Mixed use · Honolulu, Hawaii
Waterfront Plaza
Public CMBS trusts hold $102.0M of the loan on Waterfront Plaza at 4.415% that reaches maturity on June 6, 2029, in 2 years and 7 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $102,042,641
- Original balance (same notes)
- $125,000,000
- Interest rate
- 4.415% fixed
- Originated
- May 17, 2019
- Maturity
- June 6, 2029
- Payments
- Amortizing over 25 years
- Prepayment lockout ended
- July 5, 2021
- Prepayment premium ends
- February 5, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 500 Ala Moana Boulevard, Honolulu, HI 96813
- Metro
- Urban Honolulu, HI
- Rentable area
- 543,346 sq ft
- Built
- 1989, renovated 2006
- Largest tenants
- Hawaii Pacific University; GSA- United States Citizenship; AT&T Corp.
- Value at securitization
- $157.5M (Jan 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.65x | 1.19x |
| Occupancy | 96% | 85% |
| Net operating income (annualized from 6 months) | $13.6M | $19.8M |
| Debt yield | 19.4% |
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.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
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 96% when the loan was securitized to 85%.
- Net operating income is 46% above the underwritten figure ($19.8M a year against $13.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.65x at securitization to 1.19x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $61.2M | Current | No | 1.19x | 85% |
| September 2026 | $102.2M | Current | No | 1.19x | 85% |
| August 2026 | $102.5M | Current | No | 1.32x | 100% |
| July 2026 | $102.8M | Current | No | 1.32x | 100% |
| June 2026 | $103.1M | Current | No | n/a | n/a |
| May 2026 | $103.4M | Current | No | n/a | n/a |
| April 2026 | $103.7M | Current | No | 1.19x | 86% |
| March 2026 | $104.0M | Current | No | 1.19x | 86% |
| February 2026 | $104.4M | Current | No | 1.19x | 86% |
| January 2026 | $104.7M | Current | No | 1.19x | 86% |
| December 2025 | $104.9M | Current | No | 1.19x | 86% |
| November 2025 | $105.2M | Current | No | 1.23x | 87% |
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC40 | 3 | $61,150,548 | Oct 2026 | SEC filing, October 22, 2026 |
| BENCHMARK 2019-B12 MORTGAGE TRUST | 12 | $40,892,093 | Sep 2026 | SEC filing, September 30, 2026 |
Other Urban Honolulu loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 2810 Pukoloa Street | Honolulu, HI | Other | $151.0M | 4.31% | Feb 2029 | n/a | n/a | Current |
| ILPT Hawaii Portfolio | Honolulu, HI | Other | $109.0M | 4.31% | Feb 2029 | 2.85x | 100% | Current |
| Hyatt Centric Hotel-Waikiki | Honolulu, HI | Hotel | $69.0M | 7.40% | Sep 2029 | 1.28x | 90% | Current |
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.