← Morgan Stanley Capital I Trust 2021-L7 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2021-L7
- Current balance
- $42.9M (September 2026)
- Share of deal
- 5.0%
- Status
- not yet reported
- DSCR (latest)
- 2.02
- Occupancy (latest)
- 82%
- Scheduled maturity
- 2031-08-06
Property and terms
| Property | Havenwood Office Park |
| Address | 25700 Interstate 45; Spring, TX 77386 |
| Property type | Office |
| Units, beds or keys | 0 |
| Net rentable square feet | 239,629 |
| Year built | 2017 |
| Year last renovated | not yet reported |
| Original balance | $45.0M |
| Current balance | $42.9M (September 2026) |
| Share of deal balance | 5.0% |
| Interest rate at origination | 3.55% |
| Current interest rate | 3.55% |
| Origination date | 07-09-2021 |
| Original term | 120 months |
| Amortization term | 540 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 | SMC |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $69.7M | 06-17-2021 | not yet reported |
| Most recent reported | $276.0M | 2021-12-21 | MAI |
Change from securitization to the most recent reported valuation: 296.3%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| General Services Administration | 60,530 | 06-23-2036 |
| The Work Lodge LLC | 22,683 | 12-31-2028 |
| Elevate PFS Holding Inc. | 20,740 | 10-31-2031 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| October 2021 | $44.9M | Current | 3.55% | 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 2021 | $44.9M | not yet reported | 3.55% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| December 2021 | $44.9M | not yet reported | 3.55% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| January 2022 | $44.8M | not yet reported | 3.55% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| February 2022 | $44.8M | not yet reported | 3.55% | 1.12 | 1.20 | 89% | $0 | 12-31-2021 | $4.7M | $2.3M | $2.4M | $2.2M |
| March 2022 | $44.8M | not yet reported | 3.55% | 1.12 | 1.20 | 89% | $0 | 12-31-2021 | $4.7M | $2.3M | $2.4M | $2.2M |
| April 2022 | $44.7M | not yet reported | 3.55% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2022 | $56.0M | Current | 3.96% | 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 | $44.7M | not yet reported | 3.55% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2022 | $44.6M | not yet reported | 3.55% | 1.36 | 1.45 | 89% | $0 | 03-31-2022 | $2.6M | $1.1M | $1.5M | $1.4M |
| August 2022 | $44.6M | not yet reported | 3.55% | 0.54 | 0.63 | 89% | $0 | 06-30-2022 | $1.4M | $745,161 | $627,000 | $537,139 |
| September 2022 | $44.6M | not yet reported | 3.55% | 0.54 | 0.63 | 89% | $0 | 06-30-2022 | $1.4M | $745,161 | $627,000 | $537,139 |
| October 2022 | $44.5M | not yet reported | 3.55% | 1.47 | 1.56 | 89% | $0 | 06-30-2022 | $2.8M | $1.2M | $1.6M | $1.5M |
| November 2022 | $44.5M | not yet reported | 3.55% | 1.35 | 1.44 | 89% | $0 | 09-30-2022 | $4.0M | $1.8M | $2.2M | $2.0M |
| December 2022 | $44.5M | not yet reported | 3.55% | 1.35 | 1.44 | 89% | $0 | 09-30-2022 | $4.0M | $1.8M | $2.2M | $2.0M |
| January 2023 | $44.4M | not yet reported | 3.55% | 1.35 | 1.44 | 89% | $0 | 09-30-2022 | $4.0M | $1.8M | $2.2M | $2.0M |
| February 2023 | $44.4M | not yet reported | 3.55% | 1.56 | 1.65 | 89% | $0 | 12-31-2022 | $5.7M | $2.4M | $3.3M | $3.1M |
| March 2023 | $44.4M | not yet reported | 3.55% | 1.56 | 1.65 | 89% | $0 | 12-31-2022 | $5.7M | $2.4M | $3.3M | $3.1M |
| April 2023 | $44.3M | not yet reported | 3.55% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2023 | $44.3M | not yet reported | 3.55% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2023 | $44.3M | not yet reported | 3.55% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2023 | $44.2M | not yet reported | 3.55% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| August 2023 | $44.2M | not yet reported | 3.55% | 0.00 | 0.00 | 90% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2023 | $44.2M | not yet reported | 3.55% | 1.96 | 2.05 | 90% | $0 | 06-30-2023 | $3.2M | $1.1M | $2.1M | $2.0M |
| October 2023 | $44.1M | not yet reported | 3.55% | 1.92 | 2.01 | 90% | $0 | 06-30-2023 | $3.2M | $1.2M | $2.0M | $1.9M |
| November 2023 | $44.1M | not yet reported | 3.55% | 1.92 | 2.01 | 90% | $0 | 06-30-2023 | $3.2M | $1.2M | $2.0M | $1.9M |
| December 2023 | $44.1M | not yet reported | 3.55% | 2.02 | 2.11 | 90% | $0 | 09-30-2023 | $5.0M | $1.8M | $3.2M | $3.0M |
| January 2024 | $44.0M | not yet reported | 3.55% | 2.02 | 2.11 | 90% | $0 | 09-30-2023 | $5.0M | $1.8M | $3.2M | $3.0M |
| February 2024 | $44.0M | not yet reported | 3.55% | 2.07 | 2.16 | 90% | $0 | 12-31-2023 | $6.7M | $2.4M | $4.3M | $4.2M |
| March 2024 | $44.0M | not yet reported | 3.55% | 2.07 | 2.16 | 90% | $0 | 12-31-2023 | $6.7M | $2.4M | $4.3M | $4.2M |
| April 2024 | $43.9M | not yet reported | 3.55% | 2.07 | 2.16 | 90% | $0 | 12-31-2023 | $6.7M | $2.4M | $4.3M | $4.2M |
| May 2024 | $43.9M | not yet reported | 3.55% | 2.07 | 2.16 | 90% | $0 | 12-31-2023 | $6.7M | $2.4M | $4.3M | $4.2M |
| June 2024 | $43.9M | not yet reported | 3.55% | 2.07 | 2.16 | 90% | $0 | 12-31-2023 | $6.7M | $2.4M | $4.3M | $4.2M |
| July 2024 | $43.8M | not yet reported | 3.55% | 2.07 | 2.16 | 89% | $0 | 03-31-2024 | $6.9M | $2.5M | $4.3M | $4.1M |
| August 2024 | $43.8M | not yet reported | 3.55% | 2.07 | 2.16 | 89% | $0 | 03-31-2024 | $6.9M | $2.5M | $4.3M | $4.1M |
| September 2024 | $43.8M | not yet reported | 3.55% | 1.79 | 1.88 | 92% | $0 | 06-30-2024 | $3.3M | $1.4M | $1.9M | $1.8M |
| October 2024 | $43.7M | not yet reported | 3.55% | 1.79 | 1.88 | 92% | $0 | 06-30-2024 | $3.3M | $1.4M | $1.9M | $1.8M |
| November 2024 | $43.7M | not yet reported | 3.55% | 1.79 | 1.88 | 92% | $0 | 06-30-2024 | $3.3M | $1.4M | $1.9M | $1.8M |
| December 2024 | $43.6M | not yet reported | 3.55% | 1.97 | 2.06 | 88% | $0 | 09-30-2024 | $5.0M | $1.9M | $3.1M | $3.0M |
| January 2025 | $43.6M | not yet reported | 3.55% | 1.97 | 2.06 | 88% | $0 | 09-30-2024 | $5.0M | $1.9M | $3.1M | $3.0M |
| February 2025 | $43.6M | not yet reported | 3.55% | 2.03 | 2.12 | 76% | $0 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| March 2025 | $43.6M | Matured balloon, non-performing | 3.55% | 2.03 | 2.12 | 76% | $166,838 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| April 2025 | $43.5M | not yet reported | 3.55% | 2.03 | 2.12 | 76% | $0 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| May 2025 | $43.5M | not yet reported | 3.55% | 2.03 | 2.12 | 76% | $0 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| June 2025 | $43.4M | not yet reported | 3.55% | 2.03 | 2.12 | 76% | $0 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| July 2025 | $43.4M | not yet reported | 3.55% | 2.03 | 2.12 | 76% | $0 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| August 2025 | $43.4M | not yet reported | 3.55% | 2.03 | 2.12 | 76% | $0 | 12-31-2024 | $6.8M | $2.6M | $4.2M | $4.1M |
| September 2025 | $43.3M | not yet reported | 3.55% | 1.35 | 1.42 | 76% | $0 | 06-30-2025 | $3.1M | $1.2M | $1.9M | $1.8M |
| October 2025 | $43.3M | not yet reported | 3.55% | 1.94 | 2.03 | 80% | $0 | 06-30-2025 | $3.1M | $1.1M | $2.0M | $1.9M |
| November 2025 | $43.2M | not yet reported | 3.55% | 1.94 | 2.03 | 80% | $0 | 06-30-2025 | $3.1M | $1.1M | $2.0M | $1.9M |
| December 2025 | $43.2M | not yet reported | 3.55% | 1.84 | 1.93 | 80% | $0 | 09-30-2025 | $4.8M | $1.9M | $2.9M | $2.8M |
| January 2026 | $43.2M | not yet reported | 3.55% | 1.84 | 1.93 | 80% | $0 | 09-30-2025 | $4.8M | $1.9M | $2.9M | $2.8M |
| February 2026 | $43.1M | not yet reported | 3.55% | 1.84 | 1.93 | 80% | $0 | 09-30-2025 | $4.8M | $1.9M | $2.9M | $2.8M |
| March 2026 | $43.1M | not yet reported | 3.55% | 1.84 | 1.93 | 80% | $0 | 09-30-2025 | $4.8M | $1.9M | $2.9M | $2.8M |
| April 2026 | $43.1M | not yet reported | 3.55% | 1.84 | 1.93 | 80% | $0 | 09-30-2025 | $4.8M | $1.9M | $2.9M | $2.8M |
| May 2026 | $43.0M | not yet reported | 3.55% | 1.78 | 1.87 | 82% | $0 | 12-31-2025 | $6.5M | $2.7M | $3.7M | $3.6M |
| June 2026 | $43.0M | not yet reported | 3.55% | 1.78 | 1.87 | 82% | $0 | 12-31-2025 | $6.5M | $2.7M | $3.7M | $3.6M |
| July 2026 | $42.9M | not yet reported | 3.55% | 1.78 | 1.87 | 82% | $0 | 12-31-2025 | $6.5M | $2.7M | $3.7M | $3.6M |
| August 2026 | $42.9M | not yet reported | 3.55% | 2.02 | 2.11 | 82% | $0 | 06-30-2026 | $3.3M | $1.2M | $2.1M | $2.0M |
| September 2026 | $42.9M | not yet reported | 3.55% | 2.02 | 2.11 | 82% | $0 | 06-30-2026 | $3.3M | $1.2M | $2.1M | $2.0M |
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.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.