Industrial · Shakopee, Minnesota
Seagate Shakopee
Seagate Shakopee is financed with a $23.4M CMBS loan at 7.56% that reaches maturity on January 11, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $23,400,000
- Original balance (same notes)
- $23,400,000
- Interest rate
- 7.56% fixed
- Originated
- December 27, 2023
- Maturity
- January 11, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 10, 2028
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1280 Disc Drive, Shakopee, MN 55379
- Metro
- Minneapolis-St. Paul-Bloomington, MN-WI
- Rentable area
- 405,146 sq ft
- Built
- 1999
- Largest tenants
- Seagate Technology LLC
- Value at securitization
- $56.7M (Dec 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.00x | 1.49x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $3.6M | $2.7M |
| Debt yield | 11.5% |
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 2024-5YR5 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x 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
- Net operating income is 25% below the underwritten figure ($2.7M a year against $3.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.00x at securitization to 1.49x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $23.4M | Current | No | 1.49x | 100% |
| August 2026 | $23.4M | Current | No | 1.51x | 100% |
| July 2026 | $23.4M | Current | No | 1.51x | 100% |
| June 2026 | $23.4M | Current | No | 1.51x | 100% |
| May 2026 | $23.4M | Current | No | 1.41x | 100% |
| April 2026 | $23.4M | Current | No | 1.41x | 100% |
| March 2026 | $23.4M | Current | No | 1.37x | 100% |
| February 2026 | $23.4M | Current | No | 1.37x | 100% |
| January 2026 | $23.4M | Current | No | 1.37x | 100% |
| December 2025 | $23.4M | Current | No | 1.37x | 100% |
| November 2025 | $23.4M | Current | No | 1.37x | 100% |
| October 2025 | $23.4M | Current | No | 1.38x | 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 2024-5YR5 | 11 | $23,400,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Minneapolis-St. Paul-Bloomington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Wells Fargo Place | St. Paul, MN | Office | $60.0M | 3.40% | Nov 2029 | 2.23x | 85% | Current |
| Hy-Vee - Oakdale (10th Street), MN | Oakdale, MN | Retail | $55.0M | 4.582% | Apr 2029 | n/a | n/a | Current |
| The Archive Apartments | Minneapolis, MN | Multifamily | $47.9M | 6.92% | Jun 2029 | 1.32x | 93% | Current |
| Plymouth Corporate Center | Plymouth, MN | Office | $45.7M | 4.99% | Jan 2029 | 1.67x | 91% | With the special servicer and 90+ days delinquent |
| Grand Oaks Business Park | Eagan, MN | Office | $45.7M | 4.85% | Feb 2029 | 1.02x | 64% | Current |
| Hy-Vee - Savage, MN | Savage, MN | Retail | $40.0M | 3.494% | Dec 2029 | n/a | n/a | Current |
| ATRIA Corporate Center | Plymouth, MN | Office | $37.7M | 4.895% | Apr 2029 | 1.29x | 72% | Current |
| Shingle Creek Crossing | Brooklyn Center, MN | Retail | $22.1M | 5.522% | Feb 2029 | 1.35x | 85% | Current |
All loans maturing in 2029 · All Minneapolis-St. Paul-Bloomington 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.