Office · Morristown, New Jersey
APX Morristown
Public CMBS trusts hold $65.1M of the loan on APX Morristown at 3.69% that reaches maturity on September 5, 2029, in 2 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $65,127,638
- Original balance (same notes)
- $66,000,000
- Interest rate
- 3.69% fixed
- Originated
- September 5, 2019
- Maturity
- September 5, 2029
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ended
- October 4, 2022
- Originator
- Grass River Real Estate Credit Partners Loan Funding, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred July 24, 2023, returned August 25, 2025
- Workout strategy
- Resolved
- Modified
- Yes, most recently May 8, 2025
- Defeasance
- None reported
The property
- Address
- 412 Mount Kemble Avenue, Morristown, NJ 07960
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 487,666 sq ft
- Built
- 1986, renovated 2018
- Largest tenants
- NEW YORK MARINE & GENERAL IN; ARXADA AMERICA LLC; JACOBS ENGINEERING GROUP
- Value at securitization
- $98.0M (Jun 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.84x | 0.37x |
| Occupancy | 94% | 63% |
| Net operating income (annualized from 6 months) | $7.2M | $1.8M |
| Debt yield | 2.8% |
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 CSAIL 2020-C19 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Modified
On the cmbs.news watch list in every report since July 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 94% when the loan was securitized to 63%.
- Net operating income is 75% below the underwritten figure ($1.8M a year against $7.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.84x at securitization to 0.37x on the latest statements.
- At 0.37x, 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 | $65.1M | Current | No | 0.37x | 63% |
| August 2026 | $65.1M | Current | No | -0.45x | 63% |
| July 2026 | $65.1M | Current | No | -0.45x | 63% |
| June 2026 | $65.1M | Current | No | n/a | n/a |
| May 2026 | $65.1M | Current | No | n/a | n/a |
| April 2026 | $65.1M | Current | No | 0.52x | 62% |
| March 2026 | $65.1M | Late payment but less than 30 days delinquent | No | 0.52x | 61% |
| February 2026 | $65.1M | Current | No | 0.52x | 61% |
| January 2026 | $65.1M | Current | No | 0.52x | 61% |
| December 2025 | $65.1M | Current | No | 0.52x | 58% |
| November 2025 | $65.1M | Current | No | 0.52x | 58% |
| October 2025 | $65.1M | Late payment but less than 30 days delinquent | No | 0.52x | 58% |
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.
Special-servicing history
- Transferred to the special servicer July 24, 2023, returned to the master servicer August 25, 2025.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| CSAIL 2019-C17 Commercial Mortgage Trust | 5 | $39,471,296 | Sep 2026 | SEC filing, September 28, 2026 |
| CSAIL 2020-C19 Commercial Mortgage Trust | 13 | $25,656,342 | Sep 2026 | SEC filing, September 28, 2026 |
Other New York-Newark-Jersey City loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1633 Broadway | New York, NY | Office | $780.0M | 2.99% | Dec 2029 | 2.87x | 76% | Current |
| 650 Madison Avenue | New York, NY | Mixed use | $545.8M | 3.486% | Dec 2029 | 1.25x | 62% | Current |
| Queens Center | Elmhurst, NY | Retail | $510.0M | 5.37% | Nov 2029 | 1.94x | 93% | Current |
| 3 Columbus Circle | New York, NY | Mixed use | $490.0M | 3.914% | Mar 2029 | 2.80x | 90% | Current |
| 30 Hudson Yards | New York, NY | Office | $422.0M | 3.11% | Jul 2029 | n/a | n/a | Current |
| 55 Hudson Yards | New York, NY | Office | $371.7M | 2.95% | Dec 2029 | n/a | n/a | Current |
| Gateway Center North | Brooklyn, NY | Retail | $300.0M | 6.827% | Nov 2029 | n/a | n/a | Current |
| 640 5th Avenue | New York, NY | Mixed use | $288.6M | 6.129% | Jul 2029 | 2.35x | 90% | Current |
All loans maturing in 2029 · All New York-Newark-Jersey City 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.