Office · Phoenix, Arizona
3636 North Central Avenue
3636 North Central Avenue is financed with a $12.5M CMBS loan at 4.74% that reaches maturity on June 6, 2029, in 2 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $12,472,157
- Original balance (same notes)
- $14,250,000
- Interest rate
- 4.74% fixed
- Originated
- May 24, 2019
- Maturity
- June 6, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- March 5, 2029
- Master servicer
- Trimont LLC
- Originator
- Barclays Capital Real Estate Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3636 North Central Avenue, Phoenix, AZ 85012
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 218,081 sq ft
- Built
- 1983, renovated 2018
- Largest tenants
- GSA; CAVCO INDUSTRIES INC.; Mayes Telles PLLC
- Value at securitization
- $24.2M (Apr 2019)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.74x | -0.02x |
| Occupancy | 76% | 52% |
| Net operating income | $1.6M | $-22K |
| Debt yield | -0.2% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2019-C51 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 76% when the loan was securitized to 52%.
- Net operating income is 101% below the underwritten figure ($-22K a year against $1.6M).
- Debt service coverage moved from 1.74x at securitization to -0.02x on the latest statements.
- At -0.02x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $12.5M | Current | No | -0.02x | 52% |
| August 2026 | $12.5M | Current | No | -0.02x | 52% |
| July 2026 | $12.5M | Current | No | -0.02x | 52% |
| June 2026 | $12.6M | Late payment but less than 30 days delinquent | No | -0.02x | 52% |
| May 2026 | $12.6M | Current | No | 0.16x | 54% |
| April 2026 | $12.6M | Current | No | 0.16x | 54% |
| March 2026 | $12.6M | Current | No | 0.16x | 54% |
| February 2026 | $12.6M | Current | No | 0.16x | 54% |
| January 2026 | $12.7M | Current | No | 0.16x | 54% |
| December 2025 | $12.7M | Current | No | 0.16x | 54% |
| November 2025 | $12.7M | Current | No | 0.16x | 54% |
| October 2025 | $12.7M | Current | No | 0.16x | 54% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2019-C51 | 15 | $12,472,157 | Sep 2026 | SEC filing, September 29, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 3900 Camelback | Phoenix, AZ | Office | $37.5M | 3.48% | Dec 2029 | 1.93x | 24% | Current |
| 4041 Central | Phoenix, AZ | Office | $36.7M | 3.66% | Oct 2029 | 1.90x | 71% | Delinquent |
| Embassy Suites Scottsdale | Scottsdale, AZ | Hotel | $35.5M | 5.915% | Feb 2029 | 2.02x | 81% | Current |
| Riverwalk Business Park | Scottsdale, AZ | Office | $34.5M | 7.718% | Dec 2029 | 2.39x | 95% | Current |
| Papago Gateway Center | Tempe, AZ | Office | $34.0M | 8.248% | Mar 2029 | 2.33x | 99% | Current |
| Marriott Phoenix Airport | Phoenix, AZ | Hotel | $33.9M | 4.128% | Dec 2029 | 3.79x | 69% | Current |
| Scottsdale Center | Scottsdale, AZ | Office | $24.4M | 5.145% | Jan 2029 | 2.68x | 98% | Current |
| Greenway Park Plaza | Phoenix, AZ | Retail | $19.0M | 3.80% | Oct 2029 | 2.00x | 97% | Current |
All loans maturing in 2029 · All Phoenix-Mesa-Chandler loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.