Mixed use · Lewes, Delaware
Mi Place at Vineyard II
Mi Place at Vineyard II is financed with a $14.0M CMBS loan at 6.80% that reaches maturity on January 1, 2030, in 3 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $14,000,000
- Original balance (same notes)
- $14,000,000
- Interest rate
- 6.80% fixed
- Originated
- December 23, 2024
- Maturity
- January 1, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 31, 2029
- Master servicer
- Midland Loan Services
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 12001 Old Vine Boulevard, Lewes, DE 19958
- Built
- 2021
- Largest tenants
- DEL-ONE; Tea Aki; Anderson Financial
- Value at securitization
- $23.3M (Sep 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.41x | 1.25x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $1.4M | $2.4M |
| Debt yield | 17.3% |
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 Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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 79% above the underwritten figure ($2.4M a year against $1.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.41x at securitization to 1.25x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $14.0M | Current | No | 1.25x | 100% |
| August 2026 | $14.0M | Current | No | n/a | n/a |
| July 2026 | $14.0M | Current | No | n/a | n/a |
| June 2026 | $14.0M | Current | No | n/a | n/a |
| May 2026 | $14.0M | Current | No | n/a | n/a |
| April 2026 | $14.0M | Current | No | 1.22x | 100% |
| March 2026 | $14.0M | Current | No | 1.22x | 100% |
| February 2026 | $14.0M | Current | No | 1.22x | 100% |
| January 2026 | $14.0M | Current | No | 1.22x | 100% |
| December 2025 | $14.0M | Current | No | 1.56x | 100% |
| November 2025 | $14.0M | Current | No | 1.56x | 100% |
| October 2025 | $14.0M | 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 |
|---|---|---|---|---|
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 | 21 | $14,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Delaware loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hilton Christiana | Newark, DE | Hotel | $35.0M | 6.845% | Dec 2030 | 1.78x | 72% | Current |
| Cranston Hall Apartments | Wilmington, DE | Multifamily | $22.5M | 6.65% | Aug 2030 | 1.19x | 85% | Current |
| Mobile Gardens | Seaford, DE | Manufactured housing | $14.5M | 6.69% | Apr 2030 | n/a | n/a | Current |
| Glendale Plaza Shopping Center | Bear, DE | Retail | $13.0M | 6.10% | Nov 2030 | n/a | n/a | Current |
| Independence Plaza | Wilmington, DE | Mixed use | $7.8M | 3.75% | Jul 2030 | 3.54x | 91% | Current |
| Wawa and WSFS Bank | Wilmington, DE | Retail | $5.7M | 3.73% | Aug 2030 | 1.34x | 100% | Current |
| 252 Chapman Road | Newark, DE | Office | $5.6M | 3.70% | Mar 2030 | n/a | n/a | Current |
| Walgreens - Bridgeville, De | Bridgeville, DE | Retail | $2.6M | 3.50% | Apr 2030 | 2.26x | 100% | 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.