Retail · Vancouver, Washington
Sportsmans Warehouse
Sportsmans Warehouse is financed with a $5.9M CMBS loan at 3.67% that reaches maturity on June 5, 2031, in 4 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,900,000
- Original balance (same notes)
- $5,900,000
- Interest rate
- 3.67% fixed
- Originated
- May 14, 2021
- Maturity
- June 5, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 4, 2031
- Master servicer
- Midland
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 11505 Ne Fourth Plain Blvd., Unit H9, Vancouver, WA 98662
- Metro
- Portland-Vancouver-Hillsboro, OR-WA
- Rentable area
- 48,704 sq ft
- Built
- 1994, renovated 2007
- Largest tenants
- Sportsman's Warehouse, Inc
- Value at securitization
- $10.0M (Mar 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.25x | 3.53x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $713K | $1.6M |
| Debt yield | 26.5% |
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 Morgan Stanley Capital I Trust 2021-L6 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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
- Net operating income is 119% above the underwritten figure ($1.6M a year against $713K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.25x at securitization to 3.53x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $5.9M | Current | No | 3.53x | 100% |
| August 2026 | $5.9M | Current | No | n/a | n/a |
| July 2026 | $5.9M | Current | No | n/a | n/a |
| June 2026 | $5.9M | Current | No | n/a | n/a |
| May 2026 | $5.9M | Current | No | n/a | n/a |
| April 2026 | $5.9M | Current | No | 3.50x | 100% |
| March 2026 | $5.9M | Current | No | 3.50x | 100% |
| February 2026 | $5.9M | Current | No | 3.60x | 100% |
| January 2026 | $5.9M | Current | No | 3.60x | 100% |
| December 2025 | $5.9M | Current | No | 3.60x | 100% |
| November 2025 | $5.9M | Current | No | 3.60x | 100% |
| October 2025 | $5.9M | Current | No | 3.64x | 100% |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2021-L6 | 35 | $5,900,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Portland-Vancouver-Hillsboro loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Pittock Block | Portland, OR | Mixed use | $141.0M | 3.299% | Jan 2031 | 5.54x | 32% | Current |
| Clackamas Town Center | Happy Valley, OR | Retail | $97.0M | 6.96% | Sep 2031 | n/a | n/a | Current |
| Parkworks Industry Center | Wilsonville, OR | Industrial | $64.8M | 3.502% | Dec 2031 | 2.76x | 88% | Current |
| Nyberg Portfolio - Rivers | Portland, OR | Retail | $63.9M | 3.641% | Dec 2031 | n/a | n/a | Current |
| Residences at Arnada | Vancouver, WA | Multifamily | $15.0M | 6.10% | May 2031 | n/a | n/a | Current |
| Brookside Apartments | Gresham, OR | Multifamily | $13.8M | 6.812% | Oct 2031 | n/a | n/a | Current |
| Orchard Market Place | Vancouver, WA | Retail | $12.5M | 3.15% | Oct 2031 | 3.84x | 73% | Current |
| The Hanna Building | Portland, OR | Office | $10.8M | 6.722% | Jun 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Portland-Vancouver-Hillsboro 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.