Industrial · North Highlands, California
Madison West Business Park
Madison West Business Park is financed with a $8.8M CMBS loan at 2.845% that reaches maturity on December 11, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,750,000
- Original balance (same notes)
- $8,750,000
- Interest rate
- 2.845% fixed
- Originated
- November 30, 2021
- Maturity
- December 11, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 10, 2031
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3600, 3608, 3612 and 3628 Madison Avenue, North Highlands, CA 95660
- Metro
- Sacramento-Roseville-Folsom, CA
- Rentable area
- 147,089 sq ft
- Built
- 1987
- Largest tenants
- Turning Point Community Programs; Accurate Cleaning Inc.; Snell Foundation Inc.
- Value at securitization
- $16.8M (Oct 2021)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 3.83x | 4.90x |
| Occupancy | 89% | 100% |
| Net operating income | $959K | $1.2M |
| Debt yield | 14.1% |
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 2021-BNK38 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Largest tenant's lease ends within 12 months
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 risen from 89% when the loan was securitized to 100%.
- Net operating income is 29% above the underwritten figure ($1.2M a year against $959K).
- Debt service coverage moved from 3.83x at securitization to 4.90x on the latest statements.
- The filing gives Aug 2027 as the lease end date for the largest tenant (Turning Point Community Programs), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $8.8M | Current | No | 4.90x | 100% |
| August 2026 | $8.8M | Current | No | 4.90x | 100% |
| July 2026 | $8.8M | Current | No | 4.90x | 100% |
| June 2026 | $8.8M | Current | No | 4.90x | 100% |
| May 2026 | $8.8M | Current | No | 4.90x | 100% |
| April 2026 | $8.8M | Current | No | 4.90x | 100% |
| March 2026 | $8.8M | Current | No | 4.90x | 100% |
| February 2026 | $8.8M | Current | No | 4.90x | 100% |
| January 2026 | $8.8M | Current | No | 5.07x | 100% |
| December 2025 | $8.8M | Current | No | 5.22x | 99% |
| November 2025 | $8.8M | Current | No | 5.22x | 99% |
| October 2025 | $8.8M | Current | No | 5.22x | 99% |
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 2021-BNK38 | 11 | $8,750,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Sacramento-Roseville-Folsom loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Ziggurat | West Sacramento, CA | Office | $59.1M | 3.13% | Aug 2031 | n/a | n/a | Current |
| Parkshore Plaza | Folsom, CA | Office | $43.6M | 3.31% | Nov 2031 | 2.21x | 50% | Current |
| 1625 & 1747 North Market | Sacramento, CA | Office | $38.2M | 3.82% | May 2031 | 1.96x | 98% | Current |
| Olympus Corporate Center | Roseville, CA | Office | $25.3M | 3.59% | Apr 2031 | 2.59x | 85% | Current |
| CAL OES Portfolio | Sacramento, CA | Industrial | $18.5M | 3.53% | Oct 2031 | n/a | n/a | Current |
| Stockton Plaza | Sacramento, CA | Retail | $18.5M | 3.28% | Sep 2031 | 2.33x | 91% | Current |
| Mulberry Estates | Sacramento, CA | Multifamily | $9.6M | 6.68% | Sep 2031 | n/a | n/a | Current |
| Norwood Business Park | Sacramento, CA | Industrial | $9.3M | 2.845% | Dec 2031 | 3.35x | 92% | Current |
All loans maturing in 2031 · All Sacramento-Roseville-Folsom 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.