Industrial · Las Vegas, Nevada
Tropical Distribution Center
Tropical Distribution Center is financed with a $75.0M CMBS loan at 3.593% that reaches its anticipated repayment date on July 5, 2030, in 3 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
- $75,000,000
- Original balance (same notes)
- $75,000,000
- Interest rate
- 3.593% fixed
- Originated
- July 1, 2020
- Maturity
- June 6, 2034
- Anticipated repayment date
- July 5, 2030 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 5, 2030
- Master servicer
- Midland
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently July 1, 2020
- Defeasance
- None reported
The property
- Address
- 6001 E Tropical Parkway, Las Vegas, NV 89115
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 855,000 sq ft
- Built
- 2019
- Largest tenants
- Amazon.com.kydc LLC
- Value at securitization
- $110.0M (Apr 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.11x | 1.99x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $5.8M | $11.0M |
| Debt yield | 14.6% |
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 2020-B18 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Modified
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 90% above the underwritten figure ($11.0M a year against $5.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.11x at securitization to 1.99x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $75.0M | Current | No | 1.99x | 100% |
| August 2026 | $75.0M | Current | No | n/a | n/a |
| July 2026 | $75.0M | Current | No | n/a | n/a |
| June 2026 | $75.0M | Current | No | n/a | n/a |
| May 2026 | $75.0M | Current | No | n/a | n/a |
| April 2026 | $75.0M | Current | No | 1.96x | 100% |
| March 2026 | $75.0M | Current | No | 1.96x | 100% |
| February 2026 | $75.0M | Current | No | 1.96x | 100% |
| January 2026 | $75.0M | Current | No | 1.96x | 100% |
| December 2025 | $75.0M | Current | No | 1.96x | 100% |
| November 2025 | $75.0M | Current | No | 1.94x | 100% |
| October 2025 | $75.0M | Current | No | 1.94x | 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 2020-B18 Mortgage Trust | 3 | $75,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| MGM Grand, Las Vegas (2030 maturity), loan 4 in BENCHMARK 2020-B19 MORTGAGE TRUST | Las Vegas, NV | Hotel | $847.8M | 3.558% | Mar 2030 | n/a | n/a | Current |
| CityCenter (Aria & Vdara) | Las Vegas, NV | Hotel | $552.0M | 6.079% | Dec 2030 | n/a | n/a | Current |
| 1700 Pavilion | Las Vegas, NV | Office | $75.0M | 7.073% | Jun 2030 | n/a | n/a | Current |
| MGM Grand, Las Vegas (2030 maturity), loan 4 in CSAIL 2021-C20 Commercial Mortgage Trust | Las Vegas, NV | Hotel | $39.1M | 3.558% | Mar 2030 | n/a | n/a | Current |
| Silver City Plaza | Las Vegas, NV | Retail | $38.5M | 4.155% | Jan 2030 | 1.99x | 100% | Current |
| Lake Mead Crossing | Henderson, NV | Retail | $28.0M | 6.71% | Dec 2030 | 1.36x | 98% | Current |
| Walgreens - Las Vegas Strip | Las Vegas, NV | Retail | $27.7M | 4.18% | Jan 2030 | 1.80x | 100% | Current |
| 3300 West Sahara | Las Vegas, NV | Office | $23.2M | 3.60% | Apr 2030 | 1.17x | 34% | Current |
All loans maturing in 2030 · 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.