Office · Eagan, Minnesota
Grand Oaks Business Park
Grand Oaks Business Park is financed with a $45.7M CMBS loan at 4.85% that reaches maturity on February 1, 2029, in 2 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $45,694,984
- Original balance (same notes)
- $52,500,000
- Interest rate
- 4.85% fixed
- Originated
- January 23, 2019
- Maturity
- February 1, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- September 30, 2028
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 860, 880, 930 & 950 Blue Gentian Road, 2750 & 2770 Blue Water Road, 2854, 2864 & 2874 Highway 55 and 2805 Dodd Road, Eagan, MN 55121
- Metro
- Minneapolis-St. Paul-Bloomington, MN-WI
- Rentable area
- 551,551 sq ft
- Built
- 1999
- Largest tenants
- Laurel Technologies Partnership; SONEX HEALTH INC; VISN 23-MINNEAPOLIS VA
- Value at securitization
- $70.0M (Dec 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.74x | 1.02x |
| Occupancy | 90% | 64% |
| Net operating income (annualized from 6 months) | $5.8M | $3.4M |
| Debt yield | 7.5% |
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 BANK 2019-BNK17 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- 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
- Occupancy has fallen from 90% when the loan was securitized to 64%.
- Net operating income is 41% below the underwritten figure ($3.4M a year against $5.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.74x at securitization to 1.02x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $45.7M | Current | No | 1.02x | 64% |
| August 2026 | $45.8M | Current | No | 0.90x | 66% |
| July 2026 | $45.9M | Current | No | 0.90x | 66% |
| June 2026 | $46.0M | Current | No | 0.90x | 66% |
| May 2026 | $46.0M | Current | No | 1.12x | 67% |
| April 2026 | $46.1M | Current | No | 1.12x | 67% |
| March 2026 | $46.2M | Current | No | 1.12x | 67% |
| February 2026 | $46.3M | Current | No | 1.13x | 60% |
| January 2026 | $46.4M | Current | No | 1.13x | 60% |
| December 2025 | $46.5M | Current | No | 1.13x | 60% |
| November 2025 | $46.6M | Current | No | 1.12x | 60% |
| October 2025 | $46.7M | Current | No | 1.12x | 60% |
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 |
|---|---|---|---|---|
| BANK 2019-BNK17 | 5 | $45,694,984 | Sep 2026 | SEC filing, October 1, 2026 |
Other Minneapolis-St. Paul-Bloomington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Wells Fargo Place | St. Paul, MN | Office | $60.0M | 3.40% | Nov 2029 | 2.23x | 85% | Current |
| Hy-Vee - Oakdale (10th Street), MN | Oakdale, MN | Retail | $55.0M | 4.582% | Apr 2029 | n/a | n/a | Current |
| The Archive Apartments | Minneapolis, MN | Multifamily | $47.9M | 6.92% | Jun 2029 | 1.32x | 93% | Current |
| Plymouth Corporate Center | Plymouth, MN | Office | $45.7M | 4.99% | Jan 2029 | 1.67x | 91% | With the special servicer and 90+ days delinquent |
| Hy-Vee - Savage, MN | Savage, MN | Retail | $40.0M | 3.494% | Dec 2029 | n/a | n/a | Current |
| ATRIA Corporate Center | Plymouth, MN | Office | $37.7M | 4.895% | Apr 2029 | 1.29x | 72% | Current |
| Seagate Shakopee | Shakopee, MN | Industrial | $23.4M | 7.56% | Jan 2029 | 1.49x | 100% | Current |
| Shingle Creek Crossing | Brooklyn Center, MN | Retail | $22.1M | 5.522% | Feb 2029 | 1.35x | 85% | Current |
All loans maturing in 2029 · All Minneapolis-St. Paul-Bloomington 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.