← Morgan Stanley Capital I Trust 2021-L5 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2021-L5
- Current balance
- $8.3M (August 2026)
- Share of deal
- not yet reported
- Status
- Real estate owned (REO)
- DSCR (latest)
- 1.71
- Occupancy (latest)
- 49%
- Scheduled maturity
- 2026-05-06
Property and terms
| Property | 4500 Alexander Boulevard Northeast |
| Address | 4500 Alexander Boulevard Northeast; Albuquerque, NM 87107 |
| Property type | Office |
| Units, beds or keys | 0 |
| Net rentable square feet | 102,523 |
| Year built | 1986 |
| Year last renovated | 2020 |
| Original balance | $9.0M |
| Current balance | $8.3M (August 2026) |
| Share of deal balance | not yet reported |
| Interest rate at origination | 4.40% |
| Current interest rate | 4.40% |
| Origination date | 04-09-2021 |
| Original term | 60 months |
| Amortization term | 360 months |
| Interest-only period | 6 months |
| Scheduled maturity | 2026-05-06 |
| 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 | Real estate owned (REO) |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $13.2M | 01-05-2021 | not yet reported |
| Most recent reported | $13.2M | 2021-01-05 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Science Engineering Management Solutions LLC | 50,012 | 06-30-2030 |
The three largest tenants as reported in the latest asset-level record.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May 2021 | $9.0M | Matured balloon, performing | 4.40% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | $451,623 | not yet reported | not yet reported |
| June 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| August 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| October 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| November 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| December 2021 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| January 2022 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| February 2022 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| March 2022 | $9.0M | not yet reported | 4.40% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| April 2022 | $8.9M | not yet reported | 4.40% | 0.00 | 0.00 | 60% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2022 | $8.9M | not yet reported | 4.40% | 0.00 | 0.00 | 60% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2022 | $8.9M | not yet reported | 4.40% | 2.55 | 2.67 | 60% | $0 | 12-31-2021 | $1.2M | $366,554 | $807,662 | $769,216 |
| July 2022 | $8.9M | not yet reported | 4.40% | 2.55 | 2.67 | 60% | $0 | 12-31-2021 | $1.2M | $366,554 | $807,662 | $769,216 |
| August 2022 | $8.9M | not yet reported | 4.40% | 2.02 | 2.12 | 79% | $0 | 06-30-2022 | $798,466 | $226,080 | $572,385 | $546,754 |
| September 2022 | $8.9M | not yet reported | 4.40% | 2.02 | 2.12 | 79% | $0 | 06-30-2022 | $798,466 | $226,080 | $572,385 | $546,754 |
| October 2022 | $8.9M | not yet reported | 4.40% | 2.02 | 2.12 | 79% | $0 | 06-30-2022 | $798,466 | $226,080 | $572,385 | $546,754 |
| November 2022 | $8.9M | not yet reported | 4.40% | 2.02 | 2.12 | 79% | $0 | 06-30-2022 | $798,466 | $226,080 | $572,385 | $546,754 |
| December 2022 | $8.8M | not yet reported | 4.40% | 2.02 | 2.12 | 79% | $0 | 06-30-2022 | $798,466 | $226,080 | $572,385 | $546,754 |
| January 2023 | $8.8M | not yet reported | 4.40% | 2.02 | 2.12 | 79% | $0 | 06-30-2022 | $798,466 | $226,080 | $572,385 | $546,754 |
| February 2023 | $8.8M | not yet reported | 4.40% | 1.92 | 2.02 | 79% | $0 | 09-30-2022 | $1.2M | $382,464 | $818,246 | $779,800 |
| March 2023 | $8.8M | not yet reported | 4.40% | 1.92 | 2.02 | 79% | $0 | 09-30-2022 | $1.2M | $382,464 | $818,246 | $779,800 |
| April 2023 | $8.8M | not yet reported | 4.40% | 0.00 | 0.00 | 79% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2023 | $8.8M | not yet reported | 4.40% | 0.00 | 0.00 | 79% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2023 | $8.8M | not yet reported | 4.40% | 0.00 | 0.00 | 79% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2023 | $8.8M | not yet reported | 4.40% | 0.00 | 0.00 | 79% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| August 2023 | $8.7M | not yet reported | 4.40% | 2.00 | 2.10 | 79% | $0 | 06-30-2023 | $746,018 | $178,382 | $567,637 | $542,006 |
| September 2023 | $8.7M | not yet reported | 4.40% | 2.00 | 2.10 | 79% | $0 | 06-30-2023 | $746,018 | $178,382 | $567,637 | $542,006 |
| October 2023 | $8.7M | not yet reported | 4.40% | 2.00 | 2.10 | 79% | $0 | 06-30-2023 | $746,018 | $178,382 | $567,637 | $542,006 |
| November 2023 | $8.7M | not yet reported | 4.40% | 1.98 | 2.08 | 79% | $0 | 09-30-2023 | $1.2M | $324,799 | $843,258 | $804,811 |
| December 2023 | $8.7M | not yet reported | 4.40% | 1.98 | 2.08 | 79% | $0 | 09-30-2023 | $1.2M | $324,799 | $843,258 | $804,811 |
| January 2024 | $8.7M | not yet reported | 4.40% | 2.00 | 2.10 | 79% | $0 | 06-30-2023 | $746,018 | $178,382 | $567,637 | $542,006 |
| February 2024 | $8.7M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| March 2024 | $8.7M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| April 2024 | $8.6M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| May 2024 | $8.6M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| June 2024 | $8.6M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| July 2024 | $8.6M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| August 2024 | $8.6M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| September 2024 | $8.6M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| October 2024 | $8.6M | Matured balloon, non-performing | 4.40% | 2.47 | 2.56 | 100% | $45,015 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| December 2024 | $8.5M | not yet reported | 4.40% | 2.47 | 2.56 | 100% | $0 | 12-31-2023 | $1.9M | $485,107 | $1.4M | $1.3M |
| January 2025 | $8.5M | not yet reported | 4.40% | 2.34 | 2.44 | 100% | $0 | 09-30-2024 | $1.4M | $367,733 | $989,245 | $950,798 |
| February 2025 | $8.5M | not yet reported | 4.40% | 2.34 | 2.44 | 100% | $0 | 09-30-2024 | $1.4M | $367,733 | $989,245 | $950,798 |
| March 2025 | $8.5M | not yet reported | 4.40% | 2.34 | 2.44 | 100% | $0 | 09-30-2024 | $1.4M | $367,733 | $989,245 | $950,798 |
| April 2025 | $8.5M | not yet reported | 4.40% | 2.38 | 2.47 | 100% | $0 | 12-31-2024 | $1.8M | $509,407 | $1.3M | $1.3M |
| May 2025 | $8.5M | not yet reported | 4.40% | 2.38 | 2.47 | 100% | $0 | 12-31-2024 | $1.8M | $509,407 | $1.3M | $1.3M |
| June 2025 | $8.5M | not yet reported | 4.40% | 2.38 | 2.47 | 100% | $0 | 12-31-2024 | $1.8M | $509,407 | $1.3M | $1.3M |
| July 2025 | $8.4M | not yet reported | 4.40% | 2.38 | 2.47 | 100% | $0 | 12-31-2024 | $1.8M | $509,407 | $1.3M | $1.3M |
| August 2025 | $8.4M | not yet reported | 4.40% | 1.79 | 1.89 | 70% | $0 | 06-30-2025 | $780,611 | $270,050 | $510,561 | $484,930 |
| September 2025 | $8.4M | not yet reported | 4.40% | 1.79 | 1.89 | 70% | $0 | 06-30-2025 | $780,611 | $270,050 | $510,561 | $484,930 |
| October 2025 | $8.4M | not yet reported | 4.40% | 1.79 | 1.89 | 70% | $0 | 06-30-2025 | $780,611 | $270,050 | $510,561 | $484,930 |
| November 2025 | $8.4M | not yet reported | 4.40% | 1.79 | 1.89 | 70% | $0 | 06-30-2025 | $780,611 | $270,050 | $510,561 | $484,930 |
| December 2025 | $8.4M | not yet reported | 4.40% | 1.89 | 1.98 | 70% | $0 | 09-30-2025 | $1.2M | $414,756 | $804,434 | $765,988 |
| January 2026 | $8.4M | not yet reported | 4.40% | 1.79 | 1.89 | 70% | $0 | 06-30-2025 | $780,611 | $270,050 | $510,561 | $484,930 |
| February 2026 | $8.4M | not yet reported | 4.40% | 1.89 | 1.98 | 70% | $0 | 09-30-2025 | $1.2M | $414,756 | $804,434 | $765,988 |
| March 2026 | $8.3M | not yet reported | 4.40% | 1.89 | 1.98 | 70% | $0 | 09-30-2025 | $1.2M | $414,756 | $804,434 | $765,988 |
| April 2026 | $8.3M | not yet reported | 4.40% | 1.71 | 1.81 | 56% | $0 | 12-31-2025 | $1.5M | $539,814 | $977,752 | $926,490 |
| May 2026 | $8.3M | Foreclosure | 4.40% | 1.71 | 1.81 | 56% | $0 | 12-31-2025 | $1.5M | $539,814 | $977,752 | $926,490 |
| June 2026 | $8.3M | Real estate owned (REO) | 4.40% | 1.71 | 1.81 | 56% | $45,033 | 12-31-2025 | $1.5M | $539,814 | $977,752 | $926,490 |
| July 2026 | $8.3M | Real estate owned (REO) | 4.40% | 1.71 | 1.81 | 56% | $90,067 | 12-31-2025 | $1.5M | $539,814 | $977,752 | $926,490 |
| August 2026 | $8.3M | Real estate owned (REO) | 4.40% | 1.71 | 1.81 | 49% | $135,099 | 12-31-2025 | $1.5M | $539,814 | $977,752 | $926,490 |
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 |
|---|---|
| May 2026 | First reported 30 or more days delinquent |
| 2026-05-06 | Scheduled maturity passed; the loan is still reported, with status Real estate owned (REO) in August 2026 |
| 2026-05-13 | Transferred to the special servicer |
| 2026-05-15 | 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.