Industrial · Tucson, Arizona
Palo Verde Industrial
Palo Verde Industrial is financed with a $9.9M CMBS loan at 4.905% that reaches maturity on September 6, 2028, in 22 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $9,913,294
- Original balance (same notes)
- $11,485,000
- Interest rate
- 4.905% fixed
- Originated
- September 6, 2018
- Maturity
- September 6, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- May 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 6221 & 6223 South Palo Verde Road, Tucson, AZ 85706
- Metro
- Tucson, AZ
- Rentable area
- 120,810 sq ft
- Built
- 1999, renovated 2017
- Largest tenants
- AZ HT Restoration LLC; INTERCERAMIC INC; Elevate Trampoline Park
- Value at securitization
- $16.8M (Jul 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.77x | 0.48x |
| Occupancy | 100% | 74% |
| Net operating income (annualized from 6 months) | $1.3M | $352K |
| Debt yield | 3.5% |
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 below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
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 100% when the loan was securitized to 74%.
- Net operating income is 73% below the underwritten figure ($352K a year against $1.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.77x at securitization to 0.48x on the latest statements.
- At 0.48x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $9.9M | Current | No | 0.48x | 74% |
| August 2026 | $9.9M | Current | No | 0.48x | 74% |
| July 2026 | $10.0M | Current | No | -0.10x | 74% |
| June 2026 | $10.0M | Current | No | -0.10x | 74% |
| May 2026 | $10.0M | Current | No | -0.10x | 74% |
| April 2026 | $10.0M | Current | No | 0.08x | 74% |
| March 2026 | $10.0M | Current | No | 0.08x | 74% |
| February 2026 | $10.1M | Current | No | -0.10x | 50% |
| January 2026 | $10.1M | Current | No | -0.10x | 50% |
| December 2025 | $10.1M | Current | No | -0.10x | 50% |
| November 2025 | $10.1M | Current | No | 0.20x | 50% |
| October 2025 | $10.1M | Current | No | 0.20x | 50% |
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 | 31 | $9,913,294 | Sep 2026 | SEC filing, September 30, 2026 |
Other Tucson loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Plaza Del Oro | Tucson, AZ | Retail | $15.1M | 4.78% | Apr 2028 | 1.85x | 100% | Current |
| Arizona Pavilions West | Marana, AZ | Retail | $13.9M | 5.452% | Oct 2028 | 1.47x | 100% | Late, less than 30 days |
| Embassy Suites Tucson, Az | Tucson, AZ | Hotel | $12.0M | 4.986% | Jun 2028 | 2.30x | 79% | Current |
| Safeway Vistoso Plaza | Oro Valley, AZ | Retail | $6.0M | 5.16% | Sep 2028 | n/a | n/a | Current |
| 2 East Congress Street | Tucson, AZ | Mixed use | $5.7M | 4.82% | May 2028 | 0.99x | 98% | Current |
| Hampton Inn & Suites Tucson Mall | Tucson, AZ | Hotel | $4.9M | 5.127% | Aug 2028 | 2.98x | 77% | Current |
| Fairfield Inn Tucson North | Oro Valley, AZ | Hotel | $3.8M | 6.213% | Feb 2028 | n/a | n/a | Current |
| Towneplace Suites Tucson | Tucson, AZ | Hotel | $3.8M | 5.127% | Aug 2028 | 3.31x | 83% | Current |
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.