Hotel · Key Largo, Florida
Playa Largo
Public CMBS trusts hold $31.6M of the loan on Playa Largo at 5.144% that reaches maturity on June 6, 2028, in 19 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $31,572,321
- Original balance (same notes)
- $35,000,000
- Interest rate
- 5.144% fixed
- Originated
- May 17, 2018
- Maturity
- June 6, 2028
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- March 5, 2028
- Master servicer
- Trimont LLC
- Originator
- SMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently May 6, 2020
- Defeasance
- None reported
The property
- Address
- 97450 Overseas Highway, Key Largo, FL 33037
- Units, rooms or beds
- 178
- Built
- 2016
- Value at securitization
- $188.6M (Mar 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.84x | 2.03x |
| Occupancy | 79% | 72% |
| Net operating income | $10.9M | $12.0M |
| Debt yield | 38.0% |
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 2018-H3 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Modified
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 79% when the loan was securitized to 72%.
- Net operating income is 10% above the underwritten figure ($12.0M a year against $10.9M).
- Debt service coverage moved from 1.84x at securitization to 2.03x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $31.6M | Current | No | 2.03x | 72% |
| August 2026 | $31.6M | Current | No | 2.06x | 72% |
| July 2026 | $31.7M | Current | No | 2.06x | 72% |
| June 2026 | $31.7M | Current | No | 2.06x | 71% |
| May 2026 | $31.8M | Current | No | 2.05x | 71% |
| April 2026 | $31.8M | Current | No | 2.05x | 71% |
| March 2026 | $31.9M | Current | No | 2.05x | 71% |
| February 2026 | $31.9M | Current | No | 2.05x | 71% |
| January 2026 | $32.0M | Current | No | 2.05x | 71% |
| December 2025 | $32.0M | Current | No | 2.05x | 71% |
| November 2025 | $32.1M | Current | No | 2.15x | 74% |
| October 2025 | $32.1M | Current | No | 2.15x | 74% |
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 2018-H3 | 8 | $31,572,321 | Sep 2026 | SEC filing, October 2, 2026 |
Other Florida loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Aventura Mall | Aventura, FL | Retail | $900.0M | 4.121% | Jul 2028 | n/a | n/a | Current |
| Orlando Office Portfolio | FL | Office | $135.0M | 6.809% | Jan 2028 | 1.22x | 85% | Current |
| Brandon Mall | Brandon, FL | Retail | $121.0M | 7.62% | Jun 2028 | 2.48x | 79% | Current |
| Town Center Aventura | Aventura, FL | Retail | $80.0M | 4.89% | Jul 2028 | 1.71x | 90% | Current |
| DoubleTree Orlando at Sea World | Orlando, FL | Hotel | $70.0M | 7.75% | Dec 2028 | 1.79x | 65% | Current |
| Miami Industrial Portfolio | Miami, FL | Industrial | $66.1M | 4.981% | Dec 2028 | 3.32x | 87% | Current |
| Hilton Clearwater Beach Resort & Spa | Clearwater Beach, FL | Hotel | $62.6M | 5.13% | Mar 2028 | 3.39x | 78% | Current |
| Promenade Shops at Aventura | Aventura, FL | Retail | $59.2M | 4.669% | Feb 2028 | 1.47x | 99% | 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.