← 3650R 2021-PF1 Commercial Mortgage Trust · Loan annex · CMBS market
- Deal
- 3650R 2021-PF1 Commercial Mortgage Trust
- Current balance
- $18.3M (September 2026)
- Share of deal
- 2.1%
- Status
- 90+ days delinquent
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2031-06-05
Property and terms
| Property | Falls of West Oaks |
| Address | 4034 HIghway 6 S; Houston, TX 77082 |
| Property type | Multifamily |
| Units, beds or keys | 288 |
| Net rentable square feet | not yet reported |
| Year built | 1981 |
| Year last renovated | 2021 |
| Original balance | $19.5M |
| Current balance | $18.3M (September 2026) |
| Share of deal balance | 2.1% |
| Interest rate at origination | 3.80% |
| Current interest rate | 3.80% |
| Origination date | 05-24-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 12 months |
| Scheduled maturity | 2031-06-05 |
| Prepayment lockout end | 03-04-2031 |
| Yield maintenance end | not yet reported |
| Servicer | Midland Loan Services |
| Loan servicer | not yet reported |
| Originator | 3650 Real Estate Investment Trust 2 LLC |
| Current status | 90+ days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $27.4M | 01-28-2021 | MAI |
| Most recent reported | $22.0M | 2026-03-09 | MAI |
Change from securitization to the most recent reported valuation: -19.7%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| November 2021 | $19.5M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2021 | $19.5M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2022 | $19.5M | Current | 3.80% | 1.53 | 1.61 | 94% | $0 | 09-30-2021 | $3.2M | $2.0M | $1.2M | $1.1M |
| February 2022 | $19.5M | Current | 3.80% | 1.53 | 1.61 | 94% | $0 | 09-30-2021 | $3.2M | $2.0M | $1.2M | $1.1M |
| March 2022 | $19.5M | Current | 3.80% | 1.53 | 1.61 | 94% | $0 | 09-30-2021 | $3.2M | $2.0M | $1.2M | $1.1M |
| April 2022 | $19.5M | Current | 3.80% | 1.53 | 1.61 | 94% | $0 | 09-30-2021 | $3.2M | $2.0M | $1.2M | $1.1M |
| May 2022 | $19.5M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2022 | $19.5M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2022 | $19.5M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2022 | $19.4M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2022 | $19.4M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2022 | $19.4M | Current | 3.80% | 2.12 | 2.20 | 96% | $0 | 06-30-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| November 2022 | $19.4M | Current | 3.80% | 2.12 | 2.20 | 96% | $0 | 06-30-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| December 2022 | $19.3M | Current | 3.80% | 2.12 | 2.20 | 96% | $0 | 06-30-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| January 2023 | $19.3M | Current | 3.80% | 1.85 | 1.92 | 97% | $0 | 09-30-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| February 2023 | $19.3M | Current | 3.80% | 1.85 | 1.92 | 97% | $0 | 09-30-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| March 2023 | $19.2M | Current | 3.80% | 1.85 | 1.92 | 97% | $0 | 09-30-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| April 2023 | $19.2M | Current | 3.80% | 1.75 | 1.82 | 95% | $0 | 12-31-2022 | $3.1M | $1.4M | $1.7M | $1.6M |
| May 2023 | $19.2M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2023 | $19.2M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2023 | $19.1M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2023 | $19.1M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2023 | $19.1M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2023 | $19.0M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2023 | $19.0M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2023 | $19.0M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2024 | $18.9M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2024 | $18.9M | Current | 3.80% | 1.32 | 1.38 | 90% | $0 | 12-31-2023 | $3.1M | $1.6M | $1.5M | $1.4M |
| March 2024 | $18.9M | Current | 3.80% | 1.32 | 1.38 | 90% | $0 | 12-31-2023 | $3.1M | $1.6M | $1.5M | $1.4M |
| April 2024 | $18.9M | Current | 3.80% | 1.32 | 1.38 | 90% | $0 | 12-31-2023 | $3.1M | $1.6M | $1.5M | $1.4M |
| May 2024 | $18.8M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2024 | $18.8M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2024 | $18.8M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2024 | $18.7M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2024 | $18.7M | Current | 3.80% | 1.33 | 1.39 | 90% | $0 | 03-31-2024 | $805,410 | $426,832 | $378,577 | $362,737 |
| October 2024 | $18.7M | Current | 3.80% | 1.32 | 1.38 | 89% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| November 2024 | $18.6M | Current | 3.80% | 1.32 | 1.38 | 89% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| December 2024 | $18.6M | Current | 3.80% | 1.32 | 1.38 | 86% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| January 2025 | $18.6M | Current | 3.80% | 1.32 | 1.38 | 86% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| February 2025 | $18.6M | Current | 3.80% | 1.32 | 1.38 | 86% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| March 2025 | $18.5M | Current | 3.80% | 1.32 | 1.38 | 86% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| April 2025 | $18.5M | Current | 3.80% | 1.32 | 1.38 | 86% | $0 | 06-30-2024 | $3.3M | $1.8M | $1.5M | $1.4M |
| May 2025 | $18.5M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $18.4M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $18.4M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2025 | $18.4M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2025 | $18.3M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2025 | $18.3M | Current | 3.80% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2025 | $18.3M | Matured balloon, non-performing | 3.80% | not yet reported | not yet reported | not yet reported | $90,006 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2025 | $18.3M | 30-59 days delinquent | 3.80% | 1.33 | 1.39 | 86% | $180,041 | 09-30-2025 | $3.3M | $1.8M | $1.5M | $1.5M |
| January 2026 | $18.3M | 60-89 days delinquent | 3.80% | 1.33 | 1.39 | 86% | $270,051 | 09-30-2025 | $3.3M | $1.8M | $1.5M | $1.5M |
| February 2026 | $18.3M | 90+ days delinquent | 3.80% | 1.33 | 1.39 | 86% | $360,061 | 09-30-2025 | $3.3M | $1.8M | $1.5M | $1.5M |
| March 2026 | $18.3M | 90+ days delinquent | 3.80% | 1.33 | 1.39 | 86% | $436,920 | 09-30-2025 | $3.3M | $1.8M | $1.5M | $1.5M |
| April 2026 | $18.3M | 90+ days delinquent | 3.80% | 1.33 | 1.39 | 86% | $512,280 | 09-30-2025 | $3.3M | $1.8M | $1.5M | $1.5M |
| May 2026 | $18.3M | 90+ days delinquent | 3.80% | not yet reported | not yet reported | not yet reported | $588,142 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $18.3M | 90+ days delinquent | 3.80% | not yet reported | not yet reported | not yet reported | $678,159 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $18.3M | 90+ days delinquent | 3.80% | not yet reported | not yet reported | not yet reported | $768,204 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2026 | $18.3M | 90+ days delinquent | 3.80% | not yet reported | not yet reported | not yet reported | $858,224 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2026 | $18.3M | 90+ days delinquent | 3.80% | not yet reported | not yet reported | not yet reported | $948,246 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Status timeline
| Date | Event |
|---|---|
| December 2025 | First reported 30 or more days delinquent |
| 2026-01-05 | Transferred to the special servicer |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.