Multifamily · Santa Barbara, California
Verano Courtyard Apartments
Verano Courtyard Apartments is financed with a $13.8M CMBS loan at 3.369% that reaches maturity on June 11, 2031, in 4 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
- $13,850,000
- Original balance (same notes)
- $13,850,000
- Interest rate
- 3.369% fixed
- Originated
- June 10, 2021
- Maturity
- June 11, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- September 10, 2023
- Prepayment premium ends
- March 10, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 249 and 301 Verano Drive, Santa Barbara, CA 93110
- Metro
- Santa Maria-Santa Barbara, CA
- Units, rooms or beds
- 70
- Built
- 1964
- Value at securitization
- $22.0M (Apr 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.27x | 2.70x |
| Occupancy | 100% | 96% |
| Net operating income (annualized from 6 months) | $1.1M | $1.3M |
| Debt yield | 9.3% |
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-BNK35 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 fallen from 100% when the loan was securitized to 96%.
- Net operating income is 20% above the underwritten figure ($1.3M a year against $1.1M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.27x at securitization to 2.70x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $13.8M | Current | No | 2.70x | 96% |
| August 2026 | $13.8M | Current | No | 2.70x | 96% |
| July 2026 | $13.8M | Current | No | 2.89x | 92% |
| June 2026 | $13.8M | Current | No | 2.89x | 92% |
| May 2026 | $13.8M | Current | No | 2.89x | 92% |
| April 2026 | $13.8M | Current | No | 2.89x | 92% |
| March 2026 | $13.8M | Current | No | 2.89x | 92% |
| February 2026 | $13.8M | Current | No | 2.89x | 92% |
| January 2026 | $13.8M | Current | No | 2.97x | 100% |
| December 2025 | $13.8M | Current | No | 2.97x | 100% |
| November 2025 | $13.8M | Current | No | 2.97x | 100% |
| October 2025 | $13.8M | Current | No | 2.97x | 100% |
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-BNK35 | 31 | $13,850,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Santa Maria-Santa Barbara loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 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 |
| The Platform Santa Barbara | Santa Barbara, CA | Mixed use | $7.0M | 3.41% | Sep 2031 | 0.61x | 64% | 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.