Mixed use · Boca Raton, Florida
Royal Palm Place
Public CMBS trusts hold $110.0M of the loan on Royal Palm Place at 3.81% that reaches maturity on November 6, 2029, in 3 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $110,000,000
- Original balance (same notes)
- $110,000,000
- Interest rate
- 3.81% fixed
- Originated
- October 25, 2019
- Maturity
- November 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 5, 2023
- Prepayment premium ends
- August 5, 2029 (yield maintenance)
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 101 Plaza Real South 194 Southeast 1st Avenue, Boca Raton, FL 33432
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 205,476 sq ft
- Units, rooms or beds
- 185
- Built
- 1967
- Largest tenants
- CHOPS BOCA RATON, LLC.; JAMES KING, INC.; GRAND INTERIORS INTERNATIONAL, LLC.
- Value at securitization
- $175.0M (Sep 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.20x | 2.98x |
| Occupancy | 98% | 98% |
| Net operating income (annualized from 3 months) | $9.4M | $12.8M |
| Debt yield | 11.7% |
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 Morgan Stanley Capital I Trust 2019-L3 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Largest tenant's lease ends within 12 months
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 37% above the underwritten figure ($12.8M a year against $9.4M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.20x at securitization to 2.98x on the latest statements.
- The filing gives Dec 2026 as the lease end date for the largest tenant (CHOPS BOCA RATON, LLC.), 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 | $110.0M | Current | No | 2.98x | 98% |
| August 2026 | $110.0M | Current | No | 2.98x | 98% |
| July 2026 | $110.0M | Current | No | 2.63x | 97% |
| June 2026 | $110.0M | Current | No | 2.47x | 93% |
| May 2026 | $110.0M | Current | No | 2.47x | 93% |
| April 2026 | $110.0M | Current | No | 2.66x | 95% |
| March 2026 | $110.0M | Current | No | 2.66x | 95% |
| February 2026 | $110.0M | Current | No | 2.47x | 95% |
| January 2026 | $110.0M | Current | No | 2.47x | 93% |
| December 2025 | $110.0M | Current | No | 2.47x | 93% |
| November 2025 | $110.0M | Current | No | 2.47x | 93% |
| October 2025 | $110.0M | Current | No | 2.47x | 93% |
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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2020-L4 | 3 | $60,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Morgan Stanley Capital I Trust 2019-L3 | 6 | $40,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Morgan Stanley Capital I Trust 2019-L3 | 6A | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 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 |
| One Park Square | Doral, FL | Office | $47.6M | 6.15% | 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.