Mixed use · Santa Barbara, California
The Platform Santa Barbara
The Platform Santa Barbara is financed with a $7.0M CMBS loan at 3.41% that reaches maturity on September 1, 2031, in 4 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $7,000,000
- Original balance (same notes)
- $7,000,000
- Interest rate
- 3.41% fixed
- Originated
- September 1, 2021
- Maturity
- September 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- September 30, 2023
- Prepayment premium ends
- April 30, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 126 East Haley Street and 417 Santa Barbara Street, Santa Barbara, CA 93101
- Metro
- Santa Maria-Santa Barbara, CA
- Rentable area
- 31,004 sq ft
- Built
- 1977, renovated 2018
- Largest tenants
- Renegade Wines; Cofactor Systems Inc dba Shiftwave; Michael Gudgeon dba SB Steam Clea
- Value at securitization
- $14.0M (Jun 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.70x | 0.61x |
| Occupancy | 97% | 64% |
| Net operating income (annualized from 6 months) | $653K | $149K |
| Debt yield | 2.1% |
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-BNK36 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since June 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 97% when the loan was securitized to 64%.
- Net operating income is 77% below the underwritten figure ($149K a year against $653K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.70x at securitization to 0.61x on the latest statements.
- At 0.61x, the property's reported NOI does not cover its debt service.
- The filing gives Aug 2027 as the lease end date for the largest tenant (Renegade Wines), 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 | $7.0M | Current | No | 0.61x | 64% |
| August 2026 | $7.0M | Current | No | 0.97x | 54% |
| July 2026 | $7.0M | Current | No | 0.97x | 54% |
| June 2026 | $7.0M | Current | No | 0.97x | 54% |
| May 2026 | $7.0M | Current | No | 2.65x | 54% |
| April 2026 | $7.0M | Current | No | 2.65x | 54% |
| March 2026 | $7.0M | Current | No | 2.65x | 54% |
| February 2026 | $7.0M | Current | No | 3.09x | 81% |
| January 2026 | $7.0M | Current | No | 3.09x | 81% |
| December 2025 | $7.0M | Current | No | 3.09x | 81% |
| November 2025 | $7.0M | Current | No | 2.58x | 81% |
| October 2025 | $7.0M | Current | No | 2.58x | 81% |
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-BNK36 | 42 | $7,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Santa Maria-Santa Barbara loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Verano Courtyard Apartments | Santa Barbara, CA | Multifamily | $13.8M | 3.369% | Jun 2031 | 2.70x | 96% | Current |
| El Paseo | Santa Barbara, CA | Mixed use | $11.9M | 3.499% | Feb 2031 | 2.26x | 100% | Current |
| Extra Space Storage - Lompoc, Ca | Lompoc, CA | Self storage | $7.3M | 3.852% | Mar 2031 | 3.41x | 95% | Current |
All loans maturing in 2031 · All Santa Maria-Santa Barbara 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.