Retail · Menifee, California
Shoppes at the Lakes Phase I
Shoppes at the Lakes Phase I is financed with a $10.5M CMBS loan at 5.15% that reaches maturity on May 6, 2028, in 18 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $10,473,643
- Original balance (same notes)
- $11,400,000
- Interest rate
- 5.15% fixed
- Originated
- April 27, 2018
- Maturity
- May 6, 2028
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- March 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 29121-29973 Newport Road, Menifee, CA 92584
- Metro
- Riverside-San Bernardino-Ontario, CA
- Rentable area
- 34,794 sq ft
- Built
- 2018
- Largest tenants
- CVS; MC DONALDS; Menifee Lakes Dental Group
- Value at securitization
- $18.0M (Nov 2018)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.25x | 1.58x |
| Occupancy | 100% | 100% |
| Net operating income | $931K | $1.2M |
| Debt yield | 11.3% |
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 2018-B4 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 27% above the underwritten figure ($1.2M a year against $931K).
- Debt service coverage moved from 1.25x at securitization to 1.58x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $10.5M | Current | No | 1.58x | 100% |
| August 2026 | $10.5M | Current | No | 1.58x | 100% |
| July 2026 | $10.5M | Current | No | 1.58x | 100% |
| June 2026 | $10.5M | Current | No | 1.58x | 100% |
| May 2026 | $10.5M | Current | No | 1.58x | 100% |
| April 2026 | $10.6M | Current | No | 1.58x | 100% |
| March 2026 | $10.6M | Current | No | 1.51x | 100% |
| February 2026 | $10.6M | Current | No | 1.51x | 100% |
| January 2026 | $10.6M | Current | No | 1.51x | 100% |
| December 2025 | $10.6M | Current | No | 1.51x | 100% |
| November 2025 | $10.6M | Current | No | 1.51x | 100% |
| October 2025 | $10.7M | Current | No | 1.63x | 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 |
|---|---|---|---|---|
| Benchmark 2018-B4 Mortgage Trust | 32 | $10,473,643 | Sep 2026 | SEC filing, October 1, 2026 |
Other Riverside-San Bernardino-Ontario loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Shoppes at Chino Hills | Chino Hills, CA | Retail | $110.0M | 5.175% | Jun 2028 | 1.63x | 82% | Current |
| California High Tech Logistics | Riverside, CA | Industrial | $70.0M | 8.122% | Apr 2028 | 1.35x | 100% | Current |
| The Westin Rancho Mirage | Rancho Mirage, CA | Hotel | $50.0M | 8.23% | Nov 2028 | 0.78x | 53% | Current |
| Embassy Suites Ontario Airport | Ontario, CA | Hotel | $39.6M | 4.755% | Sep 2028 | n/a | n/a | Current |
| Mission Grove Plaza | Riverside, CA | Retail | $37.0M | 6.866% | Jun 2028 | 2.03x | 68% | Current |
| Ontario Airport Tower | Ontario, CA | Office | $23.6M | 6.081% | Jan 2028 | n/a | n/a | Current |
| Lakeside Tower | San Bernardino, CA | Office | $18.9M | 4.775% | Oct 2028 | n/a | n/a | Current |
| Empire Towers V | Ontario, CA | Office | $18.5M | 5.03% | Jul 2028 | 1.80x | 99% | Current |
All loans maturing in 2028 · All Riverside-San Bernardino-Ontario 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.