Manufactured housing portfolio, 4 properties · Saratoga, Wyoming
Medicine Waters Property
This portfolio is financed with a $11.3M CMBS loan at 6.45% that reaches maturity on December 6, 2030, in 4 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
- $11,285,000
- Original balance (same notes)
- $11,285,000
- Interest rate
- 6.45% fixed
- Originated
- November 18, 2025
- Maturity
- December 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2028
- Prepayment premium ends
- September 5, 2030 (yield maintenance)
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 300-400 North 13th Street, Saratoga, WY 82331
- Value at securitization
- $18.7M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income (annualized from 6 months) | $970K | $1.6M |
| Debt yield | 14.3% |
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 Benchmark 2026-V20 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 67% above the underwritten figure ($1.6M a year against $970K; the latest statement covers 6 months, annualized).
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| Medicine Waters Property | Saratoga, WY | Mobile Home Park | n/a | n/a |
| Trails End Property | Rawlins, WY | Mobile Home Park | n/a | n/a |
| Wild Horse Communities | Rawlins, WY | Mobile Home Park | 83% | 1.09x |
| Sugar Creek Property | Rawlins, WY | Mobile Home Park | n/a | n/a |
The last 8 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $11.3M | Current | No | n/a | n/a |
| August 2026 | $11.3M | Current | No | n/a | n/a |
| July 2026 | $11.3M | Current | No | n/a | n/a |
| June 2026 | $11.3M | Current | No | n/a | n/a |
| May 2026 | $11.3M | Current | No | n/a | n/a |
| April 2026 | $11.3M | Current | No | n/a | n/a |
| March 2026 | $11.3M | Current | No | n/a | n/a |
| February 2026 | $11.3M | Current | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2026-V20 Mortgage Trust | 22 | $11,285,000 | Sep 2026 | SEC filing, October 1, 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.