Office portfolio, 2 properties · Ohio
Dublin Office Portfolio
This portfolio is financed with a $19.1M CMBS loan at 5.077% that reaches maturity on December 6, 2028, in 2 years and 1 month. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $19,146,631
- Original balance (same notes)
- $22,000,000
- Interest rate
- 5.077% fixed
- Originated
- December 6, 2018
- Maturity
- December 6, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- June 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Goldman Sachs Mortgage Company
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Value at securitization
- $42.9M (Sep 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.84x | 0.03x |
| Occupancy | 87% | 45% |
| Net operating income (annualized from 3 months) | $2.6M | $42K |
| Debt yield | 0.2% |
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 GS Mortgage Securities Trust 2019-GC38 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 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 all 12 monthly reports we hold (November 2025 to October 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 87% when the loan was securitized to 45%.
- Net operating income is 98% below the underwritten figure ($42K a year against $2.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.84x at securitization to 0.03x on the latest statements.
- At 0.03x, 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 |
|---|---|---|---|---|---|
| October 2026 | $19.1M | Current | No | 0.03x | 45% |
| September 2026 | $19.2M | Current | No | 0.03x | 45% |
| August 2026 | $19.2M | Current | No | 0.03x | 45% |
| July 2026 | $19.3M | Current | No | 0.36x | 53% |
| June 2026 | $19.3M | Current | No | 0.36x | 53% |
| May 2026 | $19.3M | Current | No | 0.36x | 53% |
| April 2026 | $19.4M | Current | No | 0.36x | 53% |
| March 2026 | $19.4M | Current | No | 0.36x | 53% |
| February 2026 | $19.4M | Current | No | 0.21x | 41% |
| January 2026 | $19.5M | Current | No | 0.21x | 41% |
| December 2025 | $19.5M | Current | No | 0.21x | 41% |
| November 2025 | $19.5M | Current | No | 0.30x | 41% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC38 | 14 | $19,146,631 | Oct 2026 | SEC filing, October 22, 2026 |
Other Ohio loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Atrium Two | Cincinnati, OH | Office | $49.5M | 5.059% | Dec 2028 | 1.54x | 78% | Current |
| Indian Hills Senior Community | Euclid, OH | Multifamily | $49.1M | 5.13% | Sep 2028 | 1.50x | 88% | Current |
| Sun Center Plaza | Columbus, OH | Retail | $47.5M | 6.97% | Dec 2028 | 1.78x | 99% | Current |
| Steelyard Commons | Cleveland, OH | Retail | $39.6M | 4.855% | Apr 2028 | 2.24x | 84% | Current |
| Anderson Towne Center | Cincinnati, OH | Retail | $36.7M | 5.28% | May 2028 | 1.90x | 95% | Current |
| Carriage Place | Columbus, OH | Retail | $28.3M | 4.91% | Oct 2028 | 1.42x | 97% | Current |
| Alliance Data Systems | Columbus, OH | Office | $26.6M | 4.942% | Aug 2028 | n/a | n/a | Current |
| Summit Office Park | Independence, OH | Office | $25.0M | 4.865% | Sep 2028 | 0.79x | 65% | Current |
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.