Office · Tukwila, Washington
12500 Tukwila International Blvd
12500 Tukwila International Blvd is financed with a $19.6M CMBS loan at 6.29% that reaches maturity on January 1, 2035, in 8 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $19,632,848
- Original balance (same notes)
- $20,000,000
- Interest rate
- 6.29% fixed
- Originated
- December 19, 2024
- Maturity
- January 1, 2035
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- January 31, 2027
- Prepayment premium ends
- June 30, 2034 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 12500 Tukwila International Boulevard, Tukwila, WA 98168
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 141,365 sq ft
- Built
- 2004
- Largest tenants
- Department of Homeland Security
- Value at securitization
- $43.3M (Oct 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.44x | 2.00x |
| Occupancy | 90% | 92% |
| Net operating income | $3.6M | $3.0M |
| Debt yield | 15.1% |
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 BANK 2025-BNK49 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
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 18% below the underwritten figure ($3.0M a year against $3.6M).
- Debt service coverage moved from 2.44x at securitization to 2.00x on the latest statements.
- The filing gives Oct 2034 as the lease end date for the largest tenant (Department of Homeland Security), 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 | $19.6M | Current | No | 2.00x | 92% |
| August 2026 | $19.7M | Current | No | n/a | n/a |
| July 2026 | $19.7M | Current | No | n/a | n/a |
| June 2026 | $19.7M | Current | No | n/a | n/a |
| May 2026 | $19.7M | Current | No | n/a | n/a |
| April 2026 | $19.7M | Current | No | 1.84x | 90% |
| March 2026 | $19.7M | Current | No | 1.84x | 90% |
| February 2026 | $19.8M | Current | No | 1.84x | 90% |
| January 2026 | $19.8M | Current | No | 1.84x | 90% |
| December 2025 | $19.8M | Current | No | n/a | n/a |
| November 2025 | $19.8M | Current | No | n/a | n/a |
| October 2025 | $19.8M | Current | No | n/a | n/a |
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 |
|---|---|---|---|---|
| BANK 2025-BNK49 | 14 | $19,632,848 | Sep 2026 | SEC filing, September 29, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| RTC Amazon | Redmond, WA | Office | $36.1M | 6.75% | Jan 2035 | n/a | n/a | Current |
| Staypineapple Hotel Five | Seattle, WA | Hotel | $17.9M | 7.61% | Aug 2035 | n/a | n/a | Current |
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.