Self storage · Mukilteo, Washington
Pack Rat Self Storage
Pack Rat Self Storage is financed with a $4.5M CMBS loan at 2.98% that reaches maturity on November 1, 2031, in 5 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,500,000
- Original balance (same notes)
- $4,500,000
- Interest rate
- 2.98% fixed
- Originated
- October 8, 2021
- Maturity
- November 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- November 30, 2023
- Prepayment premium ends
- July 31, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Bank of America, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 12316 & 12320 Mukilteo Speedway, Mukilteo, WA 98275
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 83,750 sq ft
- Units, rooms or beds
- 602
- Built
- 1990, renovated 2020
- Value at securitization
- $10.3M (Aug 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 4.71x | 4.34x |
| Occupancy | 95% | 88% |
| Net operating income (annualized from 6 months) | $640K | $593K |
| Debt yield | 13.2% |
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-BNK37 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
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 fallen from 95% when the loan was securitized to 88%.
- Net operating income is 7% below the underwritten figure ($593K a year against $640K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 4.71x at securitization to 4.34x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.5M | Current | No | 4.34x | 88% |
| August 2026 | $4.5M | Current | No | 4.52x | 98% |
| July 2026 | $4.5M | Current | No | 4.52x | 98% |
| June 2026 | $4.5M | Current | No | 4.52x | 98% |
| May 2026 | $4.5M | Current | No | 4.45x | 98% |
| April 2026 | $4.5M | Current | No | 4.45x | 98% |
| March 2026 | $4.5M | Current | No | 4.45x | 98% |
| February 2026 | $4.5M | Current | No | 4.46x | 92% |
| January 2026 | $4.5M | Current | No | 4.46x | 92% |
| December 2025 | $4.5M | Current | No | 4.46x | 92% |
| November 2025 | $4.5M | Current | No | 4.46x | 92% |
| October 2025 | $4.5M | Current | No | 4.43x | 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-BNK37 | 55 | $4,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Amazon @ Atlas | Seattle, WA | Office | $48.4M | 2.405% | Feb 2031 | 5.82x | 100% | Current |
| Redstone Corporate Center I | Lynnwood, WA | Office | $33.2M | 6.375% | Feb 2031 | n/a | n/a | Current |
| Snohomish Station Shopping Center | Snohomish, WA | Retail | $25.3M | 3.32% | Jun 2031 | 2.92x | 99% | Current |
| Shared Roof Seattle | Seattle, WA | Multifamily | $24.4M | 5.915% | Jan 2031 | 1.54x | n/a | Current |
| 700 NW 42nd Street | Seattle, WA | Self storage | $21.0M | 5.738% | Jan 2031 | n/a | n/a | Current |
| C.c. Filson World Headquarters | Seattle, WA | Mixed use | $13.1M | 3.626% | Feb 2031 | 3.28x | 100% | Current |
| Rockefeller Square Apartments | Everett, WA | Multifamily | $11.0M | 6.501% | Jun 2031 | n/a | n/a | Current |
| Executive Hotel Pacific Downtown | Seattle, WA | Hotel | $10.0M | 6.62% | Aug 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Seattle-Tacoma-Bellevue 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.