Retail · Chesapeake, Virginia
Las Gaviotas Shopping Center
Las Gaviotas Shopping Center is financed with a $4.5M CMBS loan at 4.55% that reaches maturity on December 11, 2027, in 13 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,507,944
- Original balance (same notes)
- $5,375,000
- Interest rate
- 4.55% fixed
- Originated
- December 1, 2017
- Maturity
- December 11, 2027
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- September 10, 2027
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1245, 1249, & 1253 Cedar Road, Chesapeake, VA 23322
- Metro
- Virginia Beach-Chesapeake-Norfolk, VA-NC
- Rentable area
- 90,283 sq ft
- Built
- 1987
- Largest tenants
- Food Lion; Fitness 19; Driscoll Development
- Value at securitization
- $9.1M (Dec 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.26x | 4.57x |
| Occupancy | 96% | 98% |
| Net operating income (annualized from 6 months) | $743K | $1.5M |
| Debt yield | 33.6% |
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 BANK 2018-BNK10 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 104% above the underwritten figure ($1.5M a year against $743K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.26x at securitization to 4.57x on the latest statements.
The last 11 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.5M | Current | No | 4.57x | 98% |
| August 2026 | $4.5M | Current | No | 4.57x | 98% |
| July 2026 | $4.5M | Current | No | 4.91x | 98% |
| June 2026 | $4.5M | Current | No | 4.91x | 98% |
| May 2026 | $4.5M | Current | No | 4.91x | 98% |
| April 2026 | $4.6M | Current | No | 3.32x | 98% |
| February 2026 | $4.6M | Current | No | 3.32x | 98% |
| January 2026 | $4.6M | Current | No | 3.52x | 98% |
| December 2025 | $4.6M | Current | No | 3.52x | 98% |
| November 2025 | $4.6M | Current | No | 3.52x | 98% |
| October 2025 | $4.6M | Current | No | 3.61x | 98% |
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 |
|---|---|---|---|---|
| BANK 2018-BNK10 | 45 | $4,507,944 | Sep 2026 | SEC filing, September 29, 2026 |
Other Virginia Beach-Chesapeake-Norfolk loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Greenbrier Towers I & II | Chesapeake, VA | Office | $12.8M | 4.50% | Mar 2027 | 2.80x | 90% | Current |
| Bennetts Creek Crossing | Suffolk, VA | Retail | $8.1M | 4.56% | Jun 2027 | 1.91x | 97% | Current |
| Hampton Inn Norfolk | Norfolk, VA | Hotel | $7.3M | 4.228% | Jul 2027 | 3.27x | 84% | Current |
| Haynes Furniture Store | Virginia Beach, VA | Retail | $7.2M | 5.097% | Jan 2027 | 2.15x | 100% | Current |
| Hampton Inn & Suites Williamsburg Historic District | Williamsburg, VA | Hotel | $6.5M | 4.45% | Aug 2027 | 1.93x | 53% | Current |
| Sterling Oaks | Norfolk, VA | Multifamily | $4.1M | 4.365% | Sep 2027 | 1.01x | 98% | Current |
| 5544 Greenwich Road | Virginia Beach, VA | Office | $2.5M | 5.071% | Aug 2027 | 1.16x | 85% | Current |
All loans maturing in 2027 · All Virginia Beach-Chesapeake-Norfolk 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.