Retail · San Luis Obispo, California
Madonna Plaza
Madonna Plaza is financed with a $44.4M CMBS loan at 4.36% that reaches maturity on December 1, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $44,389,999
- Original balance (same notes)
- $46,500,000
- Interest rate
- 4.36% fixed
- Originated
- November 5, 2021
- Maturity
- December 1, 2031
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ended
- December 31, 2023
- Prepayment premium ends
- July 31, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 201-299 Madonna Road, San Luis Obispo, CA 93405
- Metro
- San Luis Obispo-Paso Robles, CA
- Rentable area
- 287,129 sq ft
- Built
- 1968, renovated 2011
- Largest tenants
- Ralph's; Best Buy; Ross Dress for Less
- Value at securitization
- $65.6M (Sep 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.68x | 1.05x |
| Occupancy | 96% | 70% |
| Net operating income (annualized from 6 months) | $4.7M | $2.9M |
| Debt yield | 6.6% |
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 2022-BNK39 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 96% when the loan was securitized to 70%.
- Net operating income is 37% below the underwritten figure ($2.9M a year against $4.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.68x at securitization to 1.05x on the latest statements.
- The filing gives Sep 2026 as the lease end date for the largest tenant (Ralph's), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $44.4M | Current | No | 1.05x | 70% |
| August 2026 | $44.5M | Current | No | 1.08x | 70% |
| July 2026 | $44.5M | Current | No | 1.08x | 70% |
| June 2026 | $44.6M | Current | No | 1.08x | 70% |
| May 2026 | $44.7M | Current | No | 1.57x | 91% |
| April 2026 | $44.7M | Current | No | 1.57x | 91% |
| March 2026 | $44.8M | Current | No | 1.54x | 92% |
| February 2026 | $44.9M | Current | No | 1.54x | 92% |
| January 2026 | $44.9M | Current | No | 2.85x | 99% |
| December 2025 | $45.0M | Current | No | 1.54x | 92% |
| November 2025 | $45.1M | Current | No | 1.54x | 92% |
| October 2025 | $45.1M | Current | No | 1.54x | 92% |
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 2022-BNK39 | 8 | $44,389,999 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Luis Obispo-Paso Robles loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Embassy Suites - San Luis Obispo | San Luis Obispo, CA | Hotel | $30.5M | 7.193% | Jan 2031 | 1.44x | 85% | Current |
| Los Osos Shopping Center | Los Osos, CA | Retail | $12.0M | 3.17% | Aug 2031 | 2.68x | 82% | Current |
All loans maturing in 2031 · All San Luis Obispo-Paso Robles 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.