Multifamily · Houston, Texas
Waterford Grove Apartments
Waterford Grove Apartments is financed with a $60.0M CMBS loan at 6.567% that reaches maturity on March 6, 2030, in 3 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is delinquent: 30-59 days delinquent.
The loan
- Balance in tracked trusts
- $60,000,000
- Original balance (same notes)
- $62,500,000
- Interest rate
- 6.567% fixed
- Originated
- February 14, 2025
- Maturity
- March 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- AREF2
Status
- Payment status
- 30-59 days delinquent (code 1)
- Special servicing
- Transferred February 26, 2026, returned July 6, 2026
- Workout strategy
- Resolved
- Modified
- Yes, most recently June 29, 2026
- Defeasance
- None reported
The property
- Address
- 3125 Crestdale Drive, Houston, TX 77080
- Metro
- Houston-Pasadena-The Woodlands, TX
- Units, rooms or beds
- 584
- Built
- 1973, renovated 2024
- Value at securitization
- $93.5M (Jan 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.58x | 0.88x |
| Occupancy | 89% | 71% |
| Net operating income | $6.6M | $3.7M |
| Debt yield | 6.1% |
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 Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Modified
On the cmbs.news watch list in every report since March 2026.
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 89% when the loan was securitized to 71%.
- Net operating income is 44% below the underwritten figure ($3.7M a year against $6.6M).
- Debt service coverage moved from 1.58x at securitization to 0.88x on the latest statements.
- At 0.88x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $63.2M (May 12, 2026), against $93.5M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $60.0M | 30-59 days delinquent | No | 0.88x | 71% |
| August 2026 | $60.0M | Late payment but less than 30 days delinquent | No | 0.88x | 71% |
| July 2026 | $60.0M | Late payment but less than 30 days delinquent | Yes | n/a | n/a |
| June 2026 | $62.5M | Late payment but less than 30 days delinquent | Yes | n/a | n/a |
| May 2026 | $62.5M | Late payment but less than 30 days delinquent | Yes | n/a | n/a |
| April 2026 | $62.5M | Late payment but less than 30 days delinquent | Yes | 1.10x | 74% |
| March 2026 | $62.5M | 30-59 days delinquent | Yes | 1.10x | 74% |
| February 2026 | $62.5M | Late payment but less than 30 days delinquent | No | 1.10x | 74% |
| January 2026 | $62.5M | Current | No | 1.10x | 80% |
| December 2025 | $62.5M | Late payment but less than 30 days delinquent | No | 1.10x | 80% |
| November 2025 | $62.5M | Current | No | n/a | n/a |
| October 2025 | $62.5M | Late payment but less than 30 days delinquent | 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.
Special-servicing history
- Transferred to the special servicer February 26, 2026, returned to the master servicer July 6, 2026.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 | 4 | $60,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 5712 Old River | Old River Winfree, TX | Self storage | $60.0M | 5.808% | Oct 2030 | n/a | n/a | Current |
| Hotel ZaZa | Houston, TX | Hotel | $58.4M | 3.80% | Mar 2030 | 3.56x | 62% | Current |
| Rayford Square | Spring, TX | Retail | $57.6M | 3.595% | Jan 2030 | n/a | n/a | Current |
| Providence at Heights & Legacy at Westchase | Houston, TX | Multifamily | $50.5M | 6.36% | Jun 2030 | 1.18x | 93% | With the special servicer |
| Trails at Dominion Park | Houston, TX | Multifamily | $42.7M | 6.20% | Jan 2030 | n/a | n/a | Current |
| Chasewood Technology Park | Houston, TX | Office | $41.7M | 3.914% | Sep 2030 | 1.97x | 69% | Current |
| Haven at Bellaire | Richmond, TX | Multifamily | $41.6M | 6.262% | Oct 2030 | 1.07x | 91% | With the special servicer and 60-89 days delinquent |
| Green Caye Village | Dickinson, TX | Mixed use | $40.0M | 6.417% | Feb 2030 | 1.52x | 89% | Current |
All loans maturing in 2030 · 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.