Multifamily · Galveston, Texas
Villa Marina
Villa Marina is financed with a $5.1M CMBS loan at 4.67% that reaches maturity on May 1, 2028, in 18 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,100,000
- Original balance (same notes)
- $5,100,000
- Interest rate
- 4.67% fixed
- Originated
- April 27, 2018
- Maturity
- May 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 31, 2028
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 300 & 320 Ferry Road, 300 Harborside Drive, Galveston, TX 77550
- Metro
- Houston-Pasadena-The Woodlands, TX
- Units, rooms or beds
- 184
- Built
- 1971, renovated 2009
- Value at securitization
- $9.5M (Feb 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.58x | 1.51x |
| Occupancy | 91% | 93% |
| Net operating income | $624K | $365K |
| Debt yield | 7.1% |
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 2018-BNK12 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
- Net operating income is 42% below the underwritten figure ($365K a year against $624K).
- Debt service coverage moved from 2.58x at securitization to 1.51x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $5.1M | Current | No | 1.51x | 93% |
| August 2026 | $5.1M | Current | No | 1.57x | 94% |
| July 2026 | $5.1M | Current | No | 1.57x | 94% |
| June 2026 | $5.1M | Current | No | 1.57x | 94% |
| May 2026 | $5.1M | Current | No | 1.54x | 95% |
| April 2026 | $5.1M | Current | No | 1.54x | 95% |
| March 2026 | $5.1M | Current | No | 1.42x | 95% |
| February 2026 | $5.1M | Current | No | 1.69x | 95% |
| January 2026 | $5.1M | Current | No | 1.69x | 95% |
| December 2025 | $5.1M | Current | No | 1.69x | 95% |
| November 2025 | $5.1M | Current | No | 1.79x | 91% |
| October 2025 | $5.1M | Current | No | 1.79x | 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 |
|---|---|---|---|---|
| BANK 2018-BNK12 | 36 | $5,100,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Heritage Plaza, Houston | Houston, TX | Office | $172.0M | 7.63% | May 2028 | 2.13x | 78% | Current |
| Sugar Land Town Square | Sugar Land, TX | Mixed use | $105.0M | 7.966% | Nov 2028 | 1.19x | 69% | Current |
| Rockridge Apartments | Houston, TX | Multifamily | $54.0M | 8.00% | Nov 2028 | 0.44x | 25% | With the special servicer and 90+ days delinquent |
| Pin Oak North Medical Office | Bellaire, TX | Office | $53.6M | 4.647% | Feb 2028 | 0.85x | 66% | With the special servicer and 90+ days delinquent |
| 5444 & 5430 Westheimer | Houston, TX | Office | $51.0M | 4.72% | Nov 2028 | 0.68x | 43% | Current |
| 6330 West Loop South | Bellaire, TX | Office | $48.4M | 8.18% | May 2028 | 1.21x | 88% | Current |
| Victory Lakes | League City, TX | Retail | $39.0M | 5.01% | Oct 2028 | n/a | n/a | Current |
| Market Center at Aliana | Richmond, TX | Retail | $37.0M | 7.03% | Oct 2028 | 1.29x | 95% | Current |
All loans maturing in 2028 · 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.