Mixed use · North Miami, Florida
Causeway Square
Causeway Square is financed with a $43.2M CMBS loan at 5.265% that reaches maturity on November 5, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $43,221,170
- Original balance (same notes)
- $45,000,000
- Interest rate
- 5.265% fixed
- Originated
- October 19, 2018
- Maturity
- November 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
- 1801 NE 123rd Street, North Miami, FL 33181
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 171,013 sq ft
- Built
- 2009
- Largest tenants
- LA Fitness; Regus; Jackson Health System
- Value at securitization
- $68.9M (Sep 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.33x | 1.66x |
| Occupancy | 89% | 95% |
| Net operating income (annualized from 3 months) | $4.0M | $5.0M |
| Debt yield | 11.6% |
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 risen from 89% when the loan was securitized to 95%.
- Net operating income is 26% above the underwritten figure ($5.0M a year against $4.0M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.33x at securitization to 1.66x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $43.2M | Current | No | 1.66x | 95% |
| August 2026 | $43.3M | Current | No | 1.66x | 95% |
| July 2026 | $43.3M | Current | No | n/a | n/a |
| June 2026 | $43.4M | Current | No | n/a | n/a |
| May 2026 | $43.4M | Current | No | n/a | n/a |
| April 2026 | $43.5M | Current | No | 1.56x | 97% |
| March 2026 | $43.5M | Current | No | 1.56x | 97% |
| February 2026 | $43.6M | Current | No | 1.56x | 97% |
| January 2026 | $43.7M | Current | No | 1.56x | 97% |
| December 2025 | $43.7M | Current | No | 1.56x | 97% |
| November 2025 | $43.8M | Current | No | 1.56x | 97% |
| October 2025 | $43.8M | Current | No | 1.56x | 97% |
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 | 5 | $43,221,170 | Sep 2026 | SEC filing, September 28, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Aventura Mall | Aventura, FL | Retail | $900.0M | 4.121% | Jul 2028 | n/a | n/a | Current |
| Town Center Aventura | Aventura, FL | Retail | $80.0M | 4.89% | Jul 2028 | 1.71x | 90% | Current |
| Miami Industrial Portfolio | Miami, FL | Industrial | $66.1M | 4.981% | Dec 2028 | 3.32x | 87% | Current |
| Promenade Shops at Aventura | Aventura, FL | Retail | $59.2M | 4.669% | Feb 2028 | 1.47x | 99% | Current |
| AutoNation | Fort Lauderdale, FL | Office | $55.0M | 8.25% | Dec 2028 | n/a | n/a | Current |
| Museum Tower | Miami, FL | Office | $47.0M | 6.546% | May 2028 | 1.66x | 91% | Current |
| Palm Glade Apartments | Belle Glade, FL | Multifamily | $45.0M | 6.685% | Jan 2028 | 1.84x | 98% | Current |
| Clevelander South Branch | Miami Beach, FL | Hotel | $41.0M | 5.97% | Oct 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All Miami-Fort Lauderdale-West Palm Beach 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.