Retail · Houston, Texas
Pillars at HBU
Pillars at HBU is financed with a $9.3M CMBS loan at 3.86% that reaches maturity on April 6, 2031, in 4 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $9,300,000
- Original balance (same notes)
- $9,300,000
- Interest rate
- 3.86% fixed
- Originated
- March 12, 2021
- Maturity
- April 6, 2031
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- AREF
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7259 Southwest Freeway, Houston, TX 77074
- Metro
- Houston-Pasadena-The Woodlands, TX
- Rentable area
- 39,884 sq ft
- Built
- 2016
- Largest tenants
- Fed Ex; Blaze pizza; Salata HBU
- Value at securitization
- $19.2M (Jan 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 3.35x |
| Occupancy | 89% | 90% |
| Net operating income (annualized from 6 months) | n/a | $1.2M |
| 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 Morgan Stanley Capital I Trust 2021-L5 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.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $9.3M | Not reported | No | 3.35x | 90% |
| August 2026 | $9.3M | Not reported | No | 3.35x | 90% |
| July 2026 | $9.3M | Not reported | No | 3.29x | 90% |
| June 2026 | $9.3M | Not reported | No | 3.29x | 90% |
| May 2026 | $9.3M | Not reported | No | 3.29x | 90% |
| April 2026 | $9.3M | Not reported | No | 3.29x | 91% |
| March 2026 | $9.3M | Not reported | No | 3.29x | 91% |
| February 2026 | $9.3M | Not reported | No | 3.15x | 91% |
| January 2026 | $9.3M | Not reported | No | 3.15x | 91% |
| December 2025 | $9.3M | Not reported | No | 3.15x | 91% |
| November 2025 | $9.3M | Not reported | No | 3.15x | 91% |
| October 2025 | $9.3M | Not reported | No | 3.19x | 91% |
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 Capital I Trust 2021-L5 | 26 | $9,300,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1201 Lake Robbins | The Woodlands, TX | Office | $250.0M | 3.827% | Oct 2031 | 2.84x | 100% | Current |
| 1500 Post Oak Boulevard | Houston, TX | Office | $140.0M | 6.747% | Mar 2031 | n/a | n/a | Current |
| West Memorial Place | Houston, TX | Office | $106.0M | 7.035% | May 2031 | n/a | n/a | Current |
| 2700 Post Property | Houston, TX | Office | $81.5M | 4.46% | Mar 2031 | n/a | n/a | Current |
| HP Plaza | Spring, TX | Office | $79.0M | 7.01% | Jun 2031 | n/a | n/a | Current |
| Waterway Plaza I | The Woodlands, TX | Office | $66.0M | 3.269% | Feb 2031 | 3.74x | 100% | Current |
| Fountains on the Lake | Stafford, TX | Retail | $59.1M | 3.776% | Dec 2031 | 3.70x | 97% | Current |
| Bella Terra | Richmond, TX | Retail | $52.3M | 3.48% | Dec 2031 | 3.12x | 91% | Current |
All loans maturing in 2031 · All Houston-Pasadena-The Woodlands 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.