Hotel portfolio, 2 properties · Virginia Beach, Virginia
Virginia Beach Hotel Portfolio
Public CMBS trusts hold $81.1M of the loan on this portfolio at 4.913% that reaches maturity on September 6, 2028, in 22 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $81,093,026
- Original balance (same notes)
- $90,000,000
- Interest rate
- 4.913% fixed
- Originated
- August 31, 2018
- Maturity
- September 6, 2028
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- June 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Barclays Bank PLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Metro
- Virginia Beach-Chesapeake-Norfolk, VA-NC
- Units, rooms or beds
- 456
- Value at securitization
- $130.4M
Performance
| Measure | At securitization | Latest (Dec 2025) |
|---|---|---|
| DSCR (NOI) | 2.05x | 2.18x |
| Occupancy | 76% | 64% |
| Net operating income | $11.8M | $12.5M |
| Debt yield | 15.4% |
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.
Comparable loans: hotel properties in Virginia Beach-Chesapeake-Norfolk, VA-NC, with NOI, occupancy and value.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2018-C48 filing for the reporting period ending October 13, 2026, filed with the SEC October 27, 2026.
- Occupancy down 10 points 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 76% when the loan was securitized to 64%.
- Net operating income is 6% above the underwritten figure ($12.5M a year against $11.8M).
- Debt service coverage moved from 2.05x at securitization to 2.18x on the latest statements.
Who is behind this loan
- Sponsor
- Shown with Pro
- Principal/carveout guarantor
- Shown with Pro
- Parties and contacts named by the trust
- Shown with Pro
Source: SEC Form 424B2 prospectus, Annex A-1, filed Oct 2018.
Source: SEC Form 10-D, Exhibit 99.1 distribution statement, filed Oct 2026.
Refinance test on today's income
The latest annual NOI in the filing is $12.5M, a debt yield of 15.4% on $81.1M. Lenders often size a new loan so NOI is at least 9% to 10% of the loan amount.
| Debt yield a lender requires | Largest loan | Against today's balance |
|---|---|---|
| 9% | $139.0M | $57.9M of room |
| 10% | $125.1M | $44.0M of room |
Arithmetic on the filed NOI only: no rates, reserves, cap rates or lender terms. NOI can be a year old; see the statement dates above.
Refinance and early payoff, at today's rates
This estimate uses today's Treasury curve and needs JavaScript.
Rough estimates, not quotes. New loan: the filed NOI divided by the coverage you set, at the Treasury yield for the term plus your spread. Early payoff: the present value of the remaining scheduled payments to the open date at today's Treasury yields, less the balance, which is roughly what defeasance or yield maintenance costs. Loan documents, fees and the securities bought change the real number. Treasury yields: U.S. Treasury daily par curve.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $81.1M | Current | No | 2.18x | 64% |
| September 2026 | $81.2M | Current | No | 2.18x | 64% |
| August 2026 | $81.4M | Current | No | 2.18x | 64% |
| July 2026 | $81.5M | Current | No | 2.18x | 64% |
| June 2026 | $81.7M | Current | No | 2.18x | 64% |
| May 2026 | $81.8M | Current | No | 2.76x | 70% |
| April 2026 | $81.9M | Current | No | 2.76x | 70% |
| March 2026 | $82.1M | Current | No | 2.76x | 70% |
| February 2026 | $82.2M | Current | No | 2.76x | 70% |
| January 2026 | $82.4M | Current | No | 2.76x | 70% |
| December 2025 | $82.5M | Current | No | 2.76x | 70% |
| November 2025 | $82.6M | Current | No | 2.76x | 70% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements.
Full history back to October 2018. See it with Pro.
Where the loan sits
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2018-C47 | 5 | $40,546,513 | Oct 2026 | SEC filing, October 27, 2026 |
| BBCMS Mortgage Trust 2018-C2 | 11 | $27,031,008 | Oct 2026 | SEC filing, October 29, 2026 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 | 20 | $13,515,505 | Oct 2026 | SEC filing, October 27, 2026 |
Other Virginia Beach-Chesapeake-Norfolk loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 375 Kenyon Road and 32 other properties | Suffolk, VA | Industrial | $163.1M | 2.484% | Apr 2028 | n/a | n/a | Current |
| Norfolk Waterside Marriott | Norfolk, VA | Hotel | $33.5M | 7.915% | Jun 2028 | 0.40x | 68% | With the special servicer and 90+ days delinquent |
| Residence Inn by Marriott Newport News Airport | Newport News, VA | Hotel | $9.7M | 4.851% | Sep 2028 | 2.10x | 68% | Not reported |
| Springhill Suites - Norfolk, VA | Norfolk, VA | Hotel | $7.7M | 5.483% | May 2028 | 1.88x | 73% | Current |
| Dam Neck Shopping Center | Virginia Beach, VA | Retail | $6.9M | 5.28% | Apr 2028 | 2.42x | 98% | Current |
| Davis MHP | Newport News, VA | Manufactured housing | $6.3M | 7.26% | Sep 2028 | 1.50x | 96% | Current |
| Holiday Inn Express Newport News | Newport News, VA | Hotel | $6.0M | 5.225% | Apr 2028 | 1.56x | 64% | Current |
| Newport News Flex Portfolio | Newport News, VA | Industrial | $4.8M | 5.19% | Feb 2028 | 3.24x | 95% | Current |
All loans maturing in 2028 · All Virginia Beach-Chesapeake-Norfolk loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.