Industrial portfolio, 2 properties · Multiple locations
PPC Flexible Packaging Portfolio
This portfolio is financed with a $18.5M CMBS loan at 4.90% that reaches maturity on January 6, 2029, in 2 years and 2 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $18,505,865
- Original balance (same notes)
- $19,300,000
- Interest rate
- 4.90% fixed
- Originated
- December 7, 2018
- Maturity
- January 6, 2029
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- October 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Goldman Sachs Mortgage Company
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Value at securitization
- $29.6M
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.65x | 1.96x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $2.0M | $2.4M |
| Debt yield | 13.2% |
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 20% above the underwritten figure ($2.4M a year against $2.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.65x at securitization to 1.96x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $18.5M | Current | No | 1.96x | 100% |
| September 2026 | $18.5M | Current | No | 1.96x | 100% |
| August 2026 | $18.6M | Current | No | 1.96x | 100% |
| July 2026 | $18.6M | Current | No | 1.96x | 100% |
| June 2026 | $18.6M | Current | No | 1.92x | 100% |
| May 2026 | $18.6M | Current | No | 1.92x | 100% |
| April 2026 | $18.7M | Current | No | 1.92x | 100% |
| March 2026 | $18.7M | Current | No | 1.92x | 100% |
| February 2026 | $18.7M | Current | No | 1.92x | 100% |
| January 2026 | $18.7M | Current | No | 1.92x | 100% |
| December 2025 | $18.8M | Current | No | 1.92x | 100% |
| November 2025 | $18.8M | Current | No | 1.92x | 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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC38 | 16 | $18,505,865 | Oct 2026 | SEC filing, October 22, 2026 |
Other industrial loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| ILPT Industrial Portfolio | Industrial | $180.1M | 2.653% | Nov 2029 | 6.59x | 100% | Current | |
| FCA USA - Detroit, MI | Detroit, MI | Industrial | $147.9M | 5.744% | Apr 2029 | n/a | n/a | Current |
| 12900 Pecan Park Road | Jacksonville, FL | Industrial | $139.1M | 3.25% | Jul 2029 | n/a | n/a | Current |
| 101 45th Street | Munster, IN | Industrial | $138.8M | 3.231% | Dec 2029 | n/a | n/a | Current |
| Western Digital Milpitas Campus | Milpitas, CA | Industrial | $126.0M | 6.844% | Feb 2029 | 1.83x | 100% | Current |
| 30 Jacks Bridge Road | Londonderry, NH | Industrial | $116.0M | 3.82% | Nov 2029 | n/a | n/a | Current |
| Center for Excellence | Bridgewater, NJ | Industrial | $91.2M | 3.73% | Aug 2029 | 2.65x | 93% | Current |
| Encompass Health Corporation | Birmingham, AL | Industrial | $84.6M | 3.65% | Oct 2029 | n/a | n/a | Current |
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.