Manufactured housing portfolio, 8 properties · Arizona
Skyline Mobile Home and RV Portfolio
This portfolio is financed with a $17.0M CMBS loan at 3.97% that reaches maturity on December 1, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $17,000,000
- Original balance (same notes)
- $17,000,000
- Interest rate
- 3.97% fixed
- Originated
- November 17, 2021
- Maturity
- December 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 31, 2031
- Master servicer
- Trimont LLC
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Units, rooms or beds
- 1,437
- Value at securitization
- $26.8M
Performance
| At securitization | Latest (Sep 2025) | |
|---|---|---|
| DSCR (NOI) | 2.45x | 1.83x |
| Occupancy | 56% | 64% |
| Net operating income (annualized from 9 months) | $1.7M | $1.3M |
| Debt yield | 7.4% |
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 2021-BNK38 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
- Occupancy has risen from 56% when the loan was securitized to 64%.
- Net operating income is 25% below the underwritten figure ($1.3M a year against $1.7M; the latest statement covers 9 months, annualized).
- Debt service coverage moved from 2.45x at securitization to 1.83x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $17.0M | Current | No | 1.83x | 64% |
| August 2026 | $17.0M | Current | No | 1.83x | 64% |
| July 2026 | $17.0M | Current | No | 1.83x | 64% |
| June 2026 | $17.0M | Current | No | 1.83x | 64% |
| May 2026 | $17.0M | Current | No | 1.83x | 64% |
| April 2026 | $17.0M | Current | No | 1.83x | 64% |
| March 2026 | $17.0M | Current | No | 1.83x | 64% |
| February 2026 | $17.0M | Current | No | 1.83x | 64% |
| January 2026 | $17.0M | Current | No | 1.83x | 64% |
| December 2025 | $17.0M | Current | No | 2.38x | 100% |
| November 2025 | $17.0M | Current | No | 2.38x | 100% |
| October 2025 | $17.0M | Current | No | 1.86x | 47% |
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 |
|---|---|---|---|---|
| BANK 2021-BNK38 | 13 | $17,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Arizona loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Watermark Tempe | Tempe, AZ | Mixed use | $121.0M | 2.84% | Aug 2031 | 4.47x | 98% | Current |
| La Encantada | Tuscon, AZ | Retail | $102.0M | 3.361% | Oct 2031 | 3.38x | 93% | Current |
| Superstition Gateway | Mesa, AZ | Retail | $77.1M | 3.62% | Oct 2031 | 2.91x | 96% | Current |
| Mesa | Mesa, AZ | Self storage | $51.0M | 2.954% | Aug 2031 | n/a | n/a | Current |
| Mesa Grand | Mesa, AZ | Retail | $38.0M | 6.583% | Jul 2031 | n/a | n/a | Current |
| Gainey Ranch Corporate Center II | Scottsdale, AZ | Office | $29.2M | 3.20% | Aug 2031 | 4.12x | 100% | Current |
| Wilmot Plaza | Tuscon, AZ | Retail | $27.8M | 3.907% | Oct 2031 | 1.91x | 100% | Current |
| Consumer Cellular | Phoenix, AZ | Office | $27.5M | 4.474% | Apr 2031 | 2.21x | 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.