Office · Carlsbad, California
Carlsbad Airport Plaza
Carlsbad Airport Plaza is financed with a $9.1M CMBS loan at 4.70% that reaches maturity on February 1, 2029, in 2 years and 3 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $9,100,000
- Original balance (same notes)
- $9,100,000
- Interest rate
- 4.70% fixed
- Originated
- January 18, 2019
- Maturity
- February 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- February 28, 2021
- Prepayment premium ends
- October 31, 2028 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 5963 La Place Court, Carlsbad, CA 92008
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 65,387 sq ft
- Built
- 1988, renovated 2016
- Largest tenants
- CORZA TECHNOLOGIES, INC; DIRECTAVENUE, INC.; HALFZ, LLC
- Value at securitization
- $14.0M (Dec 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.38x | 0.80x |
| Occupancy | 90% | 56% |
| Net operating income (annualized from 6 months) | $1.0M | $700K |
| Debt yield | 7.7% |
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 JPMCC Commercial Mortgage Securities Trust 2019-COR4 filing for the reporting period ending October 6, 2026, filed with the SEC October 21, 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 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 90% when the loan was securitized to 56%.
- Net operating income is 32% below the underwritten figure ($700K a year against $1.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.38x at securitization to 0.80x on the latest statements.
- At 0.80x, the property's reported NOI does not cover its debt service.
- The filing gives Apr 2028 as the lease end date for the largest tenant (CORZA TECHNOLOGIES, INC), 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 | $9.1M | Current | No | 0.80x | 56% |
| September 2026 | $9.1M | Current | No | 0.80x | 56% |
| August 2026 | $9.1M | Current | No | 0.79x | 56% |
| July 2026 | $9.1M | Current | No | 0.79x | 64% |
| June 2026 | $9.1M | Current | No | n/a | n/a |
| May 2026 | $9.1M | Current | No | n/a | n/a |
| April 2026 | $9.1M | Current | No | 0.77x | 64% |
| March 2026 | $9.1M | Current | No | 0.77x | 64% |
| February 2026 | $9.1M | Current | No | 0.73x | 64% |
| January 2026 | $9.1M | Current | No | 0.73x | 66% |
| December 2025 | $9.1M | Current | No | 0.69x | 66% |
| November 2025 | $9.1M | Current | No | 0.69x | 66% |
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 |
|---|---|---|---|---|
| JPMCC Commercial Mortgage Securities Trust 2019-COR4 | 29 | $9,100,000 | Oct 2026 | SEC filing, October 21, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Sunroad Centrum | San Diego, CA | Office | $82.5M | 7.912% | May 2029 | 1.26x | 100% | Current |
| Highlands Corporate Center | San Diego, CA | Office | $52.0M | 6.80% | Dec 2029 | n/a | n/a | Current |
| Vista Village Shopping Center | Vista, CA | Retail | $44.0M | 4.38% | Apr 2029 | 2.59x | 91% | Current |
| Homewood Suites Mission Valley | San Diego, CA | Hotel | $28.4M | 7.886% | Apr 2029 | 1.17x | 95% | Current |
| Hilton Garden Inn - San Diego Mission Valley Stadium | San Diego, CA | Hotel | $21.1M | 4.65% | Jul 2029 | 1.90x | 85% | Current |
| Holiday Inn - San Diego | San Diego, CA | Hotel | $20.9M | 4.31% | Sep 2029 | 2.19x | n/a | Current |
| Monarch Corporate Center | San Diego, CA | Office | $19.8M | 4.65% | Jan 2029 | 2.05x | 89% | Current |
| Miramar Metroplex | San Diego, CA | Mixed use | $18.9M | 6.818% | Nov 2029 | 1.99x | 75% | Current |
All loans maturing in 2029 · 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 October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.