Retail · Cape Coral, Florida
Pine Island Marketplace
Pine Island Marketplace is financed with a $7.3M CMBS loan at 6.11% that reaches maturity on October 1, 2029, in 2 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $7,320,000
- Original balance (same notes)
- $7,320,000
- Interest rate
- 6.11% fixed
- Originated
- September 4, 2024
- Maturity
- October 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 31, 2026
- Prepayment premium ends
- May 31, 2029 (yield maintenance)
- Master servicer
- Wells Fargo Bank, NA
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 511 Southwest Pine Island Road, Cape Coral, FL 33991
- Metro
- Cape Coral-Fort Myers, FL
- Rentable area
- 71,466 sq ft
- Built
- 2007
- Largest tenants
- Sportsman's Warehouse; OfficeMax; Dollar Tree
- Value at securitization
- $15.8M (Aug 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.04x | 2.33x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $923K | $1.1M |
| Debt yield | 14.5% |
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 BANK5 2024-5YR10 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 15% above the underwritten figure ($1.1M a year against $923K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.04x at securitization to 2.33x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $7.3M | Current | No | 2.33x | 100% |
| August 2026 | $7.3M | Current | No | 2.32x | 100% |
| July 2026 | $7.3M | Current | No | 2.32x | 100% |
| June 2026 | $7.3M | Current | No | 2.32x | 100% |
| May 2026 | $7.3M | Current | No | 2.12x | 98% |
| April 2026 | $7.3M | Current | No | 2.12x | 98% |
| March 2026 | $7.3M | Current | No | 2.12x | 98% |
| February 2026 | $7.3M | Current | No | 2.09x | 98% |
| January 2026 | $7.3M | Current | No | 2.09x | 98% |
| December 2025 | $7.3M | Current | No | 2.09x | 98% |
| November 2025 | $7.3M | Current | No | 2.18x | 100% |
| October 2025 | $7.3M | 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 |
|---|---|---|---|---|
| BANK5 2024-5YR10 | 29 | $7,320,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Cape Coral-Fort Myers loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Gartner Campus South | Fort Myers, FL | Office | $40.3M | 3.60% | Dec 2029 | 3.35x | 100% | Current |
| Courtyard Fort Myers at I-75 | Fort Myers, FL | Hotel | $21.3M | 7.62% | Apr 2029 | 1.60x | 72% | Current |
| Hilton Garden Inn - Ft. Myers | Fort Myers, FL | Hotel | $12.4M | 4.25% | Oct 2029 | 1.20x | 78% | Current |
| Springhill Suites Fort Myers Airport | Fort Myers, FL | Hotel | $12.3M | 7.62% | Apr 2029 | 1.19x | 65% | Current |
| Northpoint Shopping Center | Cape Coral, FL | Retail | $11.0M | 4.925% | Jan 2029 | 2.36x | 97% | Current |
| Grand Bay Plaza | Fort Myers, FL | Retail | $7.9M | 4.25% | Dec 2029 | 2.12x | 100% | Current |
| Bent Palms Apartments | Fort Myers, FL | Multifamily | $3.4M | 4.04% | Nov 2029 | 1.31x | 96% | Current |
All loans maturing in 2029 · All Cape Coral-Fort Myers 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.