Retail · Miramar Beach, Florida
Silver Sands Premium Outlets
Public CMBS trusts hold $140.0M of the loan on Silver Sands Premium Outlets at 3.959% that reaches maturity on March 1, 2032, in 5 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $140,000,000
- Original balance (same notes)
- $140,000,000
- Interest rate
- 3.959% fixed
- Originated
- February 10, 2022
- Maturity
- March 1, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 30, 2031
- Master servicer
- Trimont LLC
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 10562 and 10746 Emerald Coast Parkway, Miramar Beach, FL 32550
- Metro
- Crestview-Fort Walton Beach-Destin, FL
- Rentable area
- 435,156 sq ft
- Built
- 1986
- Largest tenants
- Polo/Ralf Lauren; Nike; Old Navy Clothing Co.
- Value at securitization
- $276.0M (Dec 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.43x | 3.51x |
| Occupancy | 89% | 78% |
| Net operating income (annualized from 6 months) | $19.3M | $19.9M |
| Debt yield | 14.2% |
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 BANK 2022-BNK41 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Occupancy down 10 points 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 89% when the loan was securitized to 78%.
- The filing gives Dec 2027 as the lease end date for the largest tenant (Polo/Ralf Lauren), 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 | $140.0M | Current | No | 3.51x | 78% |
| August 2026 | $140.0M | Current | No | 3.51x | 86% |
| July 2026 | $135.0M | Current | No | 3.48x | 91% |
| June 2026 | $151.0M | Performing matured balloon | Yes | 3.19x | 89% |
| May 2026 | $140.0M | Current | No | 3.19x | 89% |
| April 2026 | $140.0M | Current | No | 3.22x | 91% |
| March 2026 | $140.0M | Late payment but less than 30 days delinquent | No | 3.22x | 91% |
| February 2026 | $140.0M | Late payment but less than 30 days delinquent | No | 3.22x | 91% |
| January 2026 | $140.0M | Late payment but less than 30 days delinquent | No | 3.22x | 91% |
| December 2025 | $140.0M | Late payment but less than 30 days delinquent | No | 3.22x | 91% |
| November 2025 | $140.0M | Late payment but less than 30 days delinquent | No | 3.05x | 87% |
| October 2025 | $140.0M | Late payment but less than 30 days delinquent | No | 3.05x | 87% |
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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2022-BNK40 | 5 | $65,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2022-B33 Mortgage Trust | 5 | $56,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK 2022-BNK41 | 17 | $19,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Crestview-Fort Walton Beach-Destin loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hilton Sandestin Beach Resort | Miramar Beach, FL | Hotel | $120.0M | 4.62% | May 2032 | 3.74x | 66% | Current |
| Courtyard Sandestin | Miramar Beach, FL | Hotel | $16.3M | 5.90% | Jul 2032 | 2.60x | 79% | Current |
| Residence Inn Sandestin | Destin, FL | Hotel | $13.7M | 5.99% | Jul 2032 | 1.97x | 79% | 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.