Retail · New Braunfels, Texas
Courtyard Plaza
Courtyard Plaza is financed with a $14.4M CMBS loan at 4.67% that reaches maturity on July 6, 2029, in 2 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is late, less than 30 days.
The loan
- Balance in tracked trusts
- $14,388,029
- Original balance (same notes)
- $15,400,000
- Interest rate
- 4.67% fixed
- Originated
- June 27, 2019
- Maturity
- July 6, 2029
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- April 5, 2029
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 101-185 South I-35, New Braunfels, TX 78130
- Metro
- San Antonio-New Braunfels, TX
- Rentable area
- 193,431 sq ft
- Built
- 1981
- Largest tenants
- Academy Sports; Ollies Bargain; DD'S Discounts # 5
- Value at securitization
- $24.0M (Mar 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.77x | 2.53x |
| Occupancy | 92% | 97% |
| Net operating income (annualized from 6 months) | $1.7M | $4.9M |
| Debt yield | 33.9% |
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 2019-H7 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
- Occupancy has risen from 92% when the loan was securitized to 97%.
- Net operating income is 189% above the underwritten figure ($4.9M a year against $1.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.77x at securitization to 2.53x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $14.4M | Late payment but less than 30 days delinquent | No | 2.53x | 97% |
| August 2026 | $14.4M | Current | No | 2.53x | 97% |
| July 2026 | $14.4M | Current | No | 2.71x | n/a |
| June 2026 | $14.4M | Current | No | 2.71x | n/a |
| May 2026 | $14.5M | Current | No | 2.71x | n/a |
| April 2026 | $14.5M | Current | No | 1.33x | n/a |
| March 2026 | $14.5M | Current | No | 1.33x | n/a |
| February 2026 | $14.5M | Current | No | 1.33x | n/a |
| January 2026 | $14.5M | Current | No | 1.42x | 97% |
| December 2025 | $14.6M | Current | No | 1.42x | 97% |
| November 2025 | $14.6M | Current | No | 1.25x | 75% |
| October 2025 | $14.6M | Current | No | 1.37x | 75% |
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 2019-H7 | 16 | $14,388,029 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Antonio-New Braunfels loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| USRA Marathon Oil Building | San Antonio, TX | Office | $110.0M | 3.65% | Sep 2029 | 2.06x | 100% | Current |
| FedEx Ground Package System - San Antonio | San Antonio, TX | Industrial | $77.8M | 4.489% | May 2029 | n/a | n/a | Current |
| The Light Building | San Antonio, TX | Office | $43.5M | 6.86% | Jun 2029 | 1.38x | 86% | Current |
| Forward Storage San Antonio | San Antonio, TX | Self storage | $30.9M | 7.42% | Jan 2029 | 1.20x | 100% | Current |
| 19100 Ridgewood | San Antonio, TX | Office | $30.0M | 3.65% | Sep 2029 | 2.04x | 100% | Current |
| Courtyard By Marriott San Antonio Riverwalk | San Antonio, TX | Hotel | $27.8M | 5.35% | Jan 2029 | 2.23x | 63% | Late, less than 30 days |
| Terrell Plaza | San Antonio, TX | Retail | $16.6M | 6.95% | Feb 2029 | 1.55x | 96% | Current |
| Fairfield Inn & Suites and Springhill Suites San Antonio Downtown | San Antonio, TX | Hotel | $12.8M | 4.27% | Aug 2029 | 1.76x | 68% | Current |
All loans maturing in 2029 · All San Antonio-New Braunfels 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.