Industrial · El Cajon, California
Marshall Avenue Industrial Park
Marshall Avenue Industrial Park is financed with a $6.8M CMBS loan at 3.99% that reaches maturity on May 6, 2031, in 4 years and 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $6,800,000
- Original balance (same notes)
- $6,800,000
- Interest rate
- 3.99% fixed
- Originated
- April 14, 2021
- Maturity
- May 6, 2031
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- Barclays
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 1830-1934 Marshall Avenue, El Cajon, CA 92020
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 65,731 sq ft
- Built
- 2019
- Largest tenants
- Goodman Distribution; Turfworx; Yousif
- Value at securitization
- $11.4M (Mar 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 2.87x |
| Occupancy | 99% | 100% |
| Net operating income (annualized from 6 months) | n/a | $793K |
| Debt yield | 11.7% |
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 2021-L5 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Largest tenant's lease ends within 12 months
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
- The filing gives Aug 2027 as the lease end date for the largest tenant (Goodman Distribution), 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 | $6.8M | Not reported | No | 2.87x | 100% |
| August 2026 | $6.8M | Not reported | No | 2.98x | 100% |
| July 2026 | $6.8M | Not reported | No | 2.98x | 100% |
| June 2026 | $6.8M | Not reported | No | 2.98x | 100% |
| May 2026 | $6.8M | Not reported | No | 2.98x | 100% |
| April 2026 | $6.8M | Not reported | No | 2.98x | 100% |
| March 2026 | $6.8M | Not reported | No | 2.87x | 100% |
| February 2026 | $6.8M | Not reported | No | 2.87x | 100% |
| January 2026 | $6.8M | Not reported | No | 2.87x | 100% |
| December 2025 | $6.8M | Not reported | No | 3.21x | 100% |
| November 2025 | $6.8M | Not reported | No | 3.21x | 100% |
| October 2025 | $6.8M | Not reported | No | 3.21x | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2021-L5 | 38 | $6,800,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Torrey Heights, San Diego (2031 maturity), loan 8 in BANK5 2026-5YR20 | San Diego, CA | Mixed use | $92.0M | 4.968% | Jan 2031 | n/a | n/a | Current |
| Sunset View | Oceanside, CA | Multifamily | $37.2M | 6.065% | Mar 2031 | n/a | n/a | Current |
| Lightwave Corporate Center | San Diego, CA | Mixed use | $37.1M | 2.55% | Oct 2031 | 5.49x | 100% | Current |
| Torrey Heights, San Diego (2031 maturity), loan 11 in BANK5 2026-5YR21 | San Diego, CA | Mixed use | $33.0M | 4.968% | Jan 2031 | n/a | n/a | Current |
| Allied Plaza | La Mesa, CA | Office | $20.5M | 2.98% | Apr 2031 | 4.29x | 92% | Current |
| The Promontory | San Diego, CA | Office | $20.0M | 3.652% | Apr 2031 | 3.25x | 85% | Current |
| Sorrento Pines | CA | Industrial | $19.5M | 6.42% | Jul 2031 | n/a | n/a | Current |
| Holiday inn Express - San Diego | San Diego, CA | Hotel | $19.0M | 3.735% | Jun 2031 | 3.67x | 82% | Current |
All loans maturing in 2031 · All San Diego-Chula Vista-Carlsbad 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.