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CMBS dealSpecial servicing active

MSC 2021-L5

As of 6/30/2026Source: SEC EDGAR, CIK 1856967
Latest answer
MSC 2021-L5 is a CMBS reference page with collateral metrics, transaction parties, filings, fund exposure, and machine-readable facts tied back to source disclosure.
Coverage: 93%Freshness: 9 days
Context brief

Quick Answer

What is MSC 2021-L5? A US commercial mortgage-backed security issued April 2021 ($817.3M; 63 loans; 125 properties).

Identifiers: Shelf MSC; Series msc2021-l5; CIK 1856967.

Unique value: Dealcharts provides computed pool metrics, time-series performance analysis, and cross-deal comparisons not available in raw SEC EDGAR filings.

Sources: SEC EDGAR CIK 1856967.

What it means for you: This is the reported figure - the same for everyone, and it takes no one's side. For what it means from a specific position, email cairn+page@cmdrvl.com and name the CUSIP you hold (or a seat you're sizing up). Cairn tailors the read to your position, with the receipts.

Part of:2021 VintageMSC ShelfLNR Partners (Special Servicer)
Machine-readable data: https://dealcharts.org/llm/facts/msc2021-l5.json · API docs
Have a question this page didn't answer? Ask Cairn →
On this page:Entities6Metrics34Charts15Macro Context1Fund Holdings12Documents5

Who's Involved#

Rating AgenciesS&P, Fitch, KBRA
Controlling ClassLNR Securities Holdings, LLC or an affiliate thereof
Special ServicerLNR Partners
Master ServicerKeyBank National Association
Operating AdvisorPentalpha Surveillance
DepositorMorgan Stanley Capital I Inc.

Deal Metrics

Key performance indicators and statistics tracking the deal's current status and history.

Deal Overview

Aggregate Original Loan Amount
Current Trust Amount
Number of Loans
Number of Properties
Average Loan Size

Portfolio Characteristics

Weighted Average Interest Rate
Weighted Average Term
WA DSCR (NCF) at Issuance
WA DSCR (NCF) Current
Original Valuation
Current Valuation

Key Dates

Origination Date
Latest Valuation
Latest Transfer
Latest Return
Latest Modification

Special Servicing Status

Loans in Special Servicing
Special Servicing Balance
Loans Returned to Master
Balance Returned
Avg Time in Special Servicing
Avg Time to Return

Valuation Changes

Updated Valuations
Total Updated Value
Value Change Amount
Value Change Percentage

Modifications

Number of Modifications
Modified Balance

Deal Charts

Charts showing deal performance over time.

Geographic Distribution - MSC 2021-L5 - All States
2026-06-30

Fund Exposure#

Source: NPORT-P & related disclosures • 2026-04-22
Fund NameFiling DateFIGILEITranchesTotal ValueReporting Period
Fidelity Real Estate High Income Fund2025-07-24Search FIGILookup LEIA-4$3,309,7532025-11-30
Franklin Total Return Fund2026-06-24Search FIGILookup LEIX-A$1,625,0272026-10-31
Franklin Core Plus Bond Fund2026-06-24Search FIGILookup LEIX-A$1,484,9602026-04-30
Versus Capital Multi-Manager Real Estate Income Fund LLC2024-02-28Search FIGILookup LEIF$940,9832024-03-31
JPMorgan Flexible Debt ETF2026-04-29Search FIGILookup LEIX-A$449,4662026-02-28
MFS Global Opportunistic Bond Fund2026-04-22Search FIGILookup LEIX-A$238,6722026-11-30
MFS Global Total Return Fund2026-06-29Search FIGILookup LEIX-A$182,9562026-10-31
BNY Mellon Core Bond ETF2025-06-25Search FIGILookup LEIA-2$168,0022025-10-31
Franklin Strategic Income VIP Fund2026-05-27Search FIGILookup LEIX-A$136,1332026-12-31
MFS Diversified Income Fund2026-04-22Search FIGILookup LEIX-A$112,4942026-02-28
VOYA BALANCED PORTFOLIO2024-08-27Search FIGILookup LEIX-A$58,5922024-12-31
Voya Balanced Income Portfolio2025-08-26Search FIGILookup LEIX-A$48,9982025-12-31
Fund NameTranchesIds
Fidelity Real Estate High Income Fund
$3,309,753
2025-11-30
A-4Search FIGI
Lookup LEI
Franklin Total Return Fund
$1,625,027
2026-10-31
X-ASearch FIGI
Lookup LEI
Franklin Core Plus Bond Fund
$1,484,960
2026-04-30
X-ASearch FIGI
Lookup LEI
Versus Capital Multi-Manager Real Estate Income Fund LLC
$940,983
2024-03-31
FSearch FIGI
Lookup LEI
JPMorgan Flexible Debt ETF
$449,466
2026-02-28
X-ASearch FIGI
Lookup LEI
MFS Global Opportunistic Bond Fund
$238,672
2026-11-30
X-ASearch FIGI
Lookup LEI
MFS Global Total Return Fund
$182,956
2026-10-31
X-ASearch FIGI
Lookup LEI
BNY Mellon Core Bond ETF
$168,002
2025-10-31
A-2Search FIGI
Lookup LEI
Franklin Strategic Income VIP Fund
$136,133
2026-12-31
X-ASearch FIGI
Lookup LEI
MFS Diversified Income Fund
$112,494
2026-02-28
X-ASearch FIGI
Lookup LEI
VOYA BALANCED PORTFOLIO
$58,592
2024-12-31
X-ASearch FIGI
Lookup LEI
Voya Balanced Income Portfolio
$48,998
2025-12-31
X-ASearch FIGI
Lookup LEI
12 of 12 funds* Use toggle buttons to sort
* This table is not yet exhaustive. It is a new feature and contains only the funds we have found so far based on the tranche identifiers we know about. We are still working on it!
* The FIGI Search url provided for each fund will link you to the OpenFIGI search page to lookup FIGI identifiers.
* Reporting Period represents the reporting period end date from the NPORT-P filing.
* For full disclosures, please visit our disclosures page.
Filings are mapped to tranches/deals with normalized identifiers.Quality & lineage Open deal-level fund-holder pageFund not listed or misattributed? Contact us at support@cmdrvl.com to ensure accurate exposure mapping.

Provenance & Documents

Issuance → amendments → reports. Tap to view on SEC.
2026-06-30
Latest
Monthly Remittance Report
Document filing with updated information.
View on SEC →
2021-05-11
Final Prospectus
Document filing with updated information.
View on SEC →
2021-04-26
Preliminary Prospectus
Document filing with updated information.
View on SEC →
2021-04-26
Final Termsheet
Document filing with updated information.
View on SEC →
2021-04-26
Annex A
Document filing with updated information.
View on SEC →

Context & Commentary#

Curious about data-center or AI-tenant exposure across CMBS collateral? See AI & data-center exposure →

Entity Statements

No statements from entities yet. Contact us at support@cmdrvl.com to add official context.

External Analysis

No external analysis linked yet. Contact us to publish and link your research.
All items include provenance (author, timestamp, source).Have a source-backed clarification? Contact us.
Monitoring
This deal's collateral and ratings data changes over time. Who is watching it for you?
CMD+RVL runs monitors on the filings behind this page — new servicer reports, ratings actions, collateral shifts — and delivers each state change with full provenance.
Set up monitoring for this deal
Have a source-backed note on this deal? Contact us.

Datasets & API#

GET https://dealcharts.org/llm/facts/msc2021-l5.json
{
  "deal_id": "msc2021-l5",
  "issuer": "",
  "shelf": "MSC",
  "issue_date": "",
  "linked_entities": [
  {
    "role": "Rating Agencies",
    "name": "S&P, Fitch, KBRA"
  },
  {
    "role": "Controlling Class",
    "name": "LNR Securities Holdings, LLC or an affiliate thereof"
  },
  {
    "role": "Special Servicer",
    "name": "LNR Partners"
  },
  {
    "role": "Master Servicer",
    "name": "KeyBank National Association"
  },
  {
    "role": "Operating Advisor",
    "name": "Pentalpha Surveillance"
  },
  {
    "role": "Depositor",
    "name": "Morgan Stanley Capital I Inc."
  }
]
}


Access the underlying datasets used to power these analytics.
Marketplace dataset

CMBS Fund Holdings Dataset

Snowflake Marketplace

Filing data from sec.gov NPORT-P to produce the Fund Holdings table.

Go to MarketplaceData Dictionary
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CREFC IRP standardized datasets

Snowflake Marketplace

Get the standardized dataset following the CREFC IRP format, ideal for advanced reporting and analysis.

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Ask Cairn

What does MSC 2021-L5 mean for you?

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