Retail · Las Vegas, Nevada
Desert Marketplace
Public CMBS trusts hold $31.2M of the loan on Desert Marketplace at 5.415% 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
- $31,235,193
- Original balance (same notes)
- $33,000,000
- Interest rate
- 5.415% fixed
- Originated
- October 17, 2018
- Maturity
- November 5, 2028
- Payments
- Interest only for 48 months, then amortizing
- Prepayment lockout ended
- April 4, 2021
- Originator
- Grass River Real Estate Credit Partners REIT LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 8435,8445,8455,8475, W. Warm Spring Road 8495,8525,8545,8565, and 8595 W. Warm Spring Road, Las Vegas, NV 89113
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 197,821 sq ft
- Built
- 2009
- Largest tenants
- Smith's Food & Drug; T.J. Maxx / HomeGoods; Rhapsodielle
- Value at securitization
- $49.8M (Jul 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.28x | 1.38x |
| Occupancy | 99% | 99% |
| Net operating income (annualized from 6 months) | $2.8M | $6.2M |
| Debt yield | 19.8% |
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-C17 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
- Net operating income is 118% above the underwritten figure ($6.2M a year against $2.8M; the latest statement covers 6 months, annualized).
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $31.2M | Current | No | 1.38x | 99% |
| August 2026 | $31.3M | Current | No | 1.36x | 99% |
| July 2026 | $31.3M | Current | No | 1.36x | 99% |
| June 2026 | $31.4M | Current | No | 1.36x | 99% |
| May 2026 | $31.4M | Current | No | n/a | n/a |
| April 2026 | $31.4M | Current | No | 1.44x | 99% |
| March 2026 | $31.5M | Current | No | 1.44x | 99% |
| February 2026 | $31.5M | Current | No | 1.34x | 99% |
| January 2026 | $31.6M | Current | No | 1.34x | 99% |
| December 2025 | $31.6M | Current | No | 1.34x | 99% |
| November 2025 | $31.7M | Current | No | 1.35x | 100% |
| October 2025 | $31.7M | Current | No | 1.35x | 100% |
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| CSAIL 2019-C15 Commercial Mortgage Trust | 16 | $21,769,983 | Sep 2026 | SEC filing, September 28, 2026 |
| CSAIL 2019-C17 Commercial Mortgage Trust | 29 | $9,465,210 | Sep 2026 | SEC filing, September 28, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Montecito Crossing | Las Vegas, NV | Retail | $150.0M | 4.191% | Jan 2028 | n/a | n/a | Current |
| Showcase II | Las Vegas, NV | Retail | $128.0M | 4.896% | May 2028 | 1.58x | 100% | Current |
| Miracle Mile Shops | Las Vegas, NV | Retail | $106.3M | 6.991% | Jun 2028 | 1.51x | 88% | Current |
| Miracle Mile Mall | Las Vegas, NV | Retail | $50.0M | 6.991% | Jun 2028 | 1.51x | 88% | Current |
| Sahara Center | Las Vegas, NV | Retail | $37.0M | 4.366% | May 2028 | 2.63x | 75% | Current |
| River Valley MHC Portfolio | Las Vegas, NV | Manufactured housing | $33.1M | 4.91% | Aug 2028 | 1.70x | 92% | Current |
| The Grove Apartments, Las Vegas | Las Vegas, NV | Multifamily | $21.3M | 5.24% | Dec 2028 | 2.03x | 87% | Current |
| Rainbow Sunset Pavilion - Nv | Las Vegas, NV | Office | $19.5M | 4.70% | Jan 2028 | 1.24x | 100% | Current |
All loans maturing in 2028 · All Las Vegas-Henderson-North Las Vegas 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.