VISTA 2026-MF19, a single-borrower CMBS transaction, is coming to market with a $665 million floating-rate, interest-only mortgage loan. The deal is backed by a portfolio of multifamily properties, according to Kroll Bond Rating Agency (KBRA).
The transaction will issue nine classes of certificates. Seven of these classes will receive principal and interest payments, KBRA said.
The loan has an initial two-year term, with three one-year extension options, and requires monthly interest-only payments. It is secured by the borrower's fee simple interests in 19 multifamily assets. For the initial loan term, KBRA said, the borrower must enter into an interest rate cap agreement with a strike rate no higher than 3.95%.
The portfolio includes 3,955 apartment units located in five states. California has the largest share, with 10 properties totaling 56.6% of the loan balance, KBRA said. Florida has four properties, representing 30.7% of the balance. Texas and Louisiana each have two properties, accounting for 6.0% and 3.5%, while Kansas has one property at 3.2%.
These apartment complexes vary in size from 68 to 368 units and were built between 1959 and 2008, with an average age of about 47 years. Most units, or 90.1%, were occupied as of July 2026, with individual occupancy rates ranging from 79.5% to 96.1%.
After the sponsor acquired the properties between 2017 and 2023, the portfolio underwent significant capital improvements totaling $73.3 million, or $18,538 per unit, KBRA said.
The loan sponsor is Jeffrey Unger, principal of Vista Pacific. Vista Pacific is a Los Angeles-based commercial real estate firm specializing in multifamily and healthcare-based net lease investments. Unger currently oversees a portfolio of 37 multifamily assets with 7,982 units and 63 skilled nursing facilities with 9,792 units.
RAM Partners, SoCal Pacific MF Management Corp, and Vista MultiFamily Management manage each portfolio property. SoCal Pacific MF Management and Vista MultiFamily Management are sponsor affiliates. RAM Partners is a third-party manager.
