Hotel · Carmel Valley, California
Bernardus Lodge & Spa
Bernardus Lodge & Spa is financed with a $41.7M CMBS loan at 5.347% that reaches maturity on October 5, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $41,700,818
- Original balance (same notes)
- $43,500,000
- Interest rate
- 5.347% fixed
- Originated
- October 3, 2018
- Maturity
- October 5, 2028
- Payments
- Interest only for 59 months, then amortizing
- Prepayment lockout ended
- April 4, 2021
- Originator
- Grass River Real Estate Credit Partners Loan Funding, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 415 West Carmel Valley Road, Carmel Valley, CA 93924
- Metro
- Salinas, CA
- Rentable area
- 55,166 sq ft
- Units, rooms or beds
- 74
- Built
- 1999, renovated 2016
- Value at securitization
- $80.0M (Aug 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.05x | 1.94x |
| Occupancy | 83% | 74% |
| Net operating income | $6.0M | $5.7M |
| Debt yield | 13.6% |
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 2019-C15 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 83% when the loan was securitized to 74%.
- Net operating income is 5% below the underwritten figure ($5.7M a year against $6.0M).
- Debt service coverage moved from 2.05x at securitization to 1.94x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $41.7M | Current | No | 1.94x | 74% |
| August 2026 | $41.8M | Current | No | 1.94x | 74% |
| July 2026 | $41.8M | Current | No | -0.68x | 64% |
| June 2026 | $41.9M | Current | No | -0.68x | 64% |
| May 2026 | $41.9M | Current | No | n/a | n/a |
| April 2026 | $42.0M | Current | No | 1.17x | 71% |
| March 2026 | $42.0M | Current | No | 1.87x | 72% |
| February 2026 | $42.1M | Current | No | 1.87x | 72% |
| January 2026 | $42.1M | Current | No | 1.87x | 72% |
| December 2025 | $42.2M | Current | No | 1.87x | 72% |
| November 2025 | $42.2M | Current | No | 1.90x | 72% |
| October 2025 | $42.3M | Current | No | 1.90x | 72% |
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 |
|---|---|---|---|---|
| CSAIL 2019-C15 Commercial Mortgage Trust | 6 | $41,700,818 | Sep 2026 | SEC filing, September 28, 2026 |
Other Salinas loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Carmel Mission Inn | Carmel, CA | Hotel | $21.2M | 5.33% | Oct 2028 | 3.70x | 72% | Current |
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.