Office · San Diego, California
Monarch Corporate Center
Monarch Corporate Center is financed with a $19.8M CMBS loan at 4.65% that reaches maturity on January 1, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $19,795,000
- Original balance (same notes)
- $19,795,000
- Interest rate
- 4.65% fixed
- Originated
- December 13, 2018
- Maturity
- January 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- February 28, 2021
- Prepayment premium ends
- September 30, 2028 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 9909-9915 Mira Mesa Boulevard, San Diego, CA 92131
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 112,269 sq ft
- Built
- 2001
- Largest tenants
- Regents of the University of California; KB HOME COASTAL INC; OCEANIC ENTERPRISES INC
- Value at securitization
- $33.6M (Nov 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.43x | 2.05x |
| Occupancy | 95% | 89% |
| Net operating income (annualized from 6 months) | $2.3M | $1.9M |
| Debt yield | 9.8% |
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 BENCHMARK 2019-B9 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage down 0.25x 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 95% when the loan was securitized to 89%.
- Net operating income is 15% below the underwritten figure ($1.9M a year against $2.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.43x at securitization to 2.05x on the latest statements.
- The filing gives Jun 2028 as the lease end date for the largest tenant (Regents of the University of California), 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 | $19.8M | Current | No | 2.05x | 89% |
| August 2026 | $19.8M | Current | No | 2.05x | 89% |
| July 2026 | $19.8M | Current | No | 1.91x | 87% |
| June 2026 | $19.8M | Current | No | 1.91x | 87% |
| May 2026 | $19.8M | Current | No | 1.81x | 81% |
| April 2026 | $19.8M | Current | No | 1.89x | 82% |
| March 2026 | $19.8M | Current | No | 1.89x | 82% |
| February 2026 | $19.8M | Current | No | 1.89x | 82% |
| January 2026 | $19.8M | Current | No | 1.89x | 82% |
| December 2025 | $19.8M | Current | No | 1.89x | 82% |
| November 2025 | $19.8M | Current | No | 1.89x | 82% |
| October 2025 | $19.8M | Current | No | 1.95x | 80% |
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 |
|---|---|---|---|---|
| BENCHMARK 2019-B9 MORTGAGE TRUST | 16 | $19,795,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Sunroad Centrum | San Diego, CA | Office | $82.5M | 7.912% | May 2029 | 1.26x | 100% | Current |
| Highlands Corporate Center | San Diego, CA | Office | $52.0M | 6.80% | Dec 2029 | n/a | n/a | Current |
| Vista Village Shopping Center | Vista, CA | Retail | $44.0M | 4.38% | Apr 2029 | 2.59x | 91% | Current |
| Homewood Suites Mission Valley | San Diego, CA | Hotel | $28.4M | 7.886% | Apr 2029 | 1.17x | 95% | Current |
| Hilton Garden Inn - San Diego Mission Valley Stadium | San Diego, CA | Hotel | $21.1M | 4.65% | Jul 2029 | 1.90x | 85% | Current |
| Holiday Inn - San Diego | San Diego, CA | Hotel | $20.9M | 4.31% | Sep 2029 | 2.19x | n/a | Current |
| Miramar Metroplex | San Diego, CA | Mixed use | $18.9M | 6.818% | Nov 2029 | 1.99x | 75% | Current |
| Canyon Corporate Center | San Diego, CA | Office | $18.5M | 3.70% | Sep 2029 | 3.36x | 100% | Current |
All loans maturing in 2029 · 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.