Morningstar DBRS assigns A(high) rating to Americana on the River mortgage loan in Michigan
A student housing property near Michigan State University is backing a mortgage loan that now carries an A(high) credit rating with a Stable trend. The financing covers a 90-unit multifamily portfolio in East Lansing, with the loan maturing on May 1, 2036.
Highlights
- Morningstar DBRS assigns an A(high) rating with Stable trend to the 2.97% mortgage loan due May 1, 2036 for Americana on the River LLC.
- The 90-unit, 196-bed multifamily property in East Lansing, serving Michigan State University, shows 100% occupancy confirmed through the February 28, 2025 rent roll.
- The rating considers a 67.0% loan-to-value ratio on $14.9 million asset value, 2.3x debt service coverage ratio, $10.0 million loan balance by June 2026, and 11.6% debt yield.
Loan rating and property profile
As reported by Morningstar DBRS, DBRS, Inc. assigns an A(high) credit rating with a Stable trend to the 2.97% mortgage loan due May 1, 2036, made to Americana on the River LLC. The loan is secured by the fee-simple interest in a 90-unit, four-building multifamily portfolio on a 2.761-acre site in East Lansing, Michigan.The property sits near Michigan State University, giving residents access to campus facilities, student-focused retail and major transportation corridors across the greater Lansing market. Built between 1963 and 1969, and renovated between 2013 and 2017, the asset includes about 196 beds and 175 surface parking spaces, or roughly 0.9 spaces per bed.
Cash flow strength supports credit view
The property operates as student housing primarily serving Michigan State University students and is currently 100% occupied. Morningstar DBRS says the February 28, 2025 rent roll also shows full occupancy, underscoring stable leasing performance.The rating reflects a 67.0% loan-to-value ratio based on Morningstar DBRS' concluded value of $14.9 million, along with strong and predictable cash flows. Additional support comes from a debt service coverage ratio of 2.3 times, an amortizing loan balance of $10.0 million as of June 2026, a debt yield of 11.6%, and qualitative adjustments tied to cash flow volatility, property quality and market fundamentals.
Morningstar DBRS’ annual review of the Hermitage 2023, 2024 and 2025 securitisations largely kept note ratings unchanged while upgrading the Hermitage 2023 Class D Notes to AAA (sf). Our earlier coverage highlighted that the decision was supported by stable UK equipment finance pool performance, including 0.0% leases two to three months in arrears as of 30 April 2026, alongside credit enhancement and updated base-case assumptions.
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