Mixed use · Garfield, Michigan
Security Storage
Security Storage is financed with a $1.7M CMBS loan at 5.85% that reaches maturity on May 11, 2028, in 18 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $1,666,958
- Original balance (same notes)
- $1,900,000
- Interest rate
- 5.85% fixed
- Originated
- April 24, 2018
- Maturity
- May 11, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- March 10, 2028
- Master servicer
- Trimont LLC
- Originator
- C-III Commercial Mortgage LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1650 Barlow Street, Garfield, MI 49686
- Rentable area
- 54,382 sq ft
- Built
- 1975, renovated 1990
- Largest tenants
- TC PARTY RENTALS; MOLD MATTERS; GREAT LAKES HOME HEALTHCARE
- Value at securitization
- $2.9M (Mar 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 1.01x |
| Occupancy | 88% | 65% |
| Net operating income (annualized from 3 months) | $199K | $138K |
| 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 Wells Fargo Commercial Mortgage Trust 2018-C45 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 88% when the loan was securitized to 65%.
- Net operating income is 31% below the underwritten figure ($138K a year against $199K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.48x at securitization to 1.01x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $1.7M | Current | No | 1.01x | 65% |
| August 2026 | $1.7M | Current | No | 1.01x | 65% |
| July 2026 | $1.7M | Current | No | 1.01x | 65% |
| June 2026 | $1.7M | Current | No | 0.23x | 65% |
| May 2026 | $1.7M | Late payment but less than 30 days delinquent | No | 0.51x | 65% |
| April 2026 | $1.7M | Current | No | 0.51x | 65% |
| March 2026 | $1.7M | Current | No | 0.51x | 65% |
| February 2026 | $1.7M | Current | No | 0.51x | 65% |
| January 2026 | $1.7M | Current | No | 0.51x | 65% |
| December 2025 | $1.7M | Current | No | 0.51x | 65% |
| November 2025 | $1.7M | Late payment but less than 30 days delinquent | No | 0.51x | 65% |
| October 2025 | $1.7M | Current | No | 0.51x | 65% |
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2018-C45 | 46 | $1,666,958 | Sep 2026 | SEC filing, September 29, 2026 |
Other Michigan loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 250 Front Street | Traverse City, MI | Office | $10.2M | 5.295% | Sep 2028 | 1.83x | 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.