Other portfolio, 12 properties · Multiple locations
GNL Office and Industrial Portfolio
Public CMBS trusts hold $44.2M of the loan on this portfolio at 3.65% that reaches maturity on October 1, 2029, in 2 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $44,189,231
- Original balance (same notes)
- $70,000,000
- Interest rate
- 3.65% fixed
- Originated
- September 12, 2019
- Maturity
- October 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- November 30, 2021
- Prepayment premium ends
- June 30, 2029 (yield maintenance)
- Master servicer
- KeyBank National Association
- Originator
- KeyBank
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Value at securitization
- $370.3M (Sep 2019)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 2.86x | 3.00x |
| Occupancy | 100% | 100% |
| Net operating income | $21.6M | $15.1M |
| Debt yield | 34.2% |
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 Morgan Stanley Capital I Trust 2019-L3 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- NOI down 20% or more from securitization
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 30% below the underwritten figure ($15.1M a year against $21.6M).
- Debt service coverage moved from 2.86x at securitization to 3.00x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $44.2M | Current | No | 3.00x | 100% |
| August 2026 | $44.2M | Current | No | 3.00x | 100% |
| July 2026 | $44.2M | Current | No | 3.00x | 100% |
| June 2026 | $44.2M | Current | No | 3.00x | 100% |
| May 2026 | $44.2M | Current | No | 3.00x | 100% |
| April 2026 | $44.2M | Current | No | 3.00x | 100% |
| March 2026 | $44.2M | Current | No | 3.22x | 100% |
| February 2026 | $44.2M | Current | No | 3.22x | 100% |
| January 2026 | $44.2M | Current | No | 3.22x | 100% |
| December 2025 | $44.2M | Current | No | 3.22x | 100% |
| November 2025 | $44.2M | Current | No | 3.22x | 100% |
| October 2025 | $44.2M | Current | No | 3.22x | 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 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2019-L3 | 1 | $31,563,737 | Sep 2026 | SEC filing, October 2, 2026 |
| Morgan Stanley Capital I Trust 2019-L3 | 1A | $6,312,747 | Sep 2026 | SEC filing, October 2, 2026 |
| Morgan Stanley Capital I Trust 2019-L3 | 1B | $6,312,747 | Sep 2026 | SEC filing, October 2, 2026 |
Other other loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 2810 Pukoloa Street | Honolulu, HI | Other | $151.0M | 4.31% | Feb 2029 | n/a | n/a | Current |
| Wind Creek Casino & Resort | Bethlehem, PA | Other | $132.7M | 4.38% | Aug 2029 | n/a | n/a | Current |
| ILPT Hawaii Portfolio | Honolulu, HI | Other | $109.0M | 4.31% | Feb 2029 | 2.85x | 100% | Current |
| Equinix Data Center | Secaucus, NJ | Other | $100.0M | 3.30% | Oct 2029 | 2.41x | 100% | Current |
| GNL Industrial Portfolio | Other | $89.0M | 5.744% | Apr 2029 | 2.10x | 100% | Current | |
| 5901 W Century Blvd | Los Angeles, CA | Other | $85.0M | 3.50% | Sep 2029 | n/a | n/a | Current |
| Bedrock Mixed-Use Portfolio | Detroit, MI | Other | $75.0M | 6.385% | Jun 2029 | 1.64x | 83% | Current |
| Travelodge - 2307 Wyoming Avenue | Gillette, WY | Other | $61.6M | 4.85% | Dec 2029 | n/a | n/a | With the special servicer and 90+ days delinquent |
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.