Retail · Orlando, Florida
Waterford Lakes Town Center
Public CMBS trusts hold $118.1M of the loan on Waterford Lakes Town Center at 4.86% that reaches maturity on May 6, 2029, in 2 years and 6 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $118,119,611
- Original balance (same notes)
- $135,000,000
- Interest rate
- 4.86% fixed
- Originated
- April 16, 2019
- Maturity
- May 6, 2029; extended by modification to May 4, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- November 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA, Bank of America, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred March 31, 2021, returned November 9, 2021
- Workout strategy
- Resolved
- Modified
- Yes, most recently May 19, 2021
- Defeasance
- None reported
The property
- Address
- 413 N. Alafaya Trail, Orlando, FL 32828
- Metro
- Orlando-Kissimmee-Sanford, FL
- Rentable area
- 701,941 sq ft
- Built
- 1998
- Largest tenants
- Regal Cinemas; Best Buy; Macy's
- Value at securitization
- $268.6M (Mar 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.46x | 1.90x |
| Occupancy | 99% | 92% |
| Net operating income | $16.7M | $21.6M |
| Debt yield | 18.3% |
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-GC40 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 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
- Occupancy has fallen from 99% when the loan was securitized to 92%.
- Net operating income is 30% above the underwritten figure ($21.6M a year against $16.7M).
- Debt service coverage moved from 1.46x at securitization to 1.90x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $78.7M | Current | No | 1.90x | 92% |
| September 2026 | $118.3M | Current | No | 1.87x | 90% |
| August 2026 | $118.5M | Current | No | 1.87x | 90% |
| July 2026 | $118.7M | Current | No | 1.87x | 90% |
| June 2026 | $118.9M | Current | No | 1.87x | 90% |
| May 2026 | $119.2M | Current | No | 1.87x | 90% |
| April 2026 | $119.4M | Current | No | 1.86x | 91% |
| March 2026 | $119.6M | Current | No | 1.86x | 91% |
| February 2026 | $119.9M | Current | No | 1.86x | 91% |
| January 2026 | $120.1M | Current | No | 1.86x | 91% |
| December 2025 | $120.3M | Current | No | 1.86x | 91% |
| November 2025 | $120.5M | Current | No | 1.80x | 91% |
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.
Special-servicing history
- Transferred to the special servicer March 31, 2021, returned to the master servicer November 9, 2021.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC39 | 5 | $48,091,002 | Oct 2026 | SEC filing, October 22, 2026 |
| BANK 2019-BNK19 | 2 | $39,425,245 | Sep 2026 | SEC filing, September 29, 2026 |
| GS Mortgage Securities Trust 2019-GC40 | 10 | $30,603,364 | Oct 2026 | SEC filing, October 22, 2026 |
Other Orlando-Kissimmee-Sanford loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Darden HQ | Orlando, FL | Office | $110.0M | 4.77% | Jan 2029 | 1.80x | 100% | Current |
| Marriott Downtown Orlando | Orlando, FL | Hotel | $34.3M | 4.118% | Jul 2029 | 2.15x | 62% | Current |
| The Wymore 360 | Altamonte Springs, FL | Multifamily | $33.0M | 6.839% | Nov 2029 | 0.67x | 90% | With the special servicer and 30-59 days delinquent |
| Celebration Suites | Kissimmee, FL | Hotel | $25.5M | 4.15% | Oct 2029 | n/a | n/a | Current |
| Doubletree - Orlando East | Orlando, FL | Hotel | $22.2M | 4.15% | Aug 2029 | 1.59x | 65% | Current |
| Southchase Village | Orlando, FL | Retail | $16.5M | 3.78% | Sep 2029 | 3.49x | 95% | Current |
| Orlando Terrace | Orlando, FL | Multifamily | $14.9M | 6.36% | Jun 2029 | 1.26x | 86% | Late, less than 30 days |
| Towneplace Suites Altamonte Springs | Altamonte Springs, FL | Hotel | $9.8M | 4.99% | May 2029 | 2.23x | 83% | Current |
All loans maturing in 2029 · All Orlando-Kissimmee-Sanford loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.