Loan detail for Morgan Stanley Capital I Trust 2021-L7.
Data as of loan data through September 2026; ratings as held in the dataset at 2026-10-01
← Morgan Stanley Capital I Trust 2021-L7 · CMBS market
Detail sections for the 47 loans of this deal that do not have a page of their own. Loans with a surveillance history, loans at or above the section's size threshold of $25.0M, and the largest loans in the deal have their own pages, linked from the loan table on the deal page. Every loan in the deal appears either here or on its own page.
Los Arcos Apartments
| Property | Los Arcos Apartments |
| Address | 11315 Fondren Rd; Houston, TX 77035 |
| Property type | Multifamily |
| Units, beds or keys | 516 |
| Net rentable square feet | not yet reported |
| Year built | 1977 |
| Year last renovated | not yet reported |
| Original balance | $24.9M |
| Current balance | $24.9M (September 2026) |
| Share of deal balance | 2.9% |
| Interest rate at origination | 3.15% |
| Current interest rate | 3.15% |
| Origination date | 09-15-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-10-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 370.3%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $3.2M |
| Operating expenses | $1.5M |
| Net operating income | $1.7M |
| Net cash flow | $1.6M |
| DSCR (net cash flow) | 3.97 |
| DSCR (net operating income) | 4.23 |
| Occupancy | 89% |
| Servicer advances outstanding | $0 |
163-167 Ludlow Street
| Property | 163-167 Ludlow Street |
| Address | 163-167 Ludlow Street; New York, NY 10002 |
| Property type | Multifamily |
| Units, beds or keys | 66 |
| Net rentable square feet | not yet reported |
| Year built | 1910 |
| Year last renovated | 2021 |
| Original balance | $23.5M |
| Current balance | $23.5M (September 2026) |
| Share of deal balance | 2.7% |
| Interest rate at origination | 3.84% |
| Current interest rate | 3.84% |
| Origination date | 07-26-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | BMO |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 77.6%.
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | $2.5M |
| Operating expenses | $814,894 |
| Net operating income | $1.6M |
| Net cash flow | $1.6M |
| DSCR (net cash flow) | 1.78 |
| DSCR (net operating income) | 1.79 |
| Occupancy | 94% |
| Servicer advances outstanding | $0 |
New Braunfels Market Place
| Property | New Braunfels Market Place |
| Address | 651 North Business IH-35; New Braunfels, TX 78130 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 267,950 |
| Year built | 1988 |
| Year last renovated | 2019 |
| Original balance | $23.4M |
| Current balance | $23.4M (September 2026) |
| Share of deal balance | 2.7% |
| Interest rate at origination | 3.17% |
| Current interest rate | 3.17% |
| Origination date | 09-01-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 30.4%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $2.9M |
| Operating expenses | $838,938 |
| Net operating income | $2.1M |
| Net cash flow | $1.9M |
| DSCR (net cash flow) | 5.12 |
| DSCR (net operating income) | 5.55 |
| Occupancy | 94% |
| Servicer advances outstanding | $0 |
Kansas City Cabela's
| Property | Kansas City Cabela's |
| Address | 10300 Cabela Drive; Kansas City, KS 66111 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 164,105 |
| Year built | 2002 |
| Year last renovated | not yet reported |
| Original balance | $15.7M |
| Current balance | $15.6M (September 2026) |
| Share of deal balance | 1.8% |
| Interest rate at origination | 3.85% |
| Current interest rate | 3.85% |
| Origination date | 06-30-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 60 months |
| Scheduled maturity | 2031-07-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | BMO |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 24.1%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $973,138 |
| Operating expenses | $36,450 |
| Net operating income | $936,688 |
| Net cash flow | $867,266 |
| DSCR (net cash flow) | 2.84 |
| DSCR (net operating income) | 3.07 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
178 Suydam Street (and 5 more properties)
| Property | 178 Suydam Street (and 5 more properties) |
| Address | 178 Suydam Street; 159 Central Avenue; 239 Stanhope Street; 140 Wilson Avenue; 18-67 Madison Street; 15 Wilson Avenue; Brooklyn, NY (and 5 more) 11221 |
| Property type | Multifamily |
| Units, beds or keys | ["8", "4", "5", "3", "6", "6"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | not yet reported |
| Original balance | $15.6M |
| Current balance | $15.6M (September 2026) |
| Share of deal balance | 1.8% |
| Interest rate at origination | 3.90% |
| Current interest rate | 3.90% |
| Origination date | 08-05-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
Fairway Retail Center
| Property | Fairway Retail Center |
| Address | 5575-5769 Fairmont Parkway; Pasadena, TX 77505 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 49,600 |
| Year built | 2002 |
| Year last renovated | 2010 |
| Original balance | $17.1M |
| Current balance | $15.3M (September 2026) |
| Share of deal balance | 1.8% |
| Interest rate at origination | 3.50% |
| Current interest rate | 3.50% |
| Origination date | 08-18-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 1141.4%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | not yet reported |
| Revenue | $0 |
| Operating expenses | $0 |
| Net operating income | $0 |
| Net cash flow | $0 |
| DSCR (net cash flow) | 0.00 |
| DSCR (net operating income) | 0.00 |
| Occupancy | 0% |
| Servicer advances outstanding | $0 |
The Mosaic
| Property | The Mosaic |
| Address | 1915 Broadway Street; San Antonio, TX 78215 |
| Property type | Multifamily |
| Units, beds or keys | 120 |
| Net rentable square feet | not yet reported |
| Year built | 2012 |
| Year last renovated | not yet reported |
| Original balance | $15.0M |
| Current balance | $15.0M (September 2026) |
| Share of deal balance | 1.7% |
| Interest rate at origination | 3.25% |
| Current interest rate | 3.25% |
| Origination date | 09-01-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 9.4%.
Latest financials
| Financial period end (latest) | 09-30-2025 |
| Revenue | $2.5M |
| Operating expenses | $1.8M |
| Net operating income | $785,237 |
| Net cash flow | $742,778 |
| DSCR (net cash flow) | 1.50 |
| DSCR (net operating income) | 1.59 |
| Occupancy | 82% |
| Servicer advances outstanding | $0 |
BJ's Wholesale Club
| Property | BJ's Wholesale Club |
| Address | 7005 N Davis Hwy; Pensacola, FL 32504 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 98,883 |
| Year built | 2020 |
| Year last renovated | not yet reported |
| Original balance | $14.8M |
| Current balance | $14.8M (September 2026) |
| Share of deal balance | 1.7% |
| Interest rate at origination | 3.68% |
| Current interest rate | 3.68% |
| Origination date | 08-31-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | $1.7M |
| Operating expenses | $359,955 |
| Net operating income | $1.3M |
| Net cash flow | $1.3M |
| DSCR (net cash flow) | 2.33 |
| DSCR (net operating income) | 2.43 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
Betts Crossing (and 3 more properties)
| Property | Betts Crossing (and 3 more properties) |
| Address | 1425 Fox Run Parkway; 630 Ollie Avenue; 1550 South US Highway 29; 1408 Golden Springs Road; Opelika, AL (and 3 more) 36801 |
| Property type | Retail |
| Units, beds or keys | ["0", "0", "0", "0"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | 2020 |
| Original balance | $16.2M |
| Current balance | $14.7M (September 2026) |
| Share of deal balance | 1.7% |
| Interest rate at origination | 3.95% |
| Current interest rate | 3.95% |
| Origination date | 08-10-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | MSBNA |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | ["06-30-2026", "06-30-2026", "06-30-2026", "06-30-2026"] |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
714 Madison Ave
| Property | 714 Madison Ave |
| Address | 714 Madison Ave; New York, NY 10065 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 6,420 |
| Year built | 1877 |
| Year last renovated | 2010 |
| Original balance | $14.5M |
| Current balance | $14.5M (September 2026) |
| Share of deal balance | 1.7% |
| Interest rate at origination | 2.85% |
| Current interest rate | 2.85% |
| Origination date | 07-22-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -17.7%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | $3.4M |
| Operating expenses | $1.4M |
| Net operating income | $2.1M |
| Net cash flow | $1.9M |
| DSCR (net cash flow) | 4.56 |
| DSCR (net operating income) | 4.92 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
225-235 West 146th Street
| Property | 225-235 West 146th Street |
| Address | 225-235 West 146th Street; New York, NY 10039 |
| Property type | Multifamily |
| Units, beds or keys | 86 |
| Net rentable square feet | not yet reported |
| Year built | 1920 |
| Year last renovated | 1940 |
| Original balance | $13.8M |
| Current balance | $13.8M (September 2026) |
| Share of deal balance | 1.6% |
| Interest rate at origination | 3.31% |
| Current interest rate | 3.31% |
| Origination date | 09-09-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | BMO |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 23.3%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.0M |
| Operating expenses | $481,713 |
| Net operating income | $554,161 |
| Net cash flow | $545,776 |
| DSCR (net cash flow) | 2.37 |
| DSCR (net operating income) | 2.41 |
| Occupancy | 99% |
| Servicer advances outstanding | $0 |
Barlow Plaza
| Property | Barlow Plaza |
| Address | 1399 6th Street Northwest; Rochester, MN 55901 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 136,389 |
| Year built | 1969 |
| Year last renovated | 2017 |
| Original balance | $13.9M |
| Current balance | $13.4M (September 2026) |
| Share of deal balance | 1.6% |
| Interest rate at origination | 3.47% |
| Current interest rate | 3.47% |
| Origination date | 07-23-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 36 months |
| Scheduled maturity | 2031-08-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | MSBNA |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 136.5%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.4M |
| Operating expenses | $559,350 |
| Net operating income | $837,036 |
| Net cash flow | $766,512 |
| DSCR (net cash flow) | 2.05 |
| DSCR (net operating income) | 2.24 |
| Occupancy | 96% |
| Servicer advances outstanding | $0 |
West Park Promenade
| Property | West Park Promenade |
| Address | 1603 Grand Avenue; Billings, MT 59102 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 145,673 |
| Year built | 1961 |
| Year last renovated | 2009 |
| Original balance | $13.0M |
| Current balance | $13.0M (September 2026) |
| Share of deal balance | 1.5% |
| Interest rate at origination | 3.43% |
| Current interest rate | 3.43% |
| Origination date | 08-06-2021 |
| Original term | 84 months |
| Amortization term | not yet reported |
| Interest-only period | 84 months |
| Scheduled maturity | 2028-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | MSBNA |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | $2.7M |
| Operating expenses | $1.1M |
| Net operating income | $1.6M |
| Net cash flow | $1.4M |
| DSCR (net cash flow) | 3.20 |
| DSCR (net operating income) | 3.58 |
| Occupancy | 91% |
| Servicer advances outstanding | $0 |
Beardsley Building
| Property | Beardsley Building |
| Address | 201 High Street Southeast; Salem, OR 97301 |
| Property type | Office |
| Units, beds or keys | 0 |
| Net rentable square feet | 74,806 |
| Year built | 1988 |
| Year last renovated | 2015 |
| Original balance | $12.5M |
| Current balance | $12.5M (September 2026) |
| Share of deal balance | 1.4% |
| Interest rate at origination | 3.35% |
| Current interest rate | 3.35% |
| Origination date | 09-15-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | $2.2M |
| Operating expenses | $1.1M |
| Net operating income | $1.1M |
| Net cash flow | $1.1M |
| DSCR (net cash flow) | 2.59 |
| DSCR (net operating income) | 2.63 |
| Occupancy | 81% |
| Servicer advances outstanding | $0 |
Georgetown Commerce Park (and 2 more properties)
| Property | Georgetown Commerce Park (and 2 more properties) |
| Address | 7301 Georgetown Road; 801-809 Phillipi Rd 4121-4135 Westward Ave &; 4243-4265 Diplomacy Drive; Indianapolis, IN (and 2 more) 46268 |
| Property type | Industrial |
| Units, beds or keys | ["0", "0", "0"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | ["1985", "2019"] |
| Original balance | $13.5M |
| Current balance | $12.1M (May 2026) |
| Share of deal balance | not yet reported |
| Interest rate at origination | 2.95% |
| Current interest rate | 2.95% |
| Origination date | 08-09-2021 |
| Original term | 60 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2026-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | ["12-31-2025", "12-31-2025", "12-31-2025"] |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
Freedom Self Storage
| Property | Freedom Self Storage |
| Address | 1500 Freedom Self Storage Rd; Fort Walton Beach, FL 32547 |
| Property type | Self storage |
| Units, beds or keys | 86520 |
| Net rentable square feet | not yet reported |
| Year built | 2003 |
| Year last renovated | not yet reported |
| Original balance | $11.7M |
| Current balance | $11.7M (September 2026) |
| Share of deal balance | 1.4% |
| Interest rate at origination | 3.57% |
| Current interest rate | 3.57% |
| Origination date | 09-14-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-10-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -17.1%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.2M |
| Operating expenses | $439,150 |
| Net operating income | $799,237 |
| Net cash flow | $779,017 |
| DSCR (net cash flow) | 1.84 |
| DSCR (net operating income) | 1.89 |
| Occupancy | 70% |
| Servicer advances outstanding | $0 |
1634 South Lafayette Street (and 4 more properties)
| Property | 1634 South Lafayette Street (and 4 more properties) |
| Address | 1634 1634 South Lafayette Street; 122 122 Mill Street; 205 Three Brothers Avenue; 1528 South Lafayette Street; 1970 Briarwood Drive; Shelby, NC (and 4 more) 28152 |
| Property type | Self storage |
| Units, beds or keys | ["175450", "38350", "0", "0", "0"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | not yet reported |
| Original balance | $10.7M |
| Current balance | $10.7M (September 2026) |
| Share of deal balance | 1.2% |
| Interest rate at origination | 3.80% |
| Current interest rate | 3.80% |
| Origination date | 06-29-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-07-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
Southland Plaza
| Property | Southland Plaza |
| Address | 525-695 Saturn Boulevard; San Diego, CA 92154 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 80,486 |
| Year built | 1983 |
| Year last renovated | not yet reported |
| Original balance | $10.7M |
| Current balance | $10.7M (September 2026) |
| Share of deal balance | 1.2% |
| Interest rate at origination | 2.54% |
| Current interest rate | 2.54% |
| Origination date | 07-29-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -47.8%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $3.4M |
| Operating expenses | $1.8M |
| Net operating income | $1.6M |
| Net cash flow | $1.6M |
| DSCR (net cash flow) | 5.95 |
| DSCR (net operating income) | 5.95 |
| Occupancy | 96% |
| Servicer advances outstanding | $0 |
Main Street South Fulton shopping Center
| Property | Main Street South Fulton shopping Center |
| Address | 6055 Old National Highway; Atlanta, GA 30349 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 129,449 |
| Year built | 1975 |
| Year last renovated | 2020 |
| Original balance | $11.3M |
| Current balance | $10.2M (September 2026) |
| Share of deal balance | 1.2% |
| Interest rate at origination | 3.47% |
| Current interest rate | 3.47% |
| Origination date | 09-14-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 3.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.1M |
| Operating expenses | $332,461 |
| Net operating income | $797,489 |
| Net cash flow | $755,418 |
| DSCR (net cash flow) | 2.48 |
| DSCR (net operating income) | 2.62 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
Fresenius - Queens NY
| Property | Fresenius - Queens NY |
| Address | 206-24 Hillside Avenue; Queens, NY 11427 |
| Property type | Office |
| Units, beds or keys | 0 |
| Net rentable square feet | 21,312 |
| Year built | 1931 |
| Year last renovated | 2021 |
| Original balance | $9.8M |
| Current balance | $9.8M (September 2026) |
| Share of deal balance | 1.1% |
| Interest rate at origination | 3.76% |
| Current interest rate | 3.76% |
| Origination date | 07-20-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 9.9%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $559,918 |
| Operating expenses | $133,646 |
| Net operating income | $426,272 |
| Net cash flow | $419,773 |
| DSCR (net cash flow) | 2.24 |
| DSCR (net operating income) | 2.28 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
370 South 4th Street
| Property | 370 South 4th Street |
| Address | 370 South 4th Street; Brooklyn, NY 11211 |
| Property type | Mixed use |
| Units, beds or keys | 0 |
| Net rentable square feet | 19,888 |
| Year built | 2008 |
| Year last renovated | not yet reported |
| Original balance | $9.8M |
| Current balance | $9.8M (September 2026) |
| Share of deal balance | 1.1% |
| Interest rate at origination | 3.40% |
| Current interest rate | 3.40% |
| Origination date | 08-05-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 60 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | Matured balloon, non-performing |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -5.8%.
Latest financials
| Financial period end (latest) | 03-31-2026 |
| Revenue | $742,912 |
| Operating expenses | $189,549 |
| Net operating income | $553,364 |
| Net cash flow | $544,396 |
| DSCR (net cash flow) | 1.62 |
| DSCR (net operating income) | 1.65 |
| Occupancy | 100% |
| Servicer advances outstanding | $43,197 |
Lighthouse MHP (and 6 more properties)
| Property | Lighthouse MHP (and 6 more properties) |
| Address | 5078 FM482; 691 San Marcos Street; 1687 IH 35 S; 1649 Interstate 35; 3824 FM482; 702 East Schubert Street; 170 Sunny Loop; New Braunfels, TX (and 6 more) 78132 |
| Property type | Manufactured housing |
| Units, beds or keys | ["92", "89", "37", "28", "26", "31", "41"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | not yet reported |
| Original balance | $9.8M |
| Current balance | $9.6M (September 2026) |
| Share of deal balance | 1.1% |
| Interest rate at origination | 3.30% |
| Current interest rate | 3.30% |
| Origination date | 09-07-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 48 months |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
Viera Village Shopping Center
| Property | Viera Village Shopping Center |
| Address | 5410 Murrell Road; Rockledge, FL 32955 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 76,800 |
| Year built | not yet reported |
| Year last renovated | 2021 |
| Original balance | $10.5M |
| Current balance | $9.4M (September 2026) |
| Share of deal balance | 1.1% |
| Interest rate at origination | 3.30% |
| Current interest rate | 3.30% |
| Origination date | 08-20-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -8.2%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $836,664 |
| Operating expenses | $250,392 |
| Net operating income | $586,272 |
| Net cash flow | $530,887 |
| DSCR (net cash flow) | 1.92 |
| DSCR (net operating income) | 2.12 |
| Occupancy | 87% |
| Servicer advances outstanding | $0 |
Maricopa Self Storage
| Property | Maricopa Self Storage |
| Address | 20125 N John Wayne Pkwy; Maricopa, AZ 85138 |
| Property type | Self storage |
| Units, beds or keys | 112185 |
| Net rentable square feet | not yet reported |
| Year built | 2004 |
| Year last renovated | 2007 |
| Original balance | $9.0M |
| Current balance | $9.0M (September 2026) |
| Share of deal balance | 1.0% |
| Interest rate at origination | 2.85% |
| Current interest rate | 2.85% |
| Origination date | 06-25-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-07-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -10.8%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $808,078 |
| Operating expenses | $303,837 |
| Net operating income | $504,240 |
| Net cash flow | $498,631 |
| DSCR (net cash flow) | 3.85 |
| DSCR (net operating income) | 3.89 |
| Occupancy | 93% |
| Servicer advances outstanding | $0 |
Dynamics Office
| Property | Dynamics Office |
| Address | 7495 7485 and 7425 West Azure Drive; Las Vegas, NV 89130 |
| Property type | Office |
| Units, beds or keys | 0 |
| Net rentable square feet | 59,549 |
| Year built | 2007 |
| Year last renovated | not yet reported |
| Original balance | $9.1M |
| Current balance | $8.3M (September 2026) |
| Share of deal balance | 1.0% |
| Interest rate at origination | 4.34% |
| Current interest rate | 4.34% |
| Origination date | 07-29-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 9.9%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $691,550 |
| Operating expenses | $216,179 |
| Net operating income | $475,371 |
| Net cash flow | $437,254 |
| DSCR (net cash flow) | 1.61 |
| DSCR (net operating income) | 1.75 |
| Occupancy | 94% |
| Servicer advances outstanding | $0 |
Danielle's Canal Industrial Development
| Property | Danielle's Canal Industrial Development |
| Address | 2642 Michigan Avenue; Kissimmee, FL 34744 |
| Property type | Industrial |
| Units, beds or keys | 0 |
| Net rentable square feet | 107,795 |
| Year built | 1981 |
| Year last renovated | not yet reported |
| Original balance | $7.8M |
| Current balance | $7.8M (September 2026) |
| Share of deal balance | 0.9% |
| Interest rate at origination | 3.70% |
| Current interest rate | 3.70% |
| Origination date | 06-30-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-07-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -7.2%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.2M |
| Operating expenses | $1.2M |
| Net operating income | $74,878 |
| Net cash flow | $57,631 |
| DSCR (net cash flow) | 0.40 |
| DSCR (net operating income) | 0.51 |
| Occupancy | 84% |
| Servicer advances outstanding | $0 |
Superstition Gateway
| Property | Superstition Gateway |
| Address | 1614-1959 S. Signal Butte Road; Mesa, AZ 85209 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 495,204 |
| Year built | 2007 |
| Year last renovated | not yet reported |
| Original balance | $7.1M |
| Current balance | $7.1M (September 2026) |
| Share of deal balance | 0.8% |
| Interest rate at origination | 3.62% |
| Current interest rate | 3.62% |
| Origination date | 09-16-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 60 months |
| Scheduled maturity | 2031-10-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $6.0M |
| Operating expenses | $1.9M |
| Net operating income | $4.1M |
| Net cash flow | $3.8M |
| DSCR (net cash flow) | 2.67 |
| DSCR (net operating income) | 2.91 |
| Occupancy | 96% |
| Servicer advances outstanding | $0 |
Fairfield Inn & Suites - Crestview
| Property | Fairfield Inn & Suites - Crestview |
| Address | 110 Crosson St; Crestview, FL 32536 |
| Property type | Lodging |
| Units, beds or keys | 90 |
| Net rentable square feet | not yet reported |
| Year built | 2018 |
| Year last renovated | not yet reported |
| Original balance | $8.0M |
| Current balance | $7.1M (September 2026) |
| Share of deal balance | 0.8% |
| Interest rate at origination | 4.27% |
| Current interest rate | 4.27% |
| Origination date | 02-19-2020 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2030-03-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 22.0%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.7M |
| Operating expenses | $1.1M |
| Net operating income | $607,013 |
| Net cash flow | $539,014 |
| DSCR (net cash flow) | 2.28 |
| DSCR (net operating income) | 2.56 |
| Occupancy | 77% |
| Servicer advances outstanding | $0 |
The Greenhouse Shops
| Property | The Greenhouse Shops |
| Address | 3611 West Hillsborough Avenue; Tampa, FL 33614 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 36,667 |
| Year built | 1985 |
| Year last renovated | 2020 |
| Original balance | $7.0M |
| Current balance | $7.0M (September 2026) |
| Share of deal balance | 0.8% |
| Interest rate at origination | 3.25% |
| Current interest rate | 3.25% |
| Origination date | 09-14-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-10-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | MSBNA |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -9.4%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $711,637 |
| Operating expenses | $240,188 |
| Net operating income | $471,449 |
| Net cash flow | $446,451 |
| DSCR (net cash flow) | 3.88 |
| DSCR (net operating income) | 4.10 |
| Occupancy | 97% |
| Servicer advances outstanding | $0 |
Holiday Inn Express & Suites Banning
| Property | Holiday Inn Express & Suites Banning |
| Address | 3020 West Ramsey Street; Banning, CA 92220 |
| Property type | Lodging |
| Units, beds or keys | 76 |
| Net rentable square feet | not yet reported |
| Year built | 2009 |
| Year last renovated | 2019 |
| Original balance | $7.7M |
| Current balance | $7.0M (September 2026) |
| Share of deal balance | 0.8% |
| Interest rate at origination | 3.74% |
| Current interest rate | 3.74% |
| Origination date | 09-13-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -28.8%.
Latest financials
| Financial period end (latest) | 03-31-2026 |
| Revenue | $2.2M |
| Operating expenses | $1.5M |
| Net operating income | $733,176 |
| Net cash flow | $644,561 |
| DSCR (net cash flow) | 1.51 |
| DSCR (net operating income) | 1.72 |
| Occupancy | 67% |
| Servicer advances outstanding | $0 |
385 Classon Avenue (and 1 more properties)
| Property | 385 Classon Avenue (and 1 more properties) |
| Address | 385 Classon Avenue; 638 Wilson Avenue; Brooklyn, NY (and 1 more) 11238 |
| Property type | Multifamily |
| Units, beds or keys | ["8", "6"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | not yet reported |
| Original balance | $6.3M |
| Current balance | $6.3M (September 2026) |
| Share of deal balance | 0.7% |
| Interest rate at origination | 3.78% |
| Current interest rate | 3.78% |
| Origination date | 08-30-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Latest financials
| Financial period end (latest) | ["06-30-2026", "06-30-2026"] |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
Woodland Creek Apartments
| Property | Woodland Creek Apartments |
| Address | 17905 Highway 69 South; Tyler, TX 75703 |
| Property type | Multifamily |
| Units, beds or keys | 61 |
| Net rentable square feet | not yet reported |
| Year built | 2016 |
| Year last renovated | not yet reported |
| Original balance | $6.9M |
| Current balance | $6.3M (September 2026) |
| Share of deal balance | 0.7% |
| Interest rate at origination | 4.24% |
| Current interest rate | 4.24% |
| Origination date | 09-15-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | BMO |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: -54.4%.
Latest financials
| Financial period end (latest) | 12-31-2025 |
| Revenue | $1.0M |
| Operating expenses | $560,753 |
| Net operating income | $457,739 |
| Net cash flow | $447,430 |
| DSCR (net cash flow) | 1.10 |
| DSCR (net operating income) | 1.13 |
| Occupancy | 97% |
| Servicer advances outstanding | $0 |
930 Providence Road (and 4 more properties)
| Property | 930 Providence Road (and 4 more properties) |
| Address | 930 Providence Road; 710-722 E 29th Street; 2011 Chesapeake Drive; 811 E 29th St; O'Keefe Street; Norfolk, VA (and 4 more) 23325 |
| Property type | Multifamily |
| Units, beds or keys | ["32", "28", "24", "24", "24"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | not yet reported |
| Original balance | $7.0M |
| Current balance | $6.3M (September 2026) |
| Share of deal balance | 0.7% |
| Interest rate at origination | 3.30% |
| Current interest rate | 3.30% |
| Origination date | 08-31-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | not yet reported |
| Operating expenses | not yet reported |
| Net operating income | not yet reported |
| Net cash flow | not yet reported |
| DSCR (net cash flow) | not yet reported |
| DSCR (net operating income) | not yet reported |
| Occupancy | not yet reported |
| Servicer advances outstanding | $0 |
903 Sheridan
| Property | 903 Sheridan |
| Address | 903 Sheridan Avenue; Bronx, NY 10451 |
| Property type | Mixed use |
| Units, beds or keys | 0 |
| Net rentable square feet | 18,000 |
| Year built | 1931 |
| Year last renovated | 2017 |
| Original balance | $6.6M |
| Current balance | $6.0M (September 2026) |
| Share of deal balance | 0.7% |
| Interest rate at origination | 3.76% |
| Current interest rate | 3.76% |
| Origination date | 08-25-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $730,047 |
| Operating expenses | $254,377 |
| Net operating income | $475,669 |
| Net cash flow | $454,069 |
| DSCR (net cash flow) | 1.24 |
| DSCR (net operating income) | 1.30 |
| Occupancy | 65% |
| Servicer advances outstanding | $0 |
629 Broad Street
| Property | 629 Broad Street |
| Address | 629 Broad Street; Chattanooga, TN 37402 |
| Property type | Mixed use |
| Units, beds or keys | 0 |
| Net rentable square feet | 26,539 |
| Year built | 1964 |
| Year last renovated | not yet reported |
| Original balance | $5.6M |
| Current balance | $5.4M (September 2026) |
| Share of deal balance | 0.6% |
| Interest rate at origination | 4.90% |
| Current interest rate | 4.90% |
| Origination date | 08-03-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 36 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | BMO |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $1.3M |
| Operating expenses | $666,167 |
| Net operating income | $610,221 |
| Net cash flow | $574,324 |
| DSCR (net cash flow) | 1.61 |
| DSCR (net operating income) | 1.71 |
| Occupancy | 73% |
| Servicer advances outstanding | $0 |
Shoppes at Lake Mary
| Property | Shoppes at Lake Mary |
| Address | 101 North Country Club Road; Lake Mary, FL 32746 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 37,685 |
| Year built | 1985 |
| Year last renovated | 2018 |
| Original balance | $5.4M |
| Current balance | $5.4M (September 2026) |
| Share of deal balance | 0.6% |
| Interest rate at origination | 4.65% |
| Current interest rate | 4.65% |
| Origination date | 09-14-2021 |
| Original term | 84 months |
| Amortization term | not yet reported |
| Interest-only period | 84 months |
| Scheduled maturity | 2028-10-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | MSBNA |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $471,026 |
| Operating expenses | $148,974 |
| Net operating income | $322,053 |
| Net cash flow | $299,630 |
| DSCR (net cash flow) | 2.36 |
| DSCR (net operating income) | 2.54 |
| Occupancy | 96% |
| Servicer advances outstanding | $0 |
Waring Park
| Property | Waring Park |
| Address | 283 Main Street; New Hartford, CT 06057 |
| Property type | Mixed use |
| Units, beds or keys | 0 |
| Net rentable square feet | 204,486 |
| Year built | 1968 |
| Year last renovated | not yet reported |
| Original balance | $5.3M |
| Current balance | $5.3M (September 2026) |
| Share of deal balance | 0.6% |
| Interest rate at origination | 3.47% |
| Current interest rate | 3.47% |
| Origination date | 09-01-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $717,821 |
| Operating expenses | $376,789 |
| Net operating income | $341,031 |
| Net cash flow | $287,154 |
| DSCR (net cash flow) | 3.09 |
| DSCR (net operating income) | 3.67 |
| Occupancy | 60% |
| Servicer advances outstanding | $0 |
Metro Storage
| Property | Metro Storage |
| Address | 23325 Van Born Road; Taylor, MI 48125 |
| Property type | Self storage |
| Units, beds or keys | 89661 |
| Net rentable square feet | not yet reported |
| Year built | 1997 |
| Year last renovated | 2003 |
| Original balance | $5.5M |
| Current balance | $4.9M (September 2026) |
| Share of deal balance | 0.6% |
| Interest rate at origination | 2.65% |
| Current interest rate | 2.65% |
| Origination date | 08-27-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-09-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $854,279 |
| Operating expenses | $360,473 |
| Net operating income | $493,806 |
| Net cash flow | $486,446 |
| DSCR (net cash flow) | 3.66 |
| DSCR (net operating income) | 3.71 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
Food Lion Luck's Lane
| Property | Food Lion Luck's Lane |
| Address | 1100 Courthouse Road; Richmond, VA 23236 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 60,650 |
| Year built | 1995 |
| Year last renovated | not yet reported |
| Original balance | $5.0M |
| Current balance | $4.7M (September 2026) |
| Share of deal balance | 0.5% |
| Interest rate at origination | 3.80% |
| Current interest rate | 3.80% |
| Origination date | 07-16-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 24 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $376,088 |
| Operating expenses | $135,782 |
| Net operating income | $240,306 |
| Net cash flow | $203,916 |
| DSCR (net cash flow) | 1.46 |
| DSCR (net operating income) | 1.72 |
| Occupancy | 84% |
| Servicer advances outstanding | $0 |
Lakewood MHC & RV Resort
| Property | Lakewood MHC & RV Resort |
| Address | 15 Timmie Ln; Flat Rock, NC 28731 |
| Property type | Manufactured housing |
| Units, beds or keys | 151 |
| Net rentable square feet | not yet reported |
| Year built | 1989 |
| Year last renovated | not yet reported |
| Original balance | $4.9M |
| Current balance | $4.6M (September 2026) |
| Share of deal balance | 0.5% |
| Interest rate at origination | 3.77% |
| Current interest rate | 3.77% |
| Origination date | 07-28-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 24 months |
| Scheduled maturity | 2031-08-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | KeyBank |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $592,230 |
| Operating expenses | $268,587 |
| Net operating income | $323,643 |
| Net cash flow | $319,868 |
| DSCR (net cash flow) | 2.33 |
| DSCR (net operating income) | 2.36 |
| Occupancy | 89% |
| Servicer advances outstanding | $0 |
Albany Crossroads
| Property | Albany Crossroads |
| Address | 2831 & 2835 Ledo Road; Albany, GA 31707 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 43,700 |
| Year built | 2000 |
| Year last renovated | not yet reported |
| Original balance | $4.4M |
| Current balance | $4.0M (September 2026) |
| Share of deal balance | 0.5% |
| Interest rate at origination | 4.05% |
| Current interest rate | 4.05% |
| Origination date | 09-09-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-10-01 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | MSBNA |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $303,291 |
| Operating expenses | $108,281 |
| Net operating income | $195,010 |
| Net cash flow | $178,074 |
| DSCR (net cash flow) | 1.40 |
| DSCR (net operating income) | 1.54 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
Empire Self-Storage
| Property | Empire Self-Storage |
| Address | 120 Sandholm Lane; Cloverdale, CA 95425 |
| Property type | Self storage |
| Units, beds or keys | 98185 |
| Net rentable square feet | not yet reported |
| Year built | 2004 |
| Year last renovated | 2013 |
| Original balance | $4.0M |
| Current balance | $4.0M (September 2026) |
| Share of deal balance | 0.5% |
| Interest rate at origination | 2.85% |
| Current interest rate | 2.85% |
| Origination date | 08-04-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | BMO |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $551,196 |
| Operating expenses | $177,676 |
| Net operating income | $373,520 |
| Net cash flow | $366,143 |
| DSCR (net cash flow) | 6.35 |
| DSCR (net operating income) | 6.48 |
| Occupancy | 81% |
| Servicer advances outstanding | $0 |
1625 Forest Avenue
| Property | 1625 Forest Avenue |
| Address | 1625 Forest Avenue; Staten Island, NY 10302 |
| Property type | Other (code 98) |
| Units, beds or keys | 0 |
| Net rentable square feet | 45,240 |
| Year built | 1973 |
| Year last renovated | not yet reported |
| Original balance | $4.0M |
| Current balance | $4.0M (September 2026) |
| Share of deal balance | 0.5% |
| Interest rate at origination | 3.05% |
| Current interest rate | 3.05% |
| Origination date | 09-14-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $685,185 |
| Operating expenses | $299,873 |
| Net operating income | $385,312 |
| Net cash flow | $380,788 |
| DSCR (net cash flow) | 6.17 |
| DSCR (net operating income) | 6.25 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
The Alexis
| Property | The Alexis |
| Address | 81 Ed Perry Boulevard; Oxford, MS 38655 |
| Property type | Mixed use |
| Units, beds or keys | 0 |
| Net rentable square feet | 14,926 |
| Year built | 2020 |
| Year last renovated | not yet reported |
| Original balance | $3.6M |
| Current balance | $3.6M (September 2026) |
| Share of deal balance | 0.4% |
| Interest rate at origination | 3.95% |
| Current interest rate | 3.95% |
| Origination date | 08-26-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 60 months |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $503,713 |
| Operating expenses | $112,593 |
| Net operating income | $391,120 |
| Net cash flow | $377,687 |
| DSCR (net cash flow) | 2.64 |
| DSCR (net operating income) | 2.73 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
Walgreens Lake Station
| Property | Walgreens Lake Station |
| Address | 3500 Central Avenue; Lake Station, IN 46405 |
| Property type | Retail |
| Units, beds or keys | 0 |
| Net rentable square feet | 14,490 |
| Year built | 2002 |
| Year last renovated | not yet reported |
| Original balance | $3.8M |
| Current balance | $3.4M (September 2026) |
| Share of deal balance | 0.4% |
| Interest rate at origination | 3.80% |
| Current interest rate | 3.80% |
| Origination date | 09-14-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-10-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $147,500 |
| Operating expenses | $9,525 |
| Net operating income | $137,975 |
| Net cash flow | $136,526 |
| DSCR (net cash flow) | 1.30 |
| DSCR (net operating income) | 1.31 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |
Willow Park MHP
| Property | Willow Park MHP |
| Address | 1055 Lincoln Avenue; Holland, MI 49423 |
| Property type | Manufactured housing |
| Units, beds or keys | 69 |
| Net rentable square feet | not yet reported |
| Year built | 1960 |
| Year last renovated | 2019 |
| Original balance | $2.4M |
| Current balance | $2.2M (September 2026) |
| Share of deal balance | 0.3% |
| Interest rate at origination | 3.97% |
| Current interest rate | 3.97% |
| Origination date | 08-12-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 12 months |
| Scheduled maturity | 2031-09-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $272,943 |
| Operating expenses | $115,963 |
| Net operating income | $156,980 |
| Net cash flow | $155,255 |
| DSCR (net cash flow) | 2.29 |
| DSCR (net operating income) | 2.32 |
| Occupancy | 91% |
| Servicer advances outstanding | $0 |
109 North Avenue 56
| Property | 109 North Avenue 56 |
| Address | 109 North Avenue 56; Los Angeles, CA 90042 |
| Property type | Office |
| Units, beds or keys | 0 |
| Net rentable square feet | 4,843 |
| Year built | 1923 |
| Year last renovated | not yet reported |
| Original balance | $2.1M |
| Current balance | $2.1M (September 2026) |
| Share of deal balance | 0.2% |
| Interest rate at origination | 4.35% |
| Current interest rate | 4.35% |
| Origination date | 07-21-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-08-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
The three largest tenants as reported in the latest asset-level record.
Latest financials
| Financial period end (latest) | 06-30-2026 |
| Revenue | $149,247 |
| Operating expenses | $49,639 |
| Net operating income | $99,608 |
| Net cash flow | $96,702 |
| DSCR (net cash flow) | 2.09 |
| DSCR (net operating income) | 2.16 |
| Occupancy | 100% |
| Servicer advances outstanding | $0 |