Self storage · Gig Harbor, Washington
Highway 16 Mini Storage
Highway 16 Mini Storage is financed with a $2.1M CMBS loan at 3.14% that reaches maturity on August 6, 2031, in 4 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $2,095,674
- Original balance (same notes)
- $2,350,000
- Interest rate
- 3.14% fixed
- Originated
- July 29, 2021
- Maturity
- August 6, 2031
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- May 5, 2031
- Master servicer
- Trimont LLC
- Originator
- Sabal Capital II, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 8809 State Route 16 Northwest, Gig Harbor, WA 98332
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 64,967 sq ft
- Built
- 1999
- Value at securitization
- $12.4M (May 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 5.64x | 4.79x |
| Occupancy | 98% | 87% |
| Net operating income | $683K | $579K |
| Debt yield | 27.6% |
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 BBCMS Mortgage Trust 2021-C11 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points 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 fallen from 98% when the loan was securitized to 87%.
- Net operating income is 15% below the underwritten figure ($579K a year against $683K).
- Debt service coverage moved from 5.64x at securitization to 4.79x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $2.1M | Current | No | 4.79x | 87% |
| August 2026 | $2.1M | Current | No | 4.79x | 87% |
| July 2026 | $2.1M | Current | No | 4.78x | 86% |
| June 2026 | $2.1M | Current | No | 4.78x | 86% |
| May 2026 | $2.1M | Current | No | 4.71x | 83% |
| April 2026 | $2.1M | Current | No | 4.71x | 83% |
| March 2026 | $2.1M | Current | No | 4.71x | 83% |
| February 2026 | $2.1M | Current | No | 4.71x | 83% |
| January 2026 | $2.1M | Current | No | 5.15x | 89% |
| December 2025 | $2.1M | Current | No | 5.15x | 89% |
| November 2025 | $2.1M | Current | No | 5.15x | 89% |
| October 2025 | $2.1M | Current | No | 5.15x | 89% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2021-C11 | 89 | $2,095,674 | Sep 2026 | SEC filing, September 29, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Amazon @ Atlas | Seattle, WA | Office | $48.4M | 2.405% | Feb 2031 | 5.82x | 100% | Current |
| Redstone Corporate Center I | Lynnwood, WA | Office | $33.2M | 6.375% | Feb 2031 | n/a | n/a | Current |
| Snohomish Station Shopping Center | Snohomish, WA | Retail | $25.3M | 3.32% | Jun 2031 | 2.92x | 99% | Current |
| Shared Roof Seattle | Seattle, WA | Multifamily | $24.4M | 5.915% | Jan 2031 | 1.54x | n/a | Current |
| 700 NW 42nd Street | Seattle, WA | Self storage | $21.0M | 5.738% | Jan 2031 | n/a | n/a | Current |
| C.c. Filson World Headquarters | Seattle, WA | Mixed use | $13.1M | 3.626% | Feb 2031 | 3.28x | 100% | Current |
| Rockefeller Square Apartments | Everett, WA | Multifamily | $11.0M | 6.501% | Jun 2031 | n/a | n/a | Current |
| Executive Hotel Pacific Downtown | Seattle, WA | Hotel | $10.0M | 6.62% | Aug 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Seattle-Tacoma-Bellevue 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.