Office · Las Vegas, Nevada
375 Warm Springs
375 Warm Springs is financed with a $8.3M CMBS loan at 3.156% that reaches maturity on November 6, 2030, in 4 years. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $8,350,000
- Original balance (same notes)
- $8,350,000
- Interest rate
- 3.156% fixed
- Originated
- November 4, 2020
- Maturity
- November 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 375 East Warm Springs Road, Las Vegas, NV 89119
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 68,353 sq ft
- Built
- 2002, renovated 2019
- Largest tenants
- Community American Federal Credit Union; Dept. of Conservation and Natural Resources; Pineda Company
- Value at securitization
- $13.1M (Sep 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 3.60x | 2.46x |
| Occupancy | 98% | 89% |
| Net operating income (annualized from 3 months) | $962K | $659K |
| Debt yield | 7.9% |
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 GS Mortgage Securities Trust 2020-GSA2 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
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 98% when the loan was securitized to 89%.
- Net operating income is 32% below the underwritten figure ($659K a year against $962K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 3.60x at securitization to 2.46x on the latest statements.
- The filing gives Mar 2029 as the lease end date for the largest tenant (Community American Federal Credit Union), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $8.3M | Current | No | 2.46x | 89% |
| September 2026 | $8.3M | Current | No | 2.46x | 89% |
| August 2026 | $8.3M | Current | No | 2.46x | 65% |
| July 2026 | $8.3M | Current | No | 2.46x | 65% |
| June 2026 | $8.3M | Current | No | 2.46x | 65% |
| May 2026 | $8.3M | Current | No | 2.46x | 65% |
| April 2026 | $8.3M | Current | No | 1.85x | 76% |
| March 2026 | $8.3M | Current | No | 4.49x | 100% |
| February 2026 | $8.3M | Current | No | 4.49x | 100% |
| January 2026 | $8.3M | Current | No | 4.49x | 100% |
| December 2025 | $8.3M | Current | No | 4.49x | 100% |
| November 2025 | $8.3M | Current | No | 4.49x | 100% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2020-GSA2 | 27 | $8,350,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| MGM Grand, Las Vegas (2030 maturity), loan 4 in BENCHMARK 2020-B19 MORTGAGE TRUST | Las Vegas, NV | Hotel | $847.8M | 3.558% | Mar 2030 | n/a | n/a | Current |
| CityCenter (Aria & Vdara) | Las Vegas, NV | Hotel | $552.0M | 6.079% | Dec 2030 | n/a | n/a | Current |
| 1700 Pavilion | Las Vegas, NV | Office | $75.0M | 7.073% | Jun 2030 | n/a | n/a | Current |
| Tropical Distribution Center | Las Vegas, NV | Industrial | $75.0M | 3.593% | Jul 2030 | 1.99x | 100% | Current |
| MGM Grand, Las Vegas (2030 maturity), loan 4 in CSAIL 2021-C20 Commercial Mortgage Trust | Las Vegas, NV | Hotel | $39.1M | 3.558% | Mar 2030 | n/a | n/a | Current |
| Silver City Plaza | Las Vegas, NV | Retail | $38.5M | 4.155% | Jan 2030 | 1.99x | 100% | Current |
| Lake Mead Crossing | Henderson, NV | Retail | $28.0M | 6.71% | Dec 2030 | 1.36x | 98% | Current |
| Walgreens - Las Vegas Strip | Las Vegas, NV | Retail | $27.7M | 4.18% | Jan 2030 | 1.80x | 100% | Current |
All loans maturing in 2030 · All Las Vegas-Henderson-North Las Vegas loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.