Industrial · Longmont, Colorado
Trade Centre
Trade Centre is financed with a $11.6M CMBS loan at 3.614% that reaches maturity on November 6, 2029, in 3 years. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $11,570,000
- Original balance (same notes)
- $11,570,000
- Interest rate
- 3.614% fixed
- Originated
- October 28, 2019
- Maturity
- November 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- February 5, 2022
- Prepayment premium ends
- August 5, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 2400, 2410, 2420 Trade Centre Ave 2500, Longmont, CO 80503
- Metro
- Boulder, CO
- Rentable area
- 109,584 sq ft
- Built
- 1989
- Largest tenants
- Ursa Major Technologies, Inc.; Coherent Aerospace & Defense, Inc.; Droplet Measurement Technologies, Inc.
- Value at securitization
- $17.8M (Oct 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.05x | 0.21x |
| Occupancy | 100% | 53% |
| Net operating income (annualized from 6 months) | $1.3M | $176K |
| Debt yield | 1.5% |
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 2020-GC45 filing for the reporting period ending October 9, 2026, filed with the SEC October 22, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since July 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 100% when the loan was securitized to 53%.
- Net operating income is 86% below the underwritten figure ($176K a year against $1.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.05x at securitization to 0.21x on the latest statements.
- At 0.21x, the property's reported NOI does not cover its debt service.
- The filing gives Jun 2028 as the lease end date for the largest tenant (Ursa Major Technologies, Inc.), 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 | $11.6M | Current | No | 0.21x | 53% |
| September 2026 | $11.6M | Current | No | 0.32x | 30% |
| August 2026 | $11.6M | Current | No | 0.32x | 30% |
| July 2026 | $11.6M | Current | No | 0.32x | 30% |
| June 2026 | $11.6M | Current | No | n/a | n/a |
| May 2026 | $11.6M | Current | No | n/a | n/a |
| April 2026 | $11.6M | Current | No | 0.57x | 41% |
| March 2026 | $11.6M | Late payment but less than 30 days delinquent | No | 0.57x | 41% |
| February 2026 | $11.6M | Current | No | 0.48x | 41% |
| January 2026 | $11.6M | Current | No | 0.48x | 41% |
| December 2025 | $11.6M | Current | No | 0.61x | 41% |
| November 2025 | $11.6M | Current | No | 0.61x | 41% |
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 2020-GC45 | 33 | $11,570,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other Boulder loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Gunbarrel Avenue Industrial Flex | Boulder, CO | Industrial | $17.0M | 4.21% | Jun 2029 | n/a | n/a | Current |
| 700 Tech Court | Louisville, CO | Office | $14.0M | 4.87% | Jun 2029 | n/a | n/a | Current |
| Guardian Storage Superior | Superior, CO | Self storage | $13.2M | 6.841% | Dec 2029 | 1.21x | 95% | Current |
| Apple Inc. Boulder | Boulder, CO | Office | $8.9M | 4.031% | Dec 2029 | 2.38x | 100% | Current |
| Guardian Self Storage - Longmont | Longmont, CO | Self storage | $7.5M | 3.559% | Dec 2029 | 3.70x | 94% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 9, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.