Office portfolio, 9 properties · Seattle, Washington
1000 Second Avenue
Public CMBS trusts hold $34.1M of the loan on this portfolio at 3.222% that reached maturity on April 6, 2025, 18 months ago. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $34,100,000
- Original balance (same notes)
- $34,100,000
- Interest rate
- 3.222% fixed
- Originated
- March 19, 2015
- Maturity
- April 6, 2025; extended by modification to April 4, 2025
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 5, 2025
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Mortgage Company and Goldman Sachs Bank USA
Status
- Payment status
- Performing matured balloon (code 4)
- Special servicing
- Transferred November 24, 2024
- Workout strategy
- Modification
- Modified
- Yes, most recently October 5, 2025
- Defeasance
- None reported
The property
- Address
- 1000 Second Avenue, Seattle, WA 98101
- Metro
- Seattle-Tacoma-Bellevue, WA
- Value at securitization
- $741.0M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income (annualized from 6 months) | $37.8M | $41.7M |
| Debt yield | 122.2% |
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 BENCHMARK 2021-B23 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- With the special servicer
- Past maturity
- Modified
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
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
- Net operating income is 10% above the underwritten figure ($41.7M a year against $37.8M; the latest statement covers 6 months, annualized).
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| 1000 Second Avenue | Seattle, WA | Office | 62% | 1.07x |
| 2901 Third Ave | Seattle, WA | Office | 65% | 1.60x |
| 3101 Western Ave | Seattle, WA | Office | 44% | 0.96x |
| 300 Elliott Ave W | Seattle, WA | Office | 64% | 3.38x |
| 3131 Elliott Ave | Seattle, WA | Office | 65% | 1.82x |
| 2615 Fourth Ave | Seattle, WA | Office | 42% | 0.99x |
| 190 Queen Anne & 190 Queen Anne Avenue N | Seattle, WA | Office | 0% | -0.81x |
| 200 First Avenue W | Seattle, WA | Office | 65% | 1.56x |
| 18 West Mercer Street | Seattle, WA | Office | 27% | 0.30x |
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $34.1M | Performing matured balloon | Yes | 1.07x | 62% |
| August 2026 | $34.1M | Performing matured balloon | Yes | 1.03x | 61% |
| July 2026 | $34.1M | Performing matured balloon | Yes | 1.03x | 61% |
| June 2026 | $34.1M | Performing matured balloon | Yes | 1.03x | 61% |
| May 2026 | $34.1M | Performing matured balloon | Yes | n/a | n/a |
| April 2026 | $34.1M | Performing matured balloon | Yes | 1.37x | 64% |
| March 2026 | $34.1M | Non performing matured balloon | Yes | 1.37x | 63% |
| February 2026 | $34.1M | Performing matured balloon | Yes | 1.37x | 63% |
| January 2026 | $34.1M | Performing matured balloon | Yes | 1.37x | 63% |
| December 2025 | $34.1M | Non performing matured balloon | Yes | 1.37x | 63% |
| November 2025 | $34.1M | Non performing matured balloon | Yes | 1.32x | 63% |
| October 2025 | $34.1M | Non performing matured balloon | Yes | 1.32x | 66% |
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 November 24, 2024, still there.
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 |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 18 | $34,100,000 | Sep 2026 | SEC filing, September 30, 2026 |
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.