← Morgan Stanley Capital I Trust 2019-L2 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2019-L2
- Current balance
- $21.8M (September 2026)
- Share of deal
- 2.5%
- Status
- 90+ days delinquent
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2029-02-06
Property and terms
| Property | Mill Creek Office Park (and 4 more properties) |
| Address | 1 Mill Creek Park; 102 Athletic Drive; 2 Hudson Hollow Road; 360 Democrat Drive; 209 St. Clair St.; Frankfort, KY (and 4 more) 40601 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | not yet reported |
| Year built | 1975 |
| Year last renovated | ["2017", "2018"] |
| Original balance | $22.6M |
| Current balance | $21.8M (September 2026) |
| Share of deal balance | 2.5% |
| Interest rate at origination | 5.15% |
| Current interest rate | 5.15% |
| Origination date | 01-30-2019 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 48 months |
| Scheduled maturity | 2029-02-06 |
| Prepayment lockout end | 11-05-2028 |
| Yield maintenance end | not yet reported |
| Servicer | not yet reported |
| Loan servicer | not yet reported |
| Originator | Argentic Real Estate Finance LLC |
| Current status | 90+ days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $17.1M | 12-21-2018 | MAI |
| Most recent reported | $17.1M | 2018-12-21 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Education and Labor Cabinet | not yet reported | ["06-30-2029", "06-30-2023", "06-30-2023", "06-30-2024"] |
| Unknown | 85,673 | not yet reported |
| DEPARTMENT OF PUBLIC ADVOCACY | 54,203 | 06-30-2031 |
The three largest tenants as reported in the latest asset-level record.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 2019 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | $772,875 | not yet reported | not yet reported |
| April 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2019 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2019 | not yet reported | not yet reported | not yet reported | 2.08 | 2.32 | 100% | not yet reported | 06-30-2019 | $3.3M | $568,379 | $2.7M | $2.5M |
| January 2020 | not yet reported | not yet reported | not yet reported | 2.08 | 2.32 | 100% | not yet reported | 06-30-2019 | $3.3M | $568,379 | $2.7M | $2.5M |
| February 2020 | not yet reported | not yet reported | not yet reported | 2.22 | 2.46 | 99% | not yet reported | 09-30-2019 | $3.6M | $667,631 | $2.9M | $2.6M |
| March 2020 | not yet reported | not yet reported | not yet reported | 2.22 | 2.46 | 99% | not yet reported | 09-30-2019 | $3.6M | $667,631 | $2.9M | $2.6M |
| April 2020 | not yet reported | not yet reported | not yet reported | 2.22 | 2.46 | 99% | not yet reported | 09-30-2019 | $3.6M | $667,631 | $2.9M | $2.6M |
| May 2020 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2020 | $22.6M | Matured balloon, non-performing | 5.15% | not yet reported | not yet reported | not yet reported | $100,039 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2020 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2020 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2020 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2020 | $22.6M | Current | 5.15% | 2.10 | 2.33 | 100% | $0 | 06-30-2020 | $3.4M | $664,174 | $2.8M | $2.5M |
| November 2020 | $22.6M | Current | 5.15% | 2.10 | 2.33 | 100% | $0 | 06-30-2020 | $3.4M | $664,174 | $2.8M | $2.5M |
| December 2020 | $22.6M | Current | 5.15% | 2.10 | 2.33 | 100% | $0 | 06-30-2020 | $3.4M | $664,174 | $2.8M | $2.5M |
| January 2021 | $18.9M | Current | 4.99% | 2.00 | 2.11 | 100% | $0 | 09-30-2020 | $3.7M | $1.7M | $2.0M | $1.9M |
| February 2021 | $22.6M | Current | 5.15% | 2.13 | 2.36 | 100% | $0 | 09-30-2020 | $3.4M | $580,787 | $2.8M | $2.5M |
| March 2021 | $22.6M | Current | 5.15% | 2.13 | 2.36 | 100% | $0 | 09-30-2020 | $3.4M | $580,787 | $2.8M | $2.5M |
| April 2021 | $22.6M | Current | 5.15% | 2.13 | 2.36 | 100% | $0 | 09-30-2020 | $3.4M | $580,787 | $2.8M | $2.5M |
| May 2021 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2021 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2021 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2021 | $22.6M | Current | 5.15% | 1.96 | 2.19 | 100% | $0 | 06-30-2021 | $3.4M | $788,077 | $2.6M | $2.3M |
| September 2021 | $22.6M | Current | 5.15% | 1.96 | 2.19 | 100% | $0 | 06-30-2021 | $3.4M | $788,077 | $2.6M | $2.3M |
| October 2021 | $22.6M | Current | 5.15% | 1.96 | 2.19 | 100% | $0 | 06-30-2021 | $3.4M | $788,077 | $2.6M | $2.3M |
| November 2021 | $22.6M | Current | 5.15% | 1.96 | 2.19 | 95% | $0 | 06-30-2021 | $3.4M | $788,077 | $2.6M | $2.3M |
| December 2021 | $22.6M | Current | 5.15% | 2.00 | 2.23 | 95% | $0 | 09-30-2021 | $3.3M | $714,419 | $2.6M | $2.4M |
| January 2022 | $22.6M | Current | 5.15% | 2.00 | 2.23 | 95% | $0 | 09-30-2021 | $3.3M | $714,419 | $2.6M | $2.4M |
| February 2022 | $22.6M | Current | 5.15% | 2.00 | 2.23 | 95% | $0 | 09-30-2021 | $3.3M | $714,419 | $2.6M | $2.4M |
| March 2022 | $22.6M | Current | 5.15% | 2.02 | 2.26 | 95% | $0 | 12-31-2021 | $3.3M | $673,877 | $2.7M | $2.4M |
| April 2022 | $22.6M | Current | 5.15% | 2.02 | 2.26 | 95% | $0 | 12-31-2021 | $3.3M | $673,877 | $2.7M | $2.4M |
| May 2022 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2022 | $22.6M | Current | 5.15% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2022 | $22.6M | Matured balloon, non-performing | 5.15% | not yet reported | not yet reported | not yet reported | $96,812 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2022 | $22.6M | Current | 5.15% | 2.02 | 2.25 | 99% | $0 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| September 2022 | $22.6M | Current | 5.15% | 2.02 | 2.25 | 99% | $0 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| October 2022 | $22.6M | Matured balloon, non-performing | 5.15% | 2.02 | 2.25 | 99% | $96,812 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| November 2022 | $22.6M | 30-59 days delinquent | 5.15% | 2.02 | 2.25 | 99% | $196,851 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| December 2022 | $22.6M | Matured balloon, non-performing | 5.15% | 2.02 | 2.25 | 99% | $96,812 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| January 2023 | $22.6M | Matured balloon, non-performing | 5.15% | 2.02 | 2.25 | 99% | $100,039 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| February 2023 | $22.6M | Matured balloon, non-performing | 5.15% | 2.02 | 2.25 | 99% | $100,039 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| March 2023 | $22.6M | Matured balloon, non-performing | 5.15% | 2.02 | 2.25 | 99% | $123,205 | 06-30-2022 | $3.4M | $725,904 | $2.7M | $2.4M |
| April 2023 | $22.6M | 30-59 days delinquent | 5.15% | 1.50 | 1.74 | 95% | $246,401 | 10-31-2022 | $3.4M | $950,575 | $2.4M | $2.1M |
| May 2023 | $22.6M | 60-89 days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $369,599 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2023 | $22.6M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $492,795 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2023 | $22.5M | 60-89 days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $369,594 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2023 | $22.5M | 30-59 days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $246,395 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2023 | $22.5M | 60-89 days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $341,448 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2023 | $22.4M | 60-89 days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $314,213 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2023 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $409,266 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2023 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $505,230 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2024 | $22.4M | 90+ days delinquent | 5.15% | 0.84 | 1.03 | not yet reported | $589,564 | 06-30-2023 | $2.3M | $819,095 | $1.5M | $1.2M |
| February 2024 | $22.4M | 90+ days delinquent | 5.15% | 0.63 | 0.82 | not yet reported | $673,899 | 09-30-2023 | $2.2M | $1.0M | $1.2M | $933,832 |
| March 2024 | $22.4M | 90+ days delinquent | 5.15% | 0.63 | 0.82 | not yet reported | $760,746 | 09-30-2023 | $2.2M | $1.0M | $1.2M | $933,832 |
| April 2024 | $22.4M | 90+ days delinquent | 5.15% | 0.63 | 0.82 | not yet reported | $845,081 | 09-30-2023 | $2.2M | $1.0M | $1.2M | $933,832 |
| May 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $930,672 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $84,335 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.2M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.3M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.3M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2024 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.5M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2025 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.6M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2025 | $22.4M | 90+ days delinquent | 5.15% | 0.59 | 0.78 | not yet reported | $1.7M | 09-30-2024 | $2.0M | $828,028 | $1.2M | $875,332 |
| March 2025 | $22.4M | 90+ days delinquent | 5.15% | 0.59 | 0.78 | not yet reported | $1.8M | 09-30-2024 | $2.0M | $828,028 | $1.2M | $875,332 |
| April 2025 | $22.4M | 90+ days delinquent | 5.15% | 0.59 | 0.78 | not yet reported | $1.8M | 09-30-2024 | $2.0M | $828,028 | $1.2M | $875,332 |
| May 2025 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.9M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $2.0M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $22.4M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $2.0M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2025 | $22.3M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.6M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2025 | $22.3M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.6M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2025 | $22.3M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $1.6M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2025 | $22.3M | 90+ days delinquent | 5.15% | 0.26 | 0.48 | not yet reported | $1.6M | 06-30-2025 | $2.0M | $1.3M | $706,144 | $391,071 |
| December 2025 | $22.3M | 90+ days delinquent | 5.15% | 0.26 | 0.48 | not yet reported | $1.6M | 06-30-2025 | $2.0M | $1.3M | $706,144 | $391,071 |
| January 2026 | $22.3M | 90+ days delinquent | 5.15% | 0.26 | 0.48 | not yet reported | $1.6M | 06-30-2025 | $2.0M | $1.3M | $706,144 | $391,071 |
| February 2026 | $22.3M | 90+ days delinquent | 5.15% | 0.27 | 0.48 | 100% | $1.6M | 09-30-2025 | $2.0M | $1.3M | $707,995 | $403,162 |
| March 2026 | $22.3M | 90+ days delinquent | 5.15% | 0.27 | 0.48 | 100% | $1.6M | 09-30-2025 | $2.0M | $1.3M | $707,995 | $403,162 |
| April 2026 | $22.3M | 90+ days delinquent | 5.15% | 0.27 | 0.48 | 100% | $1.6M | 09-30-2025 | $2.0M | $1.3M | $707,995 | $403,162 |
| May 2026 | $21.8M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $141,873 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $21.8M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $141,873 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $21.8M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $141,873 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2026 | $21.8M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $141,873 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2026 | $21.8M | 90+ days delinquent | 5.15% | not yet reported | not yet reported | not yet reported | $141,873 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Status timeline
| Date | Event |
|---|---|
| 2022-08-24 | Transferred to the special servicer |
| November 2022 | First reported 30 or more days delinquent |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.