Multifamily portfolio, 9 properties · Houston, Texas
Verde Apartments
Public CMBS trusts hold $78.0M of the loan on this portfolio at 6.79% that reaches maturity on December 6, 2029, in 3 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $78,000,000
- Original balance (same notes)
- $78,000,000
- Interest rate
- 6.79% fixed
- Originated
- November 20, 2024
- Maturity
- December 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 5, 2029
- Master servicer
- TBD (Servicing Shift)
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7900 Morely Street, 8601, 8700, 8751, 8915, 8955 Broadway Street, 8801, 8900 and 8950 Glencrest Street, Houston, TX 77061
- Metro
- Houston-Pasadena-The Woodlands, TX
- Built
- 1975
- Value at securitization
- $127.0M (Oct 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.43x | 1.13x |
| Occupancy | 87% | 81% |
| Net operating income (annualized from 3 months) | $7.7M | $6.1M |
| Debt yield | 7.9% |
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 BBCMS Mortgage Trust 2024-5C31 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
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 87% when the loan was securitized to 81%.
- Net operating income is 20% below the underwritten figure ($6.1M a year against $7.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.43x at securitization to 1.13x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $78.0M | Current | No | 1.13x | 81% |
| August 2026 | $78.0M | Current | No | 0.84x | 81% |
| July 2026 | $78.0M | Current | No | 0.84x | 81% |
| June 2026 | $78.0M | Current | No | n/a | n/a |
| May 2026 | $78.0M | Current | No | n/a | n/a |
| April 2026 | $78.0M | Current | No | n/a | n/a |
| March 2026 | $78.0M | Current | No | n/a | n/a |
| February 2026 | $78.0M | Current | No | n/a | n/a |
| January 2026 | $78.0M | Current | No | n/a | n/a |
| December 2025 | $78.0M | Current | No | n/a | n/a |
| November 2025 | $78.0M | Current | No | n/a | n/a |
| October 2025 | $78.0M | 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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2024-V12 Mortgage Trust | 5 | $48,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BBCMS Mortgage Trust 2024-5C31 | 11 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Woodlands Mall | The Woodlands, TX | Retail | $247.6M | 4.256% | Aug 2029 | 4.02x | 84% | Current |
| Baybrook Mall | Friendswood, TX | Retail | $205.7M | 6.816% | Aug 2029 | 1.65x | 91% | Current |
| 9950 Woodloch | The Woodlands, TX | Office | $127.4M | 7.075% | Jul 2029 | n/a | n/a | Current |
| Cortland West Champions | Houston, TX | Multifamily | $78.4M | 5.893% | Oct 2029 | 1.64x | 91% | Current |
| Marqe Entertainment Center | Houston, TX | Retail | $70.0M | 7.27% | Apr 2029 | 1.61x | 99% | Current |
| Falls Houston Multifamily Portfolio | Houston, TX | Multifamily | $63.3M | 6.944% | Jul 2029 | 1.38x | 89% | With the special servicer and 90+ days delinquent |
| NOV Headquarters | Houston, TX | Office | $39.2M | 4.63% | Apr 2029 | 1.83x | 100% | Current |
| 8 West Centre | Houston, TX | Office | $38.3M | 3.888% | Nov 2029 | 1.43x | 85% | Current |
All loans maturing in 2029 · All Houston-Pasadena-The Woodlands 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.