Manufactured housing portfolio, 2 properties · Illinois
Southwest Estates & Waters Edge Portfolio
This portfolio is financed with a $14.0M CMBS loan at 6.99% that reaches maturity on August 1, 2034, in 7 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $14,000,000
- Original balance (same notes)
- $14,000,000
- Interest rate
- 6.99% fixed
- Originated
- July 3, 2024
- Maturity
- August 1, 2034
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 31, 2034
- Master servicer
- Midland Loan Services
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Units, rooms or beds
- 283
- Built
- 1950, renovated 2022
- Value at securitization
- $25.1M (May 2024)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.26x | 0.69x |
| Occupancy | 85% | 60% |
| Net operating income | $1.3M | $680K |
| Debt yield | 4.9% |
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 2024-BNK48 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since May 2026.
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 85% when the loan was securitized to 60%.
- Net operating income is 46% below the underwritten figure ($680K a year against $1.3M).
- Debt service coverage moved from 1.26x at securitization to 0.69x on the latest statements.
- At 0.69x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $14.0M | Current | No | 0.69x | 60% |
| August 2026 | $14.0M | Late payment but less than 30 days delinquent | No | 0.69x | 60% |
| July 2026 | $14.0M | Current | No | 0.69x | 60% |
| June 2026 | $14.0M | Current | No | 0.69x | 60% |
| May 2026 | $14.0M | Current | No | 0.69x | 60% |
| April 2026 | $14.0M | Current | No | n/a | n/a |
| March 2026 | $14.0M | Current | No | n/a | n/a |
| February 2026 | $14.0M | Current | No | n/a | n/a |
| January 2026 | $14.0M | Current | No | n/a | n/a |
| December 2025 | $14.0M | Current | No | n/a | n/a |
| November 2025 | $14.0M | Current | No | n/a | n/a |
| October 2025 | $14.0M | Current | No | n/a | n/a |
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 2024-BNK48 | 22 | $14,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Illinois loans due in 2034
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 900 North Michigan | Chicago, IL | Mixed use | $180.0M | 6.853% | Aug 2034 | 1.54x | 90% | Current |
| River East Garage | Chicago, IL | Other | $66.7M | 7.755% | Dec 2034 | n/a | n/a | Current |
| Phoenix Industrial Portfolio XII | Galesburg, IL | Industrial | $52.5M | 6.55% | Dec 2034 | n/a | n/a | Late, less than 30 days |
| Phoenix | Phoenix, IL | Industrial | $38.8M | 6.21% | Oct 2034 | n/a | n/a | Current |
| Spark by Hilton O'Hare | Des Plaines, IL | Hotel | $8.4M | 7.535% | Nov 2034 | 2.68x | 70% | Current |
| Atrium Point | New Lenox, IL | Mixed use | $8.3M | 6.87% | Dec 2034 | n/a | n/a | Late, less than 30 days |
| 3122 Broadway | Chicago, IL | Mixed use | $5.1M | 7.005% | Jun 2034 | n/a | n/a | Current |
| Shops at Lily Cache Creek | Bolingbrook, IL | Retail | $4.0M | 6.20% | Sep 2034 | 1.61x | 87% | 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.