Manufactured housing · DeFuniak Springs, Florida
Sunset King Lake
Sunset King Lake is financed with a $4.8M CMBS loan at 7.80% that reaches maturity on June 1, 2029, in 2 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
- $4,750,000
- Original balance (same notes)
- $4,750,000
- Interest rate
- 7.80% fixed
- Originated
- May 2, 2024
- Maturity
- June 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 28, 2029
- Master servicer
- Wells Fargo Bank, NA
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 366 Paradise Island Drive, DeFuniak Springs, FL 32433
- Metro
- Crestview-Fort Walton Beach-Destin, FL
- Units, rooms or beds
- 186
- Built
- 1970, renovated 2021
- Value at securitization
- $9.2M (Mar 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.41x | 0.71x |
| Occupancy | 63% | 32% |
| Net operating income (annualized from 6 months) | $530K | $266K |
| Debt yield | 5.6% |
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 BANK5 2024-5YR7 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 November 2025.
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 63% when the loan was securitized to 32%.
- Net operating income is 50% below the underwritten figure ($266K a year against $530K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.41x at securitization to 0.71x on the latest statements.
- At 0.71x, 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 | $4.8M | Current | No | 0.71x | 32% |
| August 2026 | $4.8M | Current | No | 0.90x | 33% |
| July 2026 | $4.8M | Current | No | 0.90x | 33% |
| June 2026 | $4.8M | Current | No | 0.90x | 33% |
| May 2026 | $4.8M | Current | No | 0.81x | 46% |
| April 2026 | $4.8M | Current | No | 0.81x | 46% |
| March 2026 | $4.8M | Current | No | 0.81x | 46% |
| February 2026 | $4.8M | Current | No | 0.98x | 50% |
| January 2026 | $4.8M | Current | No | 0.98x | 50% |
| December 2025 | $4.8M | Current | No | 0.98x | 50% |
| November 2025 | $4.8M | Current | No | 0.92x | 49% |
| October 2025 | $4.8M | Current | No | 1.22x | 51% |
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 |
|---|---|---|---|---|
| BANK5 2024-5YR7 | 35 | $4,750,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Crestview-Fort Walton Beach-Destin loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Estates at Palm Bay | Fort Walton Beach, FL | Multifamily | $60.7M | 6.55% | Sep 2029 | 1.24x | 92% | With the special servicer and 90+ days delinquent |
| Coastline Apartments | Fort Walton Beach, FL | Multifamily | $48.0M | 5.753% | Feb 2029 | n/a | n/a | Current |
| Offices on Grand Boulevard | Miramar Beach, FL | Office | $2.4M | 4.915% | Jan 2029 | 4.81x | 94% | Current |
All loans maturing in 2029 · All Crestview-Fort Walton Beach-Destin 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.