Retail · Menlo Park, California
1165-1195 Merrill Street
1165-1195 Merrill Street is financed with a $3.9M CMBS loan at 5.30% that reaches maturity on July 6, 2031, in 4 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $3,925,868
- Original balance (same notes)
- $4,250,000
- Interest rate
- 5.30% fixed
- Originated
- June 21, 2021
- Maturity
- July 6, 2031
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- September 5, 2024
- Prepayment premium ends
- May 5, 2031 (yield maintenance)
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 1165-1195 Merrill Street, Menlo Park, CA 94025
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 5,118 sq ft
- Built
- 2002
- Largest tenants
- BKK Cafe, Inc.; Farmhouse Kitchen
- Value at securitization
- $7.2M (Feb 2021)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 1.29x | n/a |
| Occupancy | 100% | n/a |
| Net operating income | $365K | n/a |
Watch flags
Computed from the Morgan Stanley Capital I Trust 2021-L6 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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
- The filing gives Jan 2030 as the lease end date for the largest tenant (BKK Cafe, Inc.), 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 | $3.9M | Current | No | n/a | n/a |
| August 2026 | $3.9M | Current | No | n/a | n/a |
| July 2026 | $3.9M | Current | No | n/a | n/a |
| June 2026 | $3.9M | Current | No | n/a | n/a |
| May 2026 | $3.9M | Current | No | n/a | n/a |
| April 2026 | $4.0M | Current | No | 1.59x | 100% |
| March 2026 | $4.0M | Current | No | 1.59x | 100% |
| February 2026 | $4.0M | Current | No | 1.59x | 100% |
| January 2026 | $4.0M | Current | No | 1.59x | 100% |
| December 2025 | $4.0M | Current | No | -0.38x | 100% |
| November 2025 | $4.0M | Current | No | -0.38x | 100% |
| October 2025 | $4.0M | Late payment but less than 30 days delinquent | No | -0.38x | 100% |
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.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2021-L6 | 41 | $3,925,868 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| SOMA Teleco Office | San Francisco, CA | Office | $102.5M | 3.66% | Apr 2031 | 1.53x | 55% | Current |
| The Veranda | Concord, CA | Retail | $100.0M | 2.99% | Oct 2031 | 3.66x | 96% | Current |
| 360 Spear Street | San Francisco, CA | Office | $87.0M | 2.768% | Jan 2031 | 4.94x | 100% | Current |
| 499 Forbes | San Francisco, CA | Industrial | $75.0M | 7.17% | Jul 2031 | n/a | n/a | Current |
| ActivSpace Portfolio | San Francisco, CA | Self storage | $50.0M | 5.738% | Jan 2031 | n/a | n/a | Current |
| Corporate Research Center | Hayward, CA | Mixed use | $44.5M | 2.54% | Oct 2031 | 4.51x | 90% | Current |
| One Trinity Center | San Francisco, CA | Office | $40.0M | 2.91% | Jul 2031 | 3.11x | 100% | Current |
| Storquest - Richmond, Ca | Richmond, CA | Self storage | $34.0M | 3.666% | Dec 2031 | 2.12x | 88% | Current |
All loans maturing in 2031 · All San Francisco-Oakland-Fremont 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.