Multifamily · Cleveland, Ohio
The Garfield Apartments
The Garfield Apartments is financed with a $22.6M CMBS loan at 5.20% that reaches maturity on May 6, 2029, in 2 years and 6 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $22,575,161
- Original balance (same notes)
- $24,145,000
- Interest rate
- 5.20% fixed
- Originated
- April 12, 2019
- Maturity
- May 6, 2029
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- March 5, 2029
- 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
- 1965 E 6th Street, Cleveland, OH 44114
- Metro
- Cleveland, OH
- Units, rooms or beds
- 123
- Built
- 1895, renovated 2017
- Value at securitization
- $34.7M (Feb 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.24x | 0.76x |
| Occupancy | 98% | 91% |
| Net operating income (annualized from 6 months) | $2.0M | $2.4M |
| 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.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
On the cmbs.news watch list in every report since October 2026.
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
- Occupancy has fallen from 98% when the loan was securitized to 91%.
- Net operating income is 23% above the underwritten figure ($2.4M a year against $2.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.24x at securitization to 0.76x on the latest statements.
- At 0.76x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $35.3M (February 1, 2020), against $34.7M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $22.6M | Current | No | 0.76x | 91% |
| September 2026 | $22.6M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| August 2026 | $22.6M | Current | No | n/a | n/a |
| July 2026 | $22.7M | Current | No | n/a | n/a |
| June 2026 | $22.7M | Current | No | n/a | n/a |
| May 2026 | $22.7M | Current | No | n/a | n/a |
| April 2026 | $22.8M | Current | No | 0.90x | 90% |
| March 2026 | $22.8M | Current | No | n/a | n/a |
| February 2026 | $22.8M | Current | No | n/a | n/a |
| January 2026 | $22.9M | Current | No | n/a | n/a |
| December 2025 | $22.9M | Current | No | n/a | n/a |
| November 2025 | $22.9M | 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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC39 | 10 | $22,575,161 | Oct 2026 | SEC filing, October 22, 2026 |
Other Cleveland loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 16625 Granite Road | Maple Heights, OH | Office | $82.8M | 3.78% | Aug 2029 | n/a | n/a | Current |
| Van Aken District | Shaker Heights, OH | Mixed use | $53.5M | 3.60% | Dec 2029 | 1.74x | 84% | Current |
| Euclid Apartments | Euclid, OH | Multifamily | $53.0M | 7.06% | Feb 2029 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Welleon | Cleveland, OH | Multifamily | $44.6M | 6.23% | Dec 2029 | 1.19x | 94% | Current |
| Us Bank Centre | Cleveland, OH | Office | $31.5M | 5.044% | Jan 2029 | 0.94x | 74% | With the special servicer and 90+ days delinquent |
| Solon Park Apartments | Solon, OH | Multifamily | $28.0M | 6.67% | Jul 2029 | 1.29x | 90% | Current |
| Fifth Third Center | Cleveland, OH | Office | $27.5M | 7.257% | Dec 2029 | 3.00x | 74% | Current |
| Center North | Lakewood, OH | Multifamily | $24.7M | 4.80% | Jun 2029 | 1.21x | 98% | Current |
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.