Manufactured housing portfolio, 11 properties · Multiple locations
Ignite Portfolio
Public CMBS trusts hold $94.1M of the loan on this portfolio at 6.08% that reaches maturity on September 1, 2029, in 2 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $94,100,000
- Original balance (same notes)
- $94,100,000
- Interest rate
- 6.08% fixed
- Originated
- August 2, 2024
- Maturity
- September 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- August 31, 2026
- Prepayment premium ends
- February 28, 2029 (yield maintenance)
- Master servicer
- Wells Fargo Bank, NA
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Units, rooms or beds
- 2,489
- Value at securitization
- $145.9M
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.46x | 1.26x |
| Occupancy | 78% | 78% |
| Net operating income | $8.5M | $7.3M |
| Debt yield | 7.8% |
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 BANK5 2024-5YR12 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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.
What the filing shows
- Net operating income is 14% below the underwritten figure ($7.3M a year against $8.5M).
- Debt service coverage moved from 1.46x at securitization to 1.26x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $94.1M | Current | No | 1.26x | 78% |
| August 2026 | $94.1M | Current | No | 1.26x | 78% |
| July 2026 | $94.1M | Current | No | 1.26x | 78% |
| June 2026 | $94.1M | Current | No | 1.03x | 78% |
| May 2026 | $94.1M | Current | No | 1.03x | 78% |
| April 2026 | $94.1M | Current | No | 1.03x | 78% |
| March 2026 | $94.1M | Current | No | 1.03x | 78% |
| February 2026 | $94.1M | Current | No | 1.03x | 78% |
| January 2026 | $94.1M | Current | No | n/a | n/a |
| December 2025 | $94.1M | Current | No | n/a | n/a |
| November 2025 | $94.1M | Current | No | n/a | n/a |
| October 2025 | $94.1M | Late payment but less than 30 days delinquent | 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.
Where the loan sits
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2024-5YR10 | 3 | $83,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2024-5YR12 | 19 | $11,100,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other manufactured housing loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Sunbelt MHC Portfolio | Manufactured housing | $100.0M | 5.687% | Oct 2029 | 1.91x | 76% | Current | |
| 1702 East Highway 44 | Rapid City, SD | Manufactured housing | $85.0M | 5.71% | Jul 2029 | n/a | n/a | Current |
| WAND MHC Portfolio | Manufactured housing | $70.5M | 6.23% | Dec 2029 | 1.49x | 95% | Current | |
| Sunshine MHC Portfolio | FL | Manufactured housing | $65.0M | 6.58% | Dec 2029 | 1.45x | 100% | Current |
| Queen's Grant | Charlotte, NC | Manufactured housing | $29.7M | 6.40% | Sep 2029 | n/a | n/a | Current |
| Appletree | Walker, MI | Manufactured housing | $28.4M | 4.90% | Apr 2029 | n/a | n/a | Current |
| Holiday City Mhc | NC | Manufactured housing | $27.5M | 6.15% | Dec 2029 | 2.20x | 80% | Current |
| TCC Pool 1 | Manufactured housing | $25.7M | 5.98% | Oct 2029 | 1.58x | 97% | 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.