Office · Sioux Falls, South Dakota
Vista Park Office
Vista Park Office is financed with a $7.5M CMBS loan at 5.365% that reaches maturity on December 6, 2028, in 2 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $7,533,714
- Original balance (same notes)
- $8,400,000
- Interest rate
- 5.365% fixed
- Originated
- November 30, 2018
- Maturity
- December 6, 2028
- Payments
- Interest only for 12 months, then amortizing
- Prepayment lockout ends
- September 5, 2028
- Master servicer
- Trimont LLC
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2701-2801 South Kiwanis Avenue, Sioux Falls, SD 57105
- Rentable area
- 92,229 sq ft
- Built
- 1975
- Largest tenants
- United States Postal Service; MEPS; Life Scape
- Value at securitization
- $12.2M (Oct 2018)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 2.17x | 0.83x |
| Occupancy | 95% | 72% |
| Net operating income | $993K | $470K |
| Debt yield | 6.2% |
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 2019-B9 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 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 May 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 95% when the loan was securitized to 72%.
- Net operating income is 53% below the underwritten figure ($470K a year against $993K).
- Debt service coverage moved from 2.17x at securitization to 0.83x on the latest statements.
- At 0.83x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $7.5M | Current | No | 0.83x | 72% |
| August 2026 | $7.6M | Late payment but less than 30 days delinquent | No | 0.83x | 72% |
| July 2026 | $7.6M | Late payment but less than 30 days delinquent | No | 0.83x | 72% |
| June 2026 | $7.6M | Current | No | 0.83x | 72% |
| May 2026 | $7.6M | Current | No | 0.83x | 72% |
| April 2026 | $7.6M | Current | No | 1.26x | 76% |
| March 2026 | $7.6M | Current | No | 1.26x | 76% |
| February 2026 | $7.6M | Current | No | 1.26x | 76% |
| January 2026 | $7.6M | Current | No | 1.26x | 76% |
| December 2025 | $7.6M | Current | No | 1.26x | 76% |
| November 2025 | $7.7M | Current | No | 1.22x | 76% |
| October 2025 | $7.7M | Current | No | 1.17x | 76% |
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 2019-B9 MORTGAGE TRUST | 36 | $7,533,714 | Sep 2026 | SEC filing, September 30, 2026 |
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.