Self storage portfolio, 2 properties · Pennsylvania
Red Hill Self Storage Portfolio
This portfolio is financed with a $9.0M CMBS loan at 3.36% that reaches maturity on December 1, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $9,000,000
- Original balance (same notes)
- $9,000,000
- Interest rate
- 3.36% fixed
- Originated
- November 12, 2021
- Maturity
- December 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 31, 2031
- Master servicer
- Trimont LLC
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Units, rooms or beds
- 1,018
- Value at securitization
- $16.3M (Sep 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.38x | 2.44x |
| Occupancy | 97% | 85% |
| Net operating income (annualized from 6 months) | $1.0M | $748K |
| Debt yield | 8.3% |
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 BANK 2021-BNK38 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% 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 97% when the loan was securitized to 85%.
- Net operating income is 28% below the underwritten figure ($748K a year against $1.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.38x at securitization to 2.44x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $9.0M | Current | No | 2.44x | 85% |
| August 2026 | $9.0M | Current | No | 2.44x | 85% |
| July 2026 | $9.0M | Current | No | 2.63x | 82% |
| June 2026 | $9.0M | Current | No | 2.63x | 82% |
| May 2026 | $9.0M | Current | No | 2.63x | 82% |
| April 2026 | $9.0M | Current | No | 2.13x | 82% |
| March 2026 | $9.0M | Current | No | 2.13x | 82% |
| February 2026 | $9.0M | Current | No | 2.13x | 82% |
| January 2026 | $9.0M | Current | No | 2.32x | 91% |
| December 2025 | $9.0M | Current | No | 2.32x | 91% |
| November 2025 | $9.0M | Current | No | 2.67x | 91% |
| October 2025 | $9.0M | Current | No | 2.67x | 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 |
|---|---|---|---|---|
| BANK 2021-BNK38 | 20 | $9,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Pennsylvania loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Atlantic | Philadelphia, PA | Multifamily | $125.0M | 3.456% | Feb 2031 | 1.26x | 95% | Current |
| 400 Arcola Road | Collegeville, PA | Mixed use | $110.0M | 6.781% | Mar 2031 | n/a | n/a | Current |
| Foster Plaza | Pittsburgh, PA | Office | $85.3M | 3.392% | Jan 2031 | n/a | n/a | Current |
| Velocity Industrial Portfolio | Lansdale, PA | Industrial | $75.0M | 3.23% | Jul 2031 | 3.29x | 90% | Current |
| Two Penn Center | Philadelphia, PA | Office | $67.9M | 3.268% | Apr 2031 | 2.07x | 74% | Current |
| 300 Four Falls | Conshohocken, PA | Office | $57.6M | 6.846% | Jan 2031 | 0.96x | 89% | Current |
| Wessex House | Wayne, PA | Multifamily | $57.5M | 5.72% | Mar 2031 | n/a | n/a | Current |
| The Court at Oxford Valley | Fairless Hills, PA | Retail | $52.6M | 3.20% | Jul 2031 | 2.23x | 92% | 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.