Mixed use · West Covina, California
West Covina Village
West Covina Village is financed with a $34.1M CMBS loan at 5.436% 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
- $34,131,494
- Original balance (same notes)
- $36,000,000
- Interest rate
- 5.436% fixed
- Originated
- November 7, 2018
- Maturity
- December 6, 2028
- Payments
- Interest only for 48 months, then amortizing
- Prepayment lockout ends
- September 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred July 8, 2022, returned June 2, 2023
- Workout strategy
- Resolved
- Defeasance
- None reported
The property
- Address
- 301-477 North Azusa Avenue, West Covina, CA 91791
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 220,000 sq ft
- Built
- 1981, renovated 2017
- Largest tenants
- Stater Bros. Markets; UEI; Family Dollar
- Value at securitization
- $61.6M (Oct 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 0.98x |
| Occupancy | 89% | 77% |
| Net operating income (annualized from 3 months) | $3.6M | $2.4M |
| Debt yield | 7.1% |
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 BBCMS Mortgage Trust 2018-C2 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since November 2025.
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 89% when the loan was securitized to 77%.
- Net operating income is 33% below the underwritten figure ($2.4M a year against $3.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.48x at securitization to 0.98x on the latest statements.
- At 0.98x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $52.8M (September 7, 2022), against $61.6M at securitization.
- The filing gives Dec 2026 as the lease end date for the largest tenant (Stater Bros. Markets), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $34.1M | Current | No | 0.98x | 77% |
| August 2026 | $34.2M | Current | No | 0.98x | 77% |
| July 2026 | $34.2M | Current | No | 0.98x | 77% |
| June 2026 | $34.3M | Current | No | 0.99x | 78% |
| May 2026 | $34.3M | Current | No | 0.99x | 78% |
| April 2026 | $34.4M | Late payment but less than 30 days delinquent | No | 0.99x | 78% |
| March 2026 | $34.5M | Late payment but less than 30 days delinquent | No | 0.98x | 78% |
| February 2026 | $34.5M | Current | No | 0.98x | 78% |
| January 2026 | $34.5M | Late payment but less than 30 days delinquent | No | 0.98x | 78% |
| December 2025 | $34.5M | Current | No | 0.98x | 78% |
| November 2025 | $34.6M | Late payment but less than 30 days delinquent | No | 0.98x | 78% |
| October 2025 | $34.7M | Late payment but less than 30 days delinquent | No | 1.01x | 79% |
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 July 8, 2022, returned to the master servicer June 2, 2023.
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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2018-C2 | 7 | $34,131,494 | Sep 2026 | SEC filing, September 29, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Aliso Viejo Commerce Center | Aliso Viejo, CA | Mixed use | $174.2M | 4.89% | Feb 2028 | n/a | n/a | Current |
| Airport Business Center, Irvine | Irvine, CA | Industrial | $150.0M | 4.375% | Feb 2028 | 3.15x | 90% | Current |
| Atlantic Times Square | Monterey Park, CA | Mixed use | $98.0M | 4.845% | Apr 2028 | 1.62x | 91% | Current |
| 12800 Culver | Los Angeles, CA | Other | $84.8M | 6.533% | Jul 2028 | 2.60x | 100% | Current |
| Red Building | West Hollywood, CA | Office | $80.0M | 4.386% | Jan 2028 | 1.60x | 73% | Current |
| Aliso Creek Apartments | Aliso Viejo, CA | Multifamily | $63.0M | 3.519% | Apr 2028 | 6.37x | 96% | Current |
| 6420 Wilshire | Los Angeles, CA | Office | $62.0M | 4.276% | Jan 2028 | 0.93x | 72% | Current |
| Soho Warehouse DTLA | Los Angeles, CA | Mixed use | $61.3M | 7.83% | May 2028 | 1.48x | 100% | Current |
All loans maturing in 2028 · All Los Angeles-Long Beach-Anaheim 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.