Mixed use · North Miami, Florida
North Miami Business Park
North Miami Business Park is financed with a $22.0M CMBS loan at 4.97% that reaches maturity on February 6, 2029, in 2 years and 3 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $22,000,000
- Original balance (same notes)
- $22,000,000
- Interest rate
- 4.97% fixed
- Originated
- January 17, 2019
- Maturity
- February 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1922 Northeast 149th Street, North Miami, FL 33181
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 214,568 sq ft
- Built
- 1972
- Largest tenants
- Dekowood; Tele Radio America; Michael Giordano Inter
- Value at securitization
- $35.3M (Dec 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.92x | 3.33x |
| Occupancy | 91% | 94% |
| Net operating income (annualized from 6 months) | $2.1M | $3.7M |
| Debt yield | 16.9% |
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 2019-GC38 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
- Net operating income is 74% above the underwritten figure ($3.7M a year against $2.1M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.92x at securitization to 3.33x on the latest statements.
- The filing gives Jul 2026 as the lease end date for the largest tenant (Dekowood), 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 | $22.0M | Current | No | 3.33x | 94% |
| September 2026 | $22.0M | Current | No | 3.33x | 94% |
| August 2026 | $22.0M | Current | No | 3.33x | 94% |
| July 2026 | $22.0M | Current | No | 3.46x | 92% |
| June 2026 | $22.0M | Current | No | 3.46x | 92% |
| May 2026 | $22.0M | Current | No | 3.46x | 92% |
| April 2026 | $22.0M | Current | No | 3.38x | 97% |
| March 2026 | $22.0M | Late payment but less than 30 days delinquent | No | 3.54x | 97% |
| February 2026 | $22.0M | Current | No | 3.54x | 97% |
| January 2026 | $22.0M | Current | No | 3.54x | 97% |
| December 2025 | $22.0M | Current | No | 3.59x | 94% |
| November 2025 | $22.0M | Current | No | 3.59x | 94% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC38 | 13 | $22,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Royal Palm Place | Boca Raton, FL | Mixed use | $110.0M | 3.81% | Nov 2029 | 2.98x | 98% | Current |
| Northbridge Centre | West Palm Beach, FL | Office | $96.0M | 6.905% | Sep 2029 | 1.43x | 75% | Current |
| University Pointe | Davie, FL | Multifamily | $85.8M | 6.70% | Jun 2029 | 1.79x | 90% | Current |
| Royal Palm I & II | Plantation, FL | Office | $68.2M | 6.45% | Nov 2029 | 7.80x | 82% | Current |
| The Avenue | Davie, FL | Multifamily | $60.0M | 4.992% | Jan 2029 | 2.47x | 96% | Current |
| The Brazilian Court Hotel | Palm Beach, FL | Hotel | $54.5M | 7.50% | Dec 2029 | 1.57x | 52% | Current |
| One Town Center | Boca Raton, FL | Office | $51.0M | 7.338% | Jul 2029 | 1.19x | 94% | Current |
| West Palm Gardens | West Palm Beach, FL | Multifamily | $50.0M | 6.45% | Oct 2029 | n/a | n/a | Current |
All loans maturing in 2029 · All Miami-Fort Lauderdale-West Palm Beach loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.