← Morgan Stanley Capital I Trust 2019-L3 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2019-L3
- Current balance
- $8.1M (September 2026)
- Share of deal
- 0.8%
- Status
- Real estate owned (REO)
- DSCR (latest)
- 0.28
- Occupancy (latest)
- 71%
- Scheduled maturity
- 2024-11-06
Property and terms
| Property | YOSEMITE OFFICE |
| Address | 3600 SOUTH YOSEMITE STREET; Denver, CO 80237 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 126,436 |
| Year built | 1974 |
| Year last renovated | 2009 |
| Original balance | $9.7M |
| Current balance | $8.1M (September 2026) |
| Share of deal balance | 0.8% |
| Interest rate at origination | 3.86% |
| Current interest rate | 3.86% |
| Origination date | 10-11-2019 |
| Original term | 60 months |
| Amortization term | 360 months |
| Interest-only period | 30 months |
| Scheduled maturity | 2024-11-06 |
| Prepayment lockout end | 12-05-2021 |
| Yield maintenance end | 05-05-2024 |
| Servicer | Wells Fargo Bank, NA |
| Loan servicer | not yet reported |
| Originator | SMC |
| Current status | Real estate owned (REO) |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $14.3M | 07-09-2019 | MAI |
| Most recent reported | $5.9M | 2025-12-05 | MAI |
Change from securitization to the most recent reported valuation: -58.7%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Advance HOA Management Inc. | 15,647 | 04-30-2029 |
| Colorado District Attorneys Council | 11,610 | 05-31-2028 |
| Tschetter Hamrick Sulzer P.C. | 11,592 | 12-31-2029 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| November 2019 | $9.7M | Matured balloon, performing | 3.86% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | $1.1M | not yet reported | not yet reported |
| December 2019 | $9.7M | Current | 3.86% | 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 |
| January 2020 | $9.7M | Current | 3.86% | 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 |
| February 2020 | $9.7M | Current | 3.86% | 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 |
| March 2020 | $9.7M | Current | 3.86% | 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 |
| April 2020 | $9.7M | Current | 3.86% | 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 |
| May 2020 | $9.7M | Current | 3.86% | 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 2020 | $9.7M | Current | 3.86% | 4.23 | 4.59 | 88% | $0 | 03-31-2020 | $665,121 | $231,117 | $434,004 | $400,664 |
| July 2020 | $9.7M | Current | 3.86% | 4.23 | 4.59 | 88% | $0 | 03-31-2020 | $665,121 | $231,117 | $434,004 | $400,664 |
| August 2020 | $9.7M | Current | 3.86% | 3.19 | 3.54 | 90% | $0 | 06-30-2020 | $1.2M | $506,677 | $674,443 | $607,761 |
| September 2020 | $9.7M | Current | 3.86% | 3.19 | 3.54 | 90% | $0 | 06-30-2020 | $1.2M | $506,677 | $674,443 | $607,761 |
| October 2020 | $9.7M | Current | 3.86% | 3.19 | 3.54 | 90% | $0 | 06-30-2020 | $1.2M | $506,677 | $674,443 | $607,761 |
| November 2020 | $9.7M | Current | 3.86% | 2.84 | 3.19 | 88% | $0 | 09-30-2020 | $1.7M | $741,125 | $912,220 | $812,196 |
| December 2020 | $9.7M | Current | 3.86% | 2.84 | 3.19 | 88% | $0 | 09-30-2020 | $1.7M | $741,125 | $912,220 | $812,196 |
| January 2021 | $9.7M | Current | 3.86% | 2.84 | 3.19 | 88% | $0 | 09-30-2020 | $1.7M | $741,125 | $912,220 | $812,196 |
| February 2021 | $9.7M | Current | 3.86% | 3.30 | 3.65 | 80% | $0 | 12-31-2020 | $2.3M | $941,138 | $1.4M | $1.3M |
| March 2021 | $9.7M | Current | 3.86% | 3.30 | 3.65 | 80% | $0 | 12-31-2020 | $2.3M | $941,138 | $1.4M | $1.3M |
| April 2021 | $9.7M | Current | 3.86% | 3.30 | 3.65 | 80% | $0 | 12-31-2020 | $2.3M | $941,138 | $1.4M | $1.3M |
| May 2021 | $9.7M | Current | 3.86% | 2.98 | 3.34 | 76% | $0 | 03-31-2021 | $547,530 | $235,129 | $312,401 | $279,060 |
| June 2021 | $9.7M | Current | 3.86% | 2.98 | 3.34 | 76% | $0 | 03-31-2021 | $547,530 | $235,129 | $312,401 | $279,060 |
| July 2021 | $9.7M | Current | 3.86% | 2.98 | 3.34 | 76% | $0 | 03-31-2021 | $547,530 | $235,129 | $312,401 | $279,060 |
| August 2021 | $9.7M | Current | 3.86% | 2.43 | 2.78 | 76% | $0 | 06-30-2021 | $993,352 | $467,282 | $526,070 | $459,388 |
| September 2021 | $9.7M | Current | 3.86% | 2.43 | 2.78 | 76% | $0 | 06-30-2021 | $993,352 | $467,282 | $526,070 | $459,388 |
| October 2021 | $9.7M | Current | 3.86% | 2.54 | 2.89 | 76% | $0 | 09-30-2021 | $1.5M | $684,210 | $824,766 | $724,743 |
| November 2021 | $9.7M | Current | 3.86% | 2.54 | 2.89 | 76% | $0 | 09-30-2021 | $1.5M | $684,210 | $824,766 | $724,743 |
| December 2021 | $9.7M | Current | 3.86% | 2.54 | 2.89 | 76% | $0 | 09-30-2021 | $1.5M | $684,210 | $824,766 | $724,743 |
| January 2022 | $9.7M | Current | 3.86% | 2.54 | 2.89 | 76% | $0 | 09-30-2021 | $1.5M | $684,210 | $824,766 | $724,743 |
| February 2022 | $9.7M | Current | 3.86% | 2.72 | 3.07 | 77% | $0 | 12-31-2021 | $2.1M | $887,925 | $1.2M | $1.0M |
| March 2022 | $9.7M | Current | 3.86% | 2.72 | 3.07 | 77% | $0 | 12-31-2021 | $2.1M | $887,925 | $1.2M | $1.0M |
| April 2022 | $9.7M | Current | 3.86% | 2.72 | 3.07 | 77% | $0 | 12-31-2021 | $2.1M | $887,925 | $1.2M | $1.0M |
| May 2022 | $9.7M | Current | 3.86% | 2.88 | 3.24 | 78% | $0 | 03-31-2022 | $578,148 | $274,883 | $303,265 | $269,924 |
| June 2022 | $9.7M | Current | 3.86% | 2.88 | 3.24 | 78% | $0 | 03-31-2022 | $578,148 | $274,883 | $303,265 | $269,924 |
| July 2022 | $4.5M | Current | 4.30% | 2.57 | 2.59 | 99% | $0 | 03-31-2022 | $233,989 | $108,064 | $125,925 | $124,650 |
| August 2022 | $9.7M | Current | 3.86% | 2.67 | 3.00 | 83% | $0 | 06-30-2022 | $1.1M | $509,672 | $607,301 | $540,619 |
| September 2022 | $9.6M | Current | 3.86% | 2.67 | 3.00 | 83% | $0 | 06-30-2022 | $1.1M | $509,672 | $607,301 | $540,619 |
| October 2022 | $9.6M | Current | 3.86% | 2.67 | 3.00 | 83% | $0 | 06-30-2022 | $1.1M | $509,672 | $607,301 | $540,619 |
| November 2022 | $9.6M | Current | 3.86% | 3.17 | 3.46 | 92% | $0 | 09-30-2022 | $1.9M | $754,788 | $1.2M | $1.1M |
| December 2022 | $9.6M | Current | 3.86% | 3.17 | 3.46 | 92% | $0 | 09-30-2022 | $1.9M | $754,788 | $1.2M | $1.1M |
| January 2023 | $9.6M | Current | 3.86% | 3.17 | 3.46 | 92% | $0 | 09-30-2022 | $1.9M | $754,788 | $1.2M | $1.1M |
| February 2023 | $9.6M | Current | 3.86% | 2.90 | 3.18 | 86% | $0 | 12-31-2022 | $2.5M | $1.0M | $1.5M | $1.4M |
| March 2023 | $9.6M | Current | 3.86% | 2.90 | 3.18 | 86% | $0 | 12-31-2022 | $2.5M | $1.0M | $1.5M | $1.4M |
| April 2023 | $9.5M | Current | 3.86% | 2.90 | 3.18 | 86% | $0 | 12-31-2022 | $2.5M | $1.0M | $1.5M | $1.4M |
| May 2023 | $9.5M | Current | 3.86% | 1.91 | 2.15 | 76% | $0 | 03-31-2023 | $571,963 | $277,877 | $294,086 | $260,745 |
| June 2023 | $9.5M | Current | 3.86% | 1.91 | 2.15 | 76% | $0 | 03-31-2023 | $571,963 | $277,877 | $294,086 | $260,745 |
| July 2023 | $9.5M | Current | 3.86% | 1.91 | 2.15 | 76% | $0 | 03-31-2023 | $571,963 | $277,877 | $294,086 | $260,745 |
| August 2023 | $9.5M | Current | 3.86% | 1.85 | 2.10 | 78% | $0 | 06-30-2023 | $1.1M | $510,587 | $573,049 | $506,367 |
| September 2023 | $9.5M | Current | 3.86% | 1.85 | 2.10 | 78% | $0 | 06-30-2023 | $1.1M | $510,587 | $573,049 | $506,367 |
| October 2023 | $9.5M | Current | 3.86% | 1.85 | 2.10 | 78% | $0 | 06-30-2023 | $1.1M | $510,587 | $573,049 | $506,367 |
| November 2023 | $9.4M | Current | 3.86% | 1.85 | 2.10 | 78% | $0 | 06-30-2023 | $1.1M | $510,587 | $573,049 | $506,367 |
| December 2023 | $9.4M | Current | 3.86% | 1.85 | 2.10 | 78% | $0 | 06-30-2023 | $1.1M | $510,587 | $573,049 | $506,367 |
| January 2024 | $9.4M | Current | 3.86% | 1.70 | 1.94 | 73% | $0 | 09-30-2023 | $1.6M | $786,153 | $796,467 | $696,444 |
| February 2024 | $9.4M | Current | 3.86% | 1.70 | 1.94 | 73% | $0 | 09-30-2023 | $1.6M | $786,153 | $796,467 | $696,444 |
| March 2024 | $9.4M | Current | 3.86% | 1.70 | 1.94 | 73% | $0 | 09-30-2023 | $1.6M | $786,153 | $796,467 | $696,444 |
| April 2024 | $9.4M | Current | 3.86% | 1.70 | 1.94 | 73% | $0 | 09-30-2023 | $1.6M | $786,153 | $796,467 | $696,444 |
| May 2024 | $9.4M | Current | 3.86% | 1.68 | 1.93 | 73% | $0 | 12-31-2023 | $2.1M | $1.0M | $1.1M | $920,291 |
| June 2024 | $9.3M | Current | 3.86% | 1.68 | 1.93 | 73% | $0 | 12-31-2023 | $2.1M | $1.0M | $1.1M | $920,291 |
| July 2024 | $9.3M | Current | 3.86% | 1.02 | 1.27 | 77% | $0 | 03-31-2024 | $477,804 | $304,621 | $173,183 | $139,842 |
| August 2024 | $9.3M | Current | 3.86% | 1.65 | 1.89 | 74% | $0 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| September 2024 | $9.3M | Current | 3.86% | 1.65 | 1.89 | 74% | $0 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| October 2024 | $9.3M | Current | 3.86% | 1.65 | 1.89 | 74% | $0 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| November 2024 | $9.3M | Real estate owned (REO) | 3.86% | 1.65 | 1.89 | 74% | $45,490 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| December 2024 | $9.3M | Real estate owned (REO) | 3.86% | 1.65 | 1.89 | 74% | $75,255 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| January 2025 | $9.3M | Real estate owned (REO) | 3.86% | 1.65 | 1.89 | 74% | $106,013 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| February 2025 | $9.3M | Real estate owned (REO) | 3.86% | 1.65 | 1.89 | 74% | $126,477 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| March 2025 | $9.3M | Real estate owned (REO) | 3.86% | 1.65 | 1.89 | 74% | $144,961 | 06-30-2024 | $1.1M | $545,653 | $516,960 | $450,278 |
| April 2025 | $9.3M | Real estate owned (REO) | 3.86% | 0.69 | 1.93 | 74% | $175,718 | 12-31-2024 | $2.1M | $1.0M | $1.1M | $374,389 |
| May 2025 | $8.4M | Foreclosure | 3.86% | 0.69 | 1.93 | 74% | $0 | 12-31-2024 | $2.1M | $1.0M | $1.1M | $374,389 |
| June 2025 | $8.4M | Real estate owned (REO) | 3.86% | 0.69 | 1.93 | 74% | $32,748 | 12-31-2024 | $2.1M | $1.0M | $1.1M | $374,389 |
| July 2025 | $8.4M | Real estate owned (REO) | 3.86% | 0.91 | 1.67 | 76% | $50,188 | 03-31-2025 | $2.3M | $1.4M | $909,911 | $499,866 |
| August 2025 | $8.3M | Foreclosure | 3.86% | 0.91 | 1.67 | 76% | $0 | 03-31-2025 | $2.3M | $1.4M | $909,911 | $499,866 |
| September 2025 | $8.3M | Foreclosure | 3.86% | 0.91 | 1.67 | 76% | $0 | 03-31-2025 | $2.3M | $1.4M | $909,911 | $499,866 |
| October 2025 | $8.2M | Foreclosure | 3.86% | 0.91 | 1.67 | 76% | $0 | 03-31-2025 | $2.3M | $1.4M | $909,911 | $499,866 |
| November 2025 | $8.1M | Foreclosure | 3.86% | 1.18 | 2.12 | 76% | $0 | 06-30-2025 | $2.4M | $1.2M | $1.2M | $642,061 |
| December 2025 | $8.1M | Foreclosure | 3.86% | 1.48 | 2.18 | 71% | $0 | 09-30-2025 | $2.5M | $1.3M | $1.2M | $809,996 |
| January 2026 | $8.1M | Foreclosure | 3.86% | 1.48 | 2.18 | 71% | $0 | 09-30-2025 | $2.5M | $1.3M | $1.2M | $809,996 |
| February 2026 | $8.1M | Foreclosure | 3.86% | 1.48 | 2.18 | 71% | $0 | 09-30-2025 | $2.5M | $1.3M | $1.2M | $809,996 |
| March 2026 | $8.1M | Foreclosure | 3.86% | 1.48 | 2.18 | 71% | $0 | 09-30-2025 | $2.5M | $1.3M | $1.2M | $809,996 |
| April 2026 | $8.1M | Real estate owned (REO) | 3.86% | 1.42 | 1.47 | 69% | $54,965 | 12-31-2025 | $2.2M | $1.4M | $800,884 | $774,125 |
| May 2026 | $8.1M | Real estate owned (REO) | 3.86% | 1.42 | 1.47 | 69% | $105,211 | 12-31-2025 | $2.2M | $1.4M | $800,884 | $774,125 |
| June 2026 | $8.1M | Real estate owned (REO) | 3.86% | 1.42 | 1.47 | 69% | $155,455 | 12-31-2025 | $2.2M | $1.4M | $800,884 | $774,125 |
| July 2026 | $8.1M | Real estate owned (REO) | 3.86% | 1.34 | 2.33 | 69% | $201,004 | 03-31-2026 | $2.5M | $1.3M | $1.3M | $733,924 |
| August 2026 | $8.1M | Real estate owned (REO) | 3.86% | 1.34 | 2.33 | 69% | $232,351 | 03-31-2026 | $2.5M | $1.3M | $1.3M | $733,924 |
| September 2026 | $8.1M | Real estate owned (REO) | 3.86% | 0.28 | 0.84 | 71% | $282,595 | 06-30-2026 | $1.9M | $1.4M | $458,630 | $154,108 |
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 |
|---|---|
| 2024-10-06 | Loan modified (maturity after modification 2024-11-06) |
| November 2024 | First reported 30 or more days delinquent |
| 2024-11-06 | Scheduled maturity passed; the loan is still reported, with status Real estate owned (REO) in September 2026 |
| 2024-11-14 | Transferred to the special servicer |
Also filed in other trusts
Loans are sometimes split across trusts (pari passu), and each trust files the loan at its whole-loan amount. A loan with the same property name and origination date is filed in: Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.