Woodlands, TX
- Units, rooms or beds
- 297
- Built
- 2020
- Value at securitization
- $57.4M (Jul 2025)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.29x | 1.07x |
| Occupancy | 92% | 91% |
| Net operating income (annualized from 3 months) | $3.4M | $2.8M |
| Debt yield | 6.8% |
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 2025-V18 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in every report since May 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
- Net operating income is 18% below the underwritten figure ($2.8M a year against $3.4M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.29x at securitization to 1.07x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $41.6M | 60-89 days delinquent | Yes | 1.07x | 91% |
| August 2026 | $41.6M | 60-89 days delinquent | Yes | 1.07x | 91% |
| July 2026 | $41.6M | 30-59 days delinquent | No | 1.07x | 91% |
| June 2026 | $41.6M | 30-59 days delinquent | No | n/a | n/a |
| May 2026 | $41.6M | 30-59 days delinquent | No | n/a | n/a |
| April 2026 | $41.6M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| March 2026 | $41.6M | Current | No | n/a | n/a |
| February 2026 | $41.6M | Current | No | n/a | n/a |
| January 2026 | $41.6M | 30-59 days delinquent | No | n/a | n/a |
| December 2025 | $41.6M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| November 2025 | $41.6M | Current | No | n/a | n/a |
| October 2025 | $41.6M | Payment not received but still in grace period or not yet due | 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 August 6, 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 |
|---|---|---|---|---|
| Benchmark 2025-V18 Mortgage Trust | 15 | $41,600,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 5712 Old River | Old River Winfree, TX | Self storage | $60.0M | 5.808% | Oct 2030 | n/a | n/a | Current |
| Waterford Grove Apartments | Houston, TX | Multifamily | $60.0M | 6.567% | Mar 2030 | 0.88x | 71% | Delinquent |
| Hotel ZaZa | Houston, TX | Hotel | $58.4M | 3.80% | Mar 2030 | 3.56x | 62% | Current |
| Rayford Square | Spring, TX | Retail | $57.6M | 3.595% | Jan 2030 | n/a | n/a | Current |
| Providence at Heights & Legacy at Westchase | Houston, TX | Multifamily | $50.5M | 6.36% | Jun 2030 | 1.18x | 93% | With the special servicer |
| Trails at Dominion Park | Houston, TX | Multifamily | $42.7M | 6.20% | Jan 2030 | n/a | n/a | Current |
| Chasewood Technology Park | Houston, TX | Office | $41.7M | 3.914% | Sep 2030 | 1.97x | 69% | Current |
| Green Caye Village | Dickinson, TX | Mixed use | $40.0M | 6.417% | Feb 2030 | 1.52x | 89% | Current |
All loans maturing in 2030 · 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.