Retail · Las Vegas, Nevada
Sahara Rainbow Center
Sahara Rainbow Center is financed with a $4.9M CMBS loan at 4.87% that reaches maturity on May 6, 2027, in 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,935,103
- Original balance (same notes)
- $5,700,000
- Interest rate
- 4.87% fixed
- Originated
- April 18, 2017
- Maturity
- May 6, 2027
- Payments
- Interest only for 18 months, then amortizing
- Prepayment lockout ends
- January 5, 2027
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently July 31, 2020
- Defeasance
- None reported
The property
- Address
- 2350,2360 And 2370 South Rainbow Boulevard 6810 and 6820 West Sahara Ave, Las Vegas, NV 89146
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 54,878 sq ft
- Built
- 1999
- Largest tenants
- Billiards N More; L V Dog Resort Unit E & 9; Hot Tubs/Dreams in Paradise
- Value at securitization
- $8.3M (Jan 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.76x | 2.44x |
| Occupancy | 84% | 100% |
| Net operating income (annualized from 6 months) | $636K | $1.8M |
| Debt yield | 36.1% |
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 2017-H1 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Matures within 12 months
- 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 risen from 84% when the loan was securitized to 100%.
- Net operating income is 180% above the underwritten figure ($1.8M a year against $636K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.76x 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 | $4.9M | Current | No | 2.44x | 100% |
| August 2026 | $4.9M | Current | No | 2.44x | 100% |
| July 2026 | $5.0M | Current | No | n/a | n/a |
| June 2026 | $5.0M | Current | No | n/a | n/a |
| May 2026 | $5.0M | Current | No | n/a | n/a |
| April 2026 | $5.0M | Current | No | 2.15x | 100% |
| March 2026 | $5.0M | Current | No | 2.15x | 100% |
| February 2026 | $5.0M | Current | No | 2.08x | 100% |
| January 2026 | $5.0M | Current | No | 2.08x | 100% |
| December 2025 | $5.0M | Current | No | 2.08x | 100% |
| November 2025 | $5.0M | Current | No | 2.16x | 100% |
| October 2025 | $5.0M | Current | No | 2.16x | 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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2017-H1 | 50 | $4,935,103 | Sep 2026 | SEC filing, October 2, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Harmon Corner | Las Vegas, NV | Mixed use | $143.0M | 4.25% | Dec 2027 | 3.96x | 97% | Current |
| Henderson - Stephanie Pl | Henderson, NV | Self storage | $42.4M | 4.175% | Dec 2027 | n/a | n/a | Current |
| The Gramercy | Las Vegas, NV | Mixed use | $34.1M | 4.167% | May 2027 | 1.49x | 69% | Current |
| The Shops and Gym at Durango Arby Plaza | Las Vegas, NV | Retail | $21.5M | 4.40% | Sep 2027 | n/a | n/a | Current |
| Marnell Corporate Center V | Las Vegas, NV | Office | $20.6M | 5.875% | Dec 2027 | 1.54x | 89% | Current |
| Corporate Center I & III | Las Vegas, NV | Office | $17.5M | 5.77% | Nov 2027 | 1.42x | 97% | Current |
| Ocotillo Plaza, Las Vegas | Las Vegas, NV | Retail | $17.3M | 5.07% | Feb 2027 | n/a | n/a | Current |
| Foothills Plaza | Henderson, NV | Retail | $14.5M | 4.716% | Dec 2027 | 1.90x | 98% | Current |
All loans maturing in 2027 · All Las Vegas-Henderson-North Las Vegas 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.