Office · Miramar, Florida
Royal Caribbean - Miramar
Royal Caribbean - Miramar is financed with a $29.3M CMBS loan at 4.175% that reaches maturity on May 6, 2029, in 2 years and 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $29,250,000
- Original balance (same notes)
- $29,250,000
- Interest rate
- 4.175% fixed
- Originated
- May 6, 2019
- Maturity
- May 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2029
- Master servicer
- Trimont LLC
- Originator
- UBS AG
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 14700 Caribbean Way, Miramar, FL 33027
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 128,540 sq ft
- Built
- 2001, renovated 2018
- Largest tenants
- Royal Caribbean Cruises Ltd; Royal Caribbean Mgmt Fee
- Value at securitization
- $45.0M (Apr 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.52x | 2.09x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $3.1M | $2.6M |
| Debt yield | 8.9% |
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 Wells Fargo Commercial Mortgage Trust 2019-C51 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
- Net operating income is 17% below the underwritten figure ($2.6M a year against $3.1M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.52x at securitization to 2.09x on the latest statements.
- The filing gives Nov 2028 as the lease end date for the largest tenant (Royal Caribbean Cruises Ltd), 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 | $29.3M | Current | No | 2.09x | 100% |
| August 2026 | $29.3M | Current | No | 2.09x | 100% |
| July 2026 | $29.3M | Current | No | 2.10x | 100% |
| June 2026 | $29.3M | Current | No | 2.10x | 100% |
| May 2026 | $29.3M | Current | No | 2.10x | 100% |
| April 2026 | $29.3M | Current | No | 2.27x | 100% |
| March 2026 | $29.3M | Current | No | 2.27x | 100% |
| February 2026 | $29.3M | Current | No | 2.27x | 100% |
| January 2026 | $29.3M | Current | No | 1.98x | 100% |
| December 2025 | $29.3M | Current | No | 1.98x | 100% |
| November 2025 | $29.3M | Current | No | 1.97x | 100% |
| October 2025 | $29.3M | Current | No | 1.97x | 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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2019-C51 | 7 | $29,250,000 | Sep 2026 | SEC filing, September 29, 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 September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.