Office · San Francisco, California
225 Bush
225 Bush is financed with a $35.0M CMBS loan at 3.303% that reached maturity on November 6, 2024, 23 months ago. As of the Sep 2026 servicer report, the latest filed for this loan, its status is past maturity and not performing.
The loan
- Balance in tracked trusts
- $35,000,000
- Original balance (same notes)
- $35,000,000
- Interest rate
- 3.303% fixed
- Originated
- October 11, 2019
- Maturity
- November 6, 2024
- Payments
- Interest only for the full term
- Prepayment lockout ended
- June 5, 2024
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, New York Branch
Status
- Payment status
- Non performing matured balloon. (code 5)
- Special servicing
- Transferred November 19, 2024
- Workout strategy
- Note sale
- Defeasance
- None reported
The property
- Address
- 225 Bush Street, San Francisco, CA 94104
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 579,987 sq ft
- Built
- 1922, renovated 2013
- Largest tenants
- LiveRamp Inc. a Delaware Corporation; Stryder Corp. a Delaware Corporation; General Assembly Space Inc.
- Value at securitization
- $589.0M (Sep 2019)
Performance
| At securitization | Latest (Dec 2024) | |
|---|---|---|
| DSCR (NOI) | 4.00x | 1.20x |
| Occupancy | 98% | 43% |
| Net operating income | $27.3M | $8.2M |
| Debt yield | 23.3% |
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 UBS Commercial Mortgage Trust 2019-C18 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Past maturity
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
- Occupancy has fallen from 98% when the loan was securitized to 43%.
- Net operating income is 70% below the underwritten figure ($8.2M a year against $27.3M).
- Debt service coverage moved from 4.00x at securitization to 1.20x on the latest statements.
- The most recent valuation in the filing is $228.0M (March 18, 2026), against $589.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| August 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| July 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| June 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| May 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| April 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| March 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| February 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| January 2026 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| December 2025 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| November 2025 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
| October 2025 | $35.0M | Non performing matured balloon | Yes | 1.20x | 43% |
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 19, 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 |
|---|---|---|---|---|
| UBS Commercial Mortgage Trust 2019-C18 | 1 | $35,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2024
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Parkmerced | San Francisco, CA | Multifamily | $260.0M | 2.725% | Dec 2024 | n/a | n/a | Past maturity and not performing |
| 225 Bush Street | San Francisco, CA | Office | $138.6M | 3.303% | Nov 2024 | n/a | n/a | Past maturity and not performing |
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.