Office · San Diego, California
Calle Fortunada
Calle Fortunada is financed with a $5.6M CMBS loan at 4.755% that reaches maturity on September 6, 2028, in 22 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,600,000
- Original balance (same notes)
- $5,600,000
- Interest rate
- 4.755% fixed
- Originated
- August 20, 2018
- Maturity
- September 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- May 5, 2028
- Master servicer
- Midland
- Originator
- CCRE
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3860 Calle Fortunada, San Diego, CA 92123
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 60,711 sq ft
- Built
- 1983, renovated 2016
- Largest tenants
- 2-1-1 San Diego; Global Air Logistics and Training, Inc; County of San Diego
- Value at securitization
- $11.5M (May 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.60x | 3.71x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $701K | $1.0M |
| Debt yield | 18.2% |
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 Morgan Stanley Capital I Trust 2018-L1 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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
- Net operating income is 45% above the underwritten figure ($1.0M a year against $701K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.60x at securitization to 3.71x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $5.6M | Current | No | 3.71x | 100% |
| August 2026 | $5.6M | Current | No | 3.71x | 100% |
| July 2026 | $5.6M | Current | No | n/a | n/a |
| June 2026 | $5.6M | Current | No | n/a | n/a |
| May 2026 | $5.6M | Current | No | n/a | n/a |
| April 2026 | $5.6M | Current | No | 3.01x | 100% |
| March 2026 | $5.6M | Current | No | 3.15x | 100% |
| February 2026 | $5.6M | Current | No | 3.15x | 100% |
| January 2026 | $5.6M | Current | No | 3.15x | 100% |
| December 2025 | $5.6M | Current | No | n/a | n/a |
| November 2025 | $5.6M | Current | No | n/a | n/a |
| October 2025 | $5.6M | Current | No | n/a | n/a |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2018-L1 | 38 | $5,600,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Liberty Station Retail | San Diego, CA | Retail | $117.0M | 5.23% | Dec 2028 | n/a | n/a | Current |
| Broadway Plaza | Chula Vista, CA | Retail | $41.0M | 4.672% | Jul 2028 | 1.93x | 100% | Current |
| Best Western Plus Hacienda Hotel | San Diego, CA | Hotel | $31.5M | 5.10% | Apr 2028 | 2.35x | 78% | Current |
| Mission Center | San Diego, CA | Office | $28.6M | 4.265% | Jun 2028 | 2.22x | 84% | Current |
| Residence Inn Chula Vista | Chula Vista, CA | Hotel | $25.4M | 5.35% | Dec 2028 | 2.33x | 88% | Current |
| The Ratner | San Diego, CA | Office | $24.5M | 4.045% | Apr 2028 | 0.75x | 41% | Current |
| Seville Plaza | San Diego, CA | Office | $18.8M | 4.67% | Aug 2028 | 1.93x | 100% | Current |
| Mercado Plaza and Brandywine | CA | Retail | $15.8M | 7.411% | Aug 2028 | 1.39x | 100% | Current |
All loans maturing in 2028 · All San Diego-Chula Vista-Carlsbad 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.