Retail · Baytown, Texas
Shops On Garth
Shops On Garth is financed with a $4.2M CMBS loan at 5.15% that reaches maturity on March 6, 2029, in 2 years and 4 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $4,209,985
- Original balance (same notes)
- $4,800,000
- Interest rate
- 5.15% fixed
- Originated
- March 6, 2019
- Maturity
- March 6, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- December 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 5623 Garth Road, Baytown, TX 77521
- Metro
- Houston-Pasadena-The Woodlands, TX
- Rentable area
- 15,500 sq ft
- Built
- 2017
- Largest tenants
- The Sherwin Williams Cot; Baytown Thai Kitchen Inc; Little Caesar Enterprises,
- Value at securitization
- $6.5M (Dec 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.30x | 1.42x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $409K | $452K |
| Debt yield | 10.8% |
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-GC39 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 10% above the underwritten figure ($452K a year against $409K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.30x at securitization to 1.42x on the latest statements.
- The filing gives Mar 2028 as the lease end date for the largest tenant (The Sherwin Williams Cot), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $4.2M | Current | No | 1.42x | 100% |
| September 2026 | $4.2M | Current | No | 1.42x | 100% |
| August 2026 | $4.2M | Current | No | 1.42x | 100% |
| July 2026 | $4.2M | Current | No | 1.42x | 100% |
| June 2026 | $4.2M | Current | No | 1.42x | 100% |
| May 2026 | $4.2M | Current | No | n/a | n/a |
| April 2026 | $4.3M | Current | No | 1.42x | 100% |
| March 2026 | $4.3M | Current | No | 1.42x | 100% |
| February 2026 | $4.3M | Current | No | 1.42x | 100% |
| January 2026 | $4.3M | Current | No | 1.42x | 100% |
| December 2025 | $4.3M | Current | No | 1.42x | 100% |
| November 2025 | $4.3M | Current | No | 1.46x | 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-GC39 | 33 | $4,209,985 | Oct 2026 | SEC filing, October 22, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Woodlands Mall | The Woodlands, TX | Retail | $247.6M | 4.256% | Aug 2029 | 4.02x | 84% | Current |
| Baybrook Mall | Friendswood, TX | Retail | $205.7M | 6.816% | Aug 2029 | 1.65x | 91% | Current |
| 9950 Woodloch | The Woodlands, TX | Office | $127.4M | 7.075% | Jul 2029 | n/a | n/a | Current |
| Cortland West Champions | Houston, TX | Multifamily | $78.4M | 5.893% | Oct 2029 | 1.64x | 91% | Current |
| Verde Apartments | Houston, TX | Multifamily | $78.0M | 6.79% | Dec 2029 | 1.13x | 81% | Current |
| Marqe Entertainment Center | Houston, TX | Retail | $70.0M | 7.27% | Apr 2029 | 1.61x | 99% | Current |
| Falls Houston Multifamily Portfolio | Houston, TX | Multifamily | $63.3M | 6.944% | Jul 2029 | 1.38x | 89% | With the special servicer and 90+ days delinquent |
| NOV Headquarters | Houston, TX | Office | $39.2M | 4.63% | Apr 2029 | 1.83x | 100% | Current |
All loans maturing in 2029 · All Houston-Pasadena-The Woodlands loans
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.