Retail · Tulare, California
The Village Tulare
The Village Tulare is financed with a $13.5M CMBS loan at 7.02% that reaches maturity on June 6, 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
- $13,500,000
- Original balance (same notes)
- $13,500,000
- Interest rate
- 7.02% fixed
- Originated
- June 6, 2024
- Maturity
- June 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2028
- Master servicer
- Wells Fargo Bank, NA
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 621 Prosperity Avenue, 795 East Prosperity Avenue and 1203 North Cherry Street, Tulare, CA 93274
- Rentable area
- 164,766 sq ft
- Built
- 1971, renovated 2000
- Largest tenants
- VALLARTA; SERRANOS FURNITURE GALLERY; Planet Fitness
- Value at securitization
- $21.7M (Mar 2024)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.50x | 1.76x |
| Occupancy | 91% | 97% |
| Net operating income | $1.4M | $1.7M |
| Debt yield | 12.6% |
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 2024-5YR9 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Occupancy has risen from 91% when the loan was securitized to 97%.
- Net operating income is 18% above the underwritten figure ($1.7M a year against $1.4M).
- Debt service coverage moved from 1.50x at securitization to 1.76x on the latest statements.
- The filing gives Dec 2027 as the lease end date for the largest tenant (VALLARTA), 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 | $13.5M | Current | No | 1.76x | 97% |
| August 2026 | $13.5M | Current | No | 1.76x | 97% |
| July 2026 | $13.5M | Current | No | 1.76x | 97% |
| June 2026 | $13.5M | Current | No | 1.76x | 97% |
| May 2026 | $13.5M | Current | No | 1.76x | 97% |
| April 2026 | $13.5M | Current | No | 1.76x | 97% |
| March 2026 | $13.5M | Current | No | 1.76x | 97% |
| February 2026 | $13.5M | Current | No | 1.78x | 95% |
| January 2026 | $13.5M | Current | No | 1.78x | 95% |
| December 2025 | $13.5M | Current | No | 1.68x | 97% |
| November 2025 | $13.5M | Current | No | 1.68x | 97% |
| October 2025 | $13.5M | Current | No | n/a | n/a |
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 2024-5YR9 | 20 | $13,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other California loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Marriott Visalia Convention Center | Visalia, CA | Hotel | $24.0M | 7.847% | May 2029 | 1.53x | 73% | Current |
| Rancho Viejo | Visalia, CA | Retail | $6.1M | 4.53% | May 2029 | 1.94x | 94% | Current |
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.