Mixed use · Miramar Beach, Florida
Market Shops at Sandestin
Market Shops at Sandestin is financed with a $11.8M CMBS loan at 4.923% that reaches maturity on September 6, 2028, in 22 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $11,759,223
- Original balance (same notes)
- $12,766,000
- Interest rate
- 4.923% fixed
- Originated
- August 21, 2018
- Maturity
- September 6, 2028
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ended
- December 5, 2020
- Master servicer
- Trimont LLC
- Originator
- Ladder Capital Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 9375 Us Highway 98 East, Miramar Beach, FL 32550
- Metro
- Crestview-Fort Walton Beach-Destin, FL
- Rentable area
- 52,838 sq ft
- Built
- 1986, renovated 2014
- Largest tenants
- SACRED HEART HEALTH SYSTEM; BEACH FINE WINES & SPIRITS; RLB UNLIMITED INC.
- Value at securitization
- $17.1M (Jul 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.67x | 2.19x |
| Occupancy | 93% | 100% |
| Net operating income (annualized from 6 months) | $1.4M | $1.8M |
| Debt yield | 15.3% |
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 CSAIL 2018-C14 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Occupancy has risen from 93% when the loan was securitized to 100%.
- Net operating income is 32% above the underwritten figure ($1.8M a year against $1.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.67x at securitization to 2.19x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $11.8M | Current | No | 2.19x | 100% |
| August 2026 | $11.8M | Current | No | 2.19x | 100% |
| July 2026 | $11.8M | Current | No | 2.27x | 98% |
| June 2026 | $11.8M | Current | No | 2.27x | 98% |
| May 2026 | $11.8M | Current | No | 2.20x | 98% |
| April 2026 | $11.9M | Current | No | 2.20x | 98% |
| March 2026 | $11.9M | Current | No | 2.20x | 98% |
| February 2026 | $11.9M | Current | No | 2.20x | 98% |
| January 2026 | $11.9M | Current | No | 2.19x | 100% |
| December 2025 | $11.9M | Current | No | 2.18x | 100% |
| November 2025 | $11.9M | Current | No | 2.18x | 100% |
| October 2025 | $12.0M | Current | No | 2.18x | 100% |
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 |
|---|---|---|---|---|
| CSAIL 2018-C14 Commercial Mortgage Trust | 20 | $11,759,223 | Sep 2026 | SEC filing, September 28, 2026 |
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.