Mixed use · San Diego, California
Commerce Building - San Diego
Commerce Building - San Diego is financed with a $4.4M CMBS loan at 4.16% that reaches maturity on February 6, 2030, in 3 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,410,000
- Original balance (same notes)
- $4,410,000
- Interest rate
- 4.16% fixed
- Originated
- January 21, 2020
- Maturity
- February 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2029
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 835-837 Fifth Avenue, San Diego, CA 92101
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 22,610 sq ft
- Built
- 1888, renovated 1999
- Largest tenants
- Trailer Park After Dark; KM Strategies, Inc. - Matthew Marruccia; GEM-Gaslamp Event Management, Inc.
- Value at securitization
- $8.4M (Dec 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.15x | 0.06x |
| Occupancy | 96% | 38% |
| Net operating income (annualized from 3 months) | $401K | $11K |
| Debt yield | 0.3% |
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 2020-L4 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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 96% when the loan was securitized to 38%.
- Net operating income is 97% below the underwritten figure ($11K a year against $401K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.15x at securitization to 0.06x on the latest statements.
- At 0.06x, 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 | $4.4M | Current | No | 0.06x | 38% |
| August 2026 | $4.4M | Current | No | 0.06x | 39% |
| July 2026 | $4.4M | Current | No | 0.06x | 39% |
| June 2026 | $4.4M | Current | No | n/a | n/a |
| May 2026 | $4.4M | Current | No | n/a | n/a |
| April 2026 | $4.4M | Current | No | 0.12x | 43% |
| March 2026 | $4.4M | Current | No | 0.12x | 43% |
| February 2026 | $4.4M | Current | No | 0.22x | 47% |
| January 2026 | $4.4M | Current | No | 0.22x | 47% |
| December 2025 | $4.4M | Current | No | 0.22x | 47% |
| November 2025 | $4.4M | Current | No | -0.09x | 47% |
| October 2025 | $4.4M | Current | No | -0.09x | 46% |
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 2020-L4 | 38 | $4,410,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| El Camino Real | Encinitas, CA | Office | $84.5M | 4.195% | Oct 2030 | n/a | n/a | Current |
| 501 West Broadway | San Diego, CA | Office | $47.0M | 6.329% | Sep 2030 | 2.30x | 77% | Current |
| Muse at Torrey Pines | San Diego, CA | Mixed use | $45.0M | 5.496% | Mar 2030 | 2.91x | 100% | Current |
| Aladdin Airport Parking | San Diego, CA | Other | $40.0M | 6.845% | Apr 2030 | 2.81x | n/a | Current |
| The Lafayette Hotel | San Diego, CA | Hotel | $35.3M | 5.28% | Aug 2030 | n/a | n/a | Current |
| Technology Place | San Diego, CA | Office | $25.9M | 4.00% | Aug 2030 | 2.21x | 100% | Current |
| 225 Broadway | San Diego, CA | Office | $23.3M | 5.964% | Jul 2030 | 4.92x | 79% | Current |
| Courtyard Marriott Solana Beach | Solana Beach, CA | Hotel | $22.6M | 3.60% | Mar 2030 | 2.77x | 79% | Current |
All loans maturing in 2030 · 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.