Retail · Van Nuys, California
Sherman Square
Sherman Square is financed with a $8.6M CMBS loan at 4.87% that reaches maturity on April 1, 2028, in 17 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,628,513
- Original balance (same notes)
- $9,650,000
- Interest rate
- 4.87% fixed
- Originated
- March 23, 2018
- Maturity
- April 1, 2028
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- December 31, 2027
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred July 3, 2020, returned January 8, 2021
- Workout strategy
- Resolved
- Defeasance
- None reported
The property
- Address
- 7203-7219 North Van Nuys Boulevard / 14503-14523 Sherman Way, Van Nuys, CA 91405
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 31,501 sq ft
- Built
- 1983, renovated 2013
- Largest tenants
- Mandy's Laundry LLC; Van Nuys Urgent Care Family Medicine Inc; Mey Fung Bakery Inc
- Value at securitization
- $16.2M (Feb 2018)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.26x | 1.83x |
| Occupancy | 81% | 91% |
| Net operating income | $772K | $1.1M |
| Debt yield | 13.0% |
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 2018-BNK12 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 risen from 81% when the loan was securitized to 91%.
- Net operating income is 45% above the underwritten figure ($1.1M a year against $772K).
- Debt service coverage moved from 1.26x at securitization to 1.83x on the latest statements.
- The most recent valuation in the filing is $14.8M (August 3, 2020), against $16.2M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $8.6M | Current | No | 1.83x | 91% |
| August 2026 | $8.6M | Current | No | 1.83x | 91% |
| July 2026 | $8.7M | Current | No | 1.83x | 91% |
| June 2026 | $8.7M | Current | No | 1.83x | 91% |
| May 2026 | $8.7M | Current | No | 1.83x | 91% |
| April 2026 | $8.7M | Current | No | 1.83x | 91% |
| March 2026 | $8.7M | Current | No | 1.79x | 96% |
| February 2026 | $8.7M | Current | No | 1.79x | 96% |
| January 2026 | $8.8M | Current | No | 1.79x | 96% |
| December 2025 | $8.8M | Current | No | 1.79x | 96% |
| November 2025 | $8.8M | Current | No | 1.88x | 96% |
| October 2025 | $8.8M | Current | No | 1.88x | 96% |
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.
Special-servicing history
- Transferred to the special servicer July 3, 2020, returned to the master servicer January 8, 2021.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2018-BNK12 | 22 | $8,628,513 | Sep 2026 | SEC filing, September 29, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Aliso Viejo Commerce Center | Aliso Viejo, CA | Mixed use | $174.2M | 4.89% | Feb 2028 | n/a | n/a | Current |
| Airport Business Center, Irvine | Irvine, CA | Industrial | $150.0M | 4.375% | Feb 2028 | 3.15x | 90% | Current |
| Atlantic Times Square | Monterey Park, CA | Mixed use | $98.0M | 4.845% | Apr 2028 | 1.62x | 91% | Current |
| 12800 Culver | Los Angeles, CA | Other | $84.8M | 6.533% | Jul 2028 | 2.60x | 100% | Current |
| Red Building | West Hollywood, CA | Office | $80.0M | 4.386% | Jan 2028 | 1.60x | 73% | Current |
| Aliso Creek Apartments | Aliso Viejo, CA | Multifamily | $63.0M | 3.519% | Apr 2028 | 6.37x | 96% | Current |
| 6420 Wilshire | Los Angeles, CA | Office | $62.0M | 4.276% | Jan 2028 | 0.93x | 72% | Current |
| Soho Warehouse DTLA | Los Angeles, CA | Mixed use | $61.3M | 7.83% | May 2028 | 1.48x | 100% | Current |
All loans maturing in 2028 · All Los Angeles-Long Beach-Anaheim 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.