Industrial · Queen Creek, Arizona
Scotland Court Industrial
Scotland Court Industrial is financed with a $4.1M CMBS loan at 5.62% that reaches maturity on July 6, 2032, in 5 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,100,000
- Original balance (same notes)
- $4,100,000
- Interest rate
- 5.62% fixed
- Originated
- June 10, 2022
- Maturity
- July 6, 2032
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- April 5, 2032
- Master servicer
- SCP Servicing, LLC
- Originator
- Sabal Capital II, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 22275 and 22325 South Scotland Court, Queen Creek, AZ 85142
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 33,244 sq ft
- Built
- 2021
- Largest tenants
- Dakks LLC; Safelite Fulfillment, Inc.; Monster Card Shop, LLC
- Value at securitization
- $6.0M (Feb 2022)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.38x | 2.11x |
| Occupancy | 100% | 92% |
| Net operating income (annualized from 6 months) | $390K | $993K |
| Debt yield | 24.2% |
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 BMO 2022-C3 Mortgage Trust 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.
What the filing shows
- Occupancy has fallen from 100% when the loan was securitized to 92%.
- Net operating income is 154% above the underwritten figure ($993K a year against $390K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.38x at securitization to 2.11x on the latest statements.
- The filing gives Nov 2029 as the lease end date for the largest tenant (Dakks LLC), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.1M | Current | No | 2.11x | 92% |
| August 2026 | $4.1M | Current | No | 2.11x | 92% |
| July 2026 | $4.1M | Current | No | n/a | n/a |
| June 2026 | $4.1M | Current | No | n/a | n/a |
| May 2026 | $4.1M | Current | No | n/a | n/a |
| April 2026 | $4.1M | Current | No | 2.20x | 84% |
| March 2026 | $4.1M | Current | No | 2.20x | 84% |
| February 2026 | $4.1M | Current | No | 2.20x | 84% |
| January 2026 | $4.1M | Current | No | 2.27x | 100% |
| December 2025 | $4.1M | Current | No | 2.27x | 100% |
| November 2025 | $4.1M | Current | No | 2.27x | 100% |
| October 2025 | $4.1M | Current | No | 2.15x | 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 |
|---|---|---|---|---|
| BMO 2022-C3 Mortgage Trust | 43 | $4,100,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| High Street | Phoenix, AZ | Mixed use | $138.4M | 5.352% | Jul 2032 | 1.21x | 91% | Current |
| The Boulders Resort | Scottsdale, AZ | Hotel | $94.3M | 5.563% | Jul 2032 | 2.43x | 69% | Current |
| West Indian School Road | Phoenix, AZ | Self storage | $86.0M | 3.628% | Jan 2032 | n/a | n/a | Current |
| Anytime Storage #58 | Apache Junction, AZ | Self storage | $34.2M | 5.79% | Oct 2032 | n/a | n/a | Current |
| Chandler Tech Center | Chandler, AZ | Office | $24.5M | 5.93% | Sep 2032 | n/a | n/a | Current |
| Home2 Suites by Hilton Phoenix Airport North | Phoenix, AZ | Hotel | $22.3M | 5.59% | Sep 2032 | n/a | n/a | Current |
| Ocotillo Plaza, Chandler | Chandler, AZ | Retail | $15.5M | 3.70% | Jan 2032 | 2.08x | 99% | Current |
| Peoria Center at Arrowhead | Peoria, AZ | Office | $14.4M | 4.03% | Jan 2032 | 2.71x | 100% | 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.