Office portfolio, 6 properties · Encinitas, California
El Camino Real
Public CMBS trusts hold $84.5M of the loan on this portfolio at 4.195% that reaches maturity on October 6, 2030, in 3 years and 11 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $84,540,540
- Original balance (same notes)
- $89,000,000
- Interest rate
- 4.195% fixed
- Originated
- September 25, 2020
- Maturity
- October 6, 2030
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- June 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 285 & 499 North El Camino Real, Encinitas, CA 92024
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Value at securitization
- $134.4M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income (annualized from 6 months) | $7.8M | $18.0M |
| Debt yield | 21.3% |
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 GS Mortgage Securities Trust 2020-GSA2 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 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 131% above the underwritten figure ($18.0M a year against $7.8M; the latest statement covers 6 months, annualized).
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| El Camino Real | Encinitas, CA | Office | 93% | 1.54x |
| Galloway Medical Park | Miami, FL | Office | 98% | 2.04x |
| Snapper Creek | Miami, FL | Office | 96% | 1.75x |
| Temecula Medical Center | Temecula, CA | Office | 100% | 1.90x |
| Activity Medical Center | San Diego, CA | Office | 80% | 1.20x |
| Tri-City Medical Park | Oceanside, CA | Office | 78% | 1.49x |
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $18.0M | Current | No | 1.54x | 93% |
| September 2026 | $84.6M | Current | No | 1.58x | 93% |
| August 2026 | $84.7M | Current | No | 1.58x | 91% |
| July 2026 | $84.8M | Current | No | 1.58x | 91% |
| June 2026 | $85.0M | Current | No | n/a | n/a |
| May 2026 | $85.1M | Current | No | n/a | n/a |
| April 2026 | $85.2M | Current | No | 1.55x | 97% |
| March 2026 | $85.4M | Current | No | 1.55x | 97% |
| February 2026 | $85.5M | Current | No | 1.55x | 97% |
| January 2026 | $85.6M | Current | No | 1.55x | 97% |
| December 2025 | $85.8M | Current | No | 1.55x | 97% |
| November 2025 | $85.9M | Current | No | 1.44x | 96% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2020-C8 | 2 | $66,515,953 | Sep 2026 | SEC filing, September 29, 2026 |
| GS Mortgage Securities Trust 2020-GSA2 | 14 | $18,024,587 | Oct 2026 | SEC filing, October 22, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Terrace View Estates El Cajon Mhc | El Cajon, CA | Manufactured housing | $18.0M | 6.034% | Nov 2030 | 2.70x | 85% | 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 periods ending September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.