Mixed use · Scottsdale, Arizona
The District - Airpark
The District - Airpark is financed with a $25.4M CMBS loan at 3.58% that reaches maturity on April 1, 2031, in 4 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $25,400,000
- Original balance (same notes)
- $25,400,000
- Interest rate
- 3.58% fixed
- Originated
- March 4, 2021
- Maturity
- April 1, 2031
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- MSBNA
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 15551 North Greenway-Hayden Loop 15444 North 76th Stree, Scottsdale, AZ 85260
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 142,733 sq ft
- Built
- 2006, renovated 2020
- Largest tenants
- Imagine Backyard Inc.; Studio 41 Arizona LLC; Fig & Birch Interiors
- Value at securitization
- $41.4M (Jan 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 3.17x |
| Occupancy | 94% | 91% |
| Net operating income (annualized from 3 months) | n/a | $3.0M |
| Debt yield | 12.0% |
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-L5 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Largest tenant's lease ends within 12 months
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 94% when the loan was securitized to 91%.
- The filing gives Apr 2027 as the lease end date for the largest tenant (Imagine Backyard Inc.), 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 | $25.4M | Not reported | No | 3.17x | 91% |
| August 2026 | $25.4M | Not reported | No | 3.80x | 91% |
| July 2026 | $25.4M | Not reported | No | 3.80x | 98% |
| June 2026 | $25.4M | Not reported | No | 3.80x | 98% |
| May 2026 | $25.4M | Not reported | No | 4.03x | 98% |
| April 2026 | $25.4M | Not reported | No | 4.03x | 98% |
| March 2026 | $25.4M | Not reported | No | 4.03x | 98% |
| February 2026 | $25.4M | Not reported | No | 4.03x | 94% |
| January 2026 | $25.4M | Not reported | No | 4.03x | 85% |
| December 2025 | $25.4M | Not reported | No | 3.80x | 85% |
| November 2025 | $25.4M | Not reported | No | 3.80x | 98% |
| October 2025 | $25.4M | Not reported | No | 3.80x | 98% |
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-L5 | 9 | $25,400,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Phoenix-Mesa-Chandler 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 |
| 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 |
| Consumer Cellular | Phoenix, AZ | Office | $27.5M | 4.474% | Apr 2031 | 2.21x | 100% | Current |
| Arcadia Fiesta | Phoenix, AZ | Retail | $26.9M | 3.55% | Dec 2031 | 1.73x | 100% | Current |
| Chandler Heights Marketplace | Chandler, AZ | Retail | $21.2M | 4.02% | Nov 2031 | 1.54x | 100% | Current |
All loans maturing in 2031 · All Phoenix-Mesa-Chandler 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.