Multifamily · Dallas, Texas
The Vesper Apartments
The Vesper Apartments is financed with a $18.3M CMBS loan at 6.85% that reaches maturity on November 6, 2029, in 3 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $18,250,000
- Original balance (same notes)
- $18,250,000
- Interest rate
- 6.85% fixed
- Originated
- November 1, 2024
- Maturity
- November 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 5, 2029
- Master servicer
- Trimont LLC
- Originator
- AREF2
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 5616 Spring Valley Road, Dallas, TX 75254
- Metro
- Dallas-Fort Worth-Arlington, TX
- Units, rooms or beds
- 192
- Built
- 1978, renovated 2014
- Value at securitization
- $27.1M (Sep 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.24x | 0.81x |
| Occupancy | 96% | 84% |
| Net operating income (annualized from 6 months) | $1.6M | $1.0M |
| 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 Wells Fargo Commercial Mortgage Trust 2025-5C3 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
On the cmbs.news watch list in every report since April 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 96% when the loan was securitized to 84%.
- Net operating income is 35% below the underwritten figure ($1.0M a year against $1.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.24x at securitization to 0.81x on the latest statements.
- At 0.81x, 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 | $18.3M | Current | No | 0.81x | 84% |
| August 2026 | $18.3M | Current | No | 0.82x | 88% |
| July 2026 | $18.3M | Current | No | 0.82x | 88% |
| June 2026 | $18.3M | Current | No | 0.82x | 88% |
| May 2026 | $18.3M | Current | No | 0.95x | 85% |
| April 2026 | $18.3M | Current | No | 0.95x | 85% |
| March 2026 | $14.0M | Current | No | 3.00x | 89% |
| February 2026 | $18.3M | Current | No | 0.95x | 85% |
| January 2026 | $18.3M | Current | No | 0.98x | 91% |
| December 2025 | $18.3M | Current | No | 0.98x | 91% |
| November 2025 | $18.3M | Current | No | 0.98x | 91% |
| October 2025 | $18.3M | Current | No | 1.07x | 91% |
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2025-5C3 | 15 | $18,250,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Dallas-Fort Worth-Arlington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Stonebriar Centre | Frisco, TX | Retail | $255.0M | 6.999% | Jul 2029 | 2.44x | 93% | Current |
| Legacy Corporate Centre I & II | Plano, TX | Office | $167.4M | 3.37% | Aug 2029 | n/a | n/a | Current |
| Renaissance Plano | Plano, TX | Hotel | $78.4M | 4.45% | Jul 2029 | 2.90x | 68% | Current |
| International Plaza II | Dallas, TX | Office | $78.3M | 7.43% | Oct 2029 | 1.98x | 97% | Current |
| Warwick Melrose & Allerton | Dallas, TX | Hotel | $78.0M | 8.14% | Mar 2029 | n/a | n/a | Current |
| One At&t | Dallas, TX | Office | $71.5M | 4.39% | Jan 2029 | 2.69x | 100% | Current |
| One At&t Plaza | Dallas, TX | Office | $60.0M | 4.39% | Jan 2029 | n/a | n/a | Current |
| Timber Creek Crossing | Dallas, TX | Retail | $57.5M | 6.175% | Feb 2029 | 1.59x | 100% | Current |
All loans maturing in 2029 · All Dallas-Fort Worth-Arlington 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.