← Morgan Stanley Capital I Trust 2020-L4 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2020-L4
- Current balance
- $3.0M (December 2022)
- Share of deal
- not yet reported
- Status
- Current
- DSCR (latest)
- 1.43
- Occupancy (latest)
- 88%
- Scheduled maturity
- 2029-02-06
Property and terms
| Property | Copper Pointe |
| Address | 4530, 4560 & 4570 South Eastern Avenue; Las Vegas, NV 89119 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 34,685 |
| Year built | 1973 |
| Year last renovated | not yet reported |
| Original balance | $4.5M |
| Current balance | $3.0M (December 2022) |
| Share of deal balance | not yet reported |
| Interest rate at origination | 5.70% |
| Current interest rate | 5.58% |
| Origination date | 02-06-2019 |
| Original term | 120 months |
| Amortization term | 300 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2029-02-06 |
| Prepayment lockout end | 11-05-2028 |
| Yield maintenance end | not yet reported |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | AREF |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $7.0M | 12-12-2018 | MAI |
| Most recent reported | $4.0M | 2020-08-12 | MAI |
Change from securitization to the most recent reported valuation: -42.3%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Jaget, Inc. | 3,350 | 06-30-2024 |
| Oshiro Pediatrics, LLC | 2,945 | 11-30-2023 |
| Cal Pyschiatric Services | 2,450 | 03-31-2025 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January 2021 | $4.3M | Matured balloon, non-performing | 5.70% | -3.09 | -2.96 | 20% | $25,688 | 03-31-2020 | $886,130 | $1.9M | $-999,226 | $-1.0M |
| December 2022 | $3.0M | Current | 5.58% | 1.43 | 1.55 | 88% | $0 | 09-30-2022 | $465,839 | $130,450 | $335,389 | $309,827 |
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 |
|---|---|
| 2020-07-09 | Transferred to the special servicer |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.