Retail · Milpitas, California
McCarthy Ranch
Public CMBS trusts hold $45.0M of the loan on McCarthy Ranch at 3.694% that reaches maturity on February 6, 2030, in 3 years and 3 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $45,000,000
- Original balance (same notes)
- $45,000,000
- Interest rate
- 3.694% fixed
- Originated
- January 24, 2020
- Maturity
- February 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2029
- 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
- 15-251 Ranch Drive, Milpitas, CA 95035
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Rentable area
- 266,016 sq ft
- Built
- 1994
- Largest tenants
- Best Buy; Big Al's; Ross Stores #319
- Value at securitization
- $74.4M (Dec 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.26x | 2.58x |
| Occupancy | 84% | 87% |
| Net operating income | $3.8M | $4.4M |
| Debt yield | 9.7% |
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 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
- Occupancy has risen from 84% when the loan was securitized to 87%.
- Net operating income is 14% above the underwritten figure ($4.4M a year against $3.8M).
- Debt service coverage moved from 2.26x at securitization to 2.58x on the latest statements.
- The filing gives Jan 2030 as the lease end date for the largest tenant (Best Buy), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $5.0M | Current | No | 2.58x | 87% |
| September 2026 | $45.0M | Current | No | 2.58x | 87% |
| August 2026 | $45.0M | Late payment but less than 30 days delinquent | No | 2.58x | 88% |
| July 2026 | $45.0M | Current | No | 2.58x | 88% |
| June 2026 | $45.0M | Current | No | 2.62x | 88% |
| May 2026 | $45.0M | Current | No | 2.62x | 88% |
| April 2026 | $45.0M | Current | No | 2.62x | 88% |
| March 2026 | $45.0M | Current | No | 2.62x | 88% |
| February 2026 | $45.0M | Current | No | 2.55x | 88% |
| January 2026 | $45.0M | Current | No | 2.55x | 88% |
| December 2025 | $45.0M | Current | No | 2.55x | 88% |
| November 2025 | $45.0M | Current | No | 2.55x | 88% |
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 5 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2020-L4 | 12 | $25,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BBCMS Mortgage Trust 2020-C8 | 34 | $5,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| GS Mortgage Securities Trust 2020-GSA2 | 37 | $5,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
| BBCMS Mortgage Trust 2021-C9 | 43 | $5,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Morgan Stanley Capital I Trust 2021-L5 | 47 | $5,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Moffett Towers Building B | Sunnyvale, CA | Office | $227.6M | 3.49% | Feb 2030 | n/a | n/a | Current |
| Coleman Highline, San Jose (2030 maturity), loan 2 in BANK 2020-BNK29 | San Jose, CA | Office | $167.7M | 2.867% | Nov 2030 | 4.15x | 100% | Current |
| Coleman Highline, San Jose (2030 maturity), loan 2 in BENCHMARK 2020-B19 MORTGAGE TRUST | San Jose, CA | Office | $155.0M | 2.80% | Sep 2030 | 4.47x | 100% | Current |
| Moffett Place - Building 6 | Sunnyvale, CA | Office | $132.6M | 3.369% | Aug 2030 | n/a | n/a | Current |
| Murphy Crossing | Milpitas, CA | Office | $85.0M | 3.58% | Mar 2030 | 2.94x | 21% | Current |
| 280 North Bernardo | Mountain View, CA | Office | $71.0M | 3.95% | Jul 2030 | n/a | n/a | Current |
| The Campus at Lawson Lane | Santa Clara, CA | Office | $70.0M | 5.327% | Aug 2030 | n/a | n/a | Current |
| Netflix Hq | Los Gatos, CA | Office | $55.1M | 6.027% | Oct 2030 | n/a | n/a | Current |
All loans maturing in 2030 · All San Jose-Sunnyvale-Santa Clara 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.