Retail · North Las Vegas, Nevada
Shadow Creek Marketplace
Shadow Creek Marketplace is financed with a $5.9M CMBS loan at 4.078% that reaches maturity on July 6, 2029, in 2 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,900,000
- Original balance (same notes)
- $5,900,000
- Interest rate
- 4.078% fixed
- Originated
- June 10, 2019
- Maturity
- July 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- August 5, 2021
- Prepayment premium ends
- March 5, 2029 (yield maintenance)
- Master servicer
- Midland
- Originator
- SMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 2225 AND 2345 East Centennial Parkway, North Las Vegas, NV 89081
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 28,329 sq ft
- Built
- 2006
- Largest tenants
- New Century Rehabilitation LLC; Beauty Boss LLC; Amoon Veterinary Services,
- Value at securitization
- $9.5M (May 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.59x | 2.78x |
| Occupancy | 90% | 93% |
| Net operating income (annualized from 6 months) | $631K | $1.4M |
| Debt yield | 23.2% |
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 Morgan Stanley Capital I Trust 2019-H7 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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 117% above the underwritten figure ($1.4M a year against $631K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.59x at securitization to 2.78x on the latest statements.
- The filing gives Jul 2028 as the lease end date for the largest tenant (New Century Rehabilitation 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 | $5.9M | Current | No | 2.78x | 93% |
| August 2026 | $5.9M | Current | No | 2.78x | 93% |
| July 2026 | $5.9M | Current | No | n/a | n/a |
| June 2026 | $5.9M | Current | No | n/a | n/a |
| May 2026 | $5.9M | Current | No | n/a | n/a |
| April 2026 | $5.9M | Current | No | 2.63x | 93% |
| March 2026 | $5.9M | Current | No | 2.63x | 93% |
| February 2026 | $5.9M | Current | No | 2.63x | 93% |
| January 2026 | $5.9M | Current | No | 2.63x | 93% |
| December 2025 | $5.9M | Current | No | 2.60x | 93% |
| November 2025 | $5.9M | Current | No | 2.60x | 93% |
| October 2025 | $5.9M | Current | No | n/a | n/a |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2019-H7 | 45 | $5,900,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Grand Canal Shoppes | Las Vegas, NV | Retail | $710.0M | 3.741% | Jul 2029 | 2.98x | 85% | Current |
| Bellagio Hotel and Casino | Las Vegas, NV | Hotel | $600.0M | 3.17% | Dec 2029 | 6.51x | 97% | Current |
| Showcase I | Las Vegas, NV | Retail | $169.5M | 6.36% | Jul 2029 | 1.18x | 99% | Current |
| Galleria At Sunset | Henderson, NV | Retail | $47.6M | 8.46% | Mar 2029 | 2.05x | 100% | Current |
| Hilton Dual Brand Las Vegas | Las Vegas, NV | Hotel | $46.0M | 7.93% | Apr 2029 | n/a | n/a | Current |
| Shadow Mountain Marketplace | Las Vegas, NV | Retail | $46.0M | 5.14% | Feb 2029 | 1.39x | 94% | Current |
| Oasis Plaza | Las Vegas, NV | Mixed use | $45.0M | 6.70% | Aug 2029 | 1.33x | 93% | Current |
| Rainbow Sunset Pavilion | Las Vegas, NV | Office | $39.4M | 5.145% | Jan 2029 | 1.83x | 87% | Current |
All loans maturing in 2029 · All Las Vegas-Henderson-North Las Vegas 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.