Office · San Francisco, California
225 Bush Street
Public CMBS trusts hold $138.6M of the loan on 225 Bush Street 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
- $138,600,000
- Original balance (same notes)
- $138,600,000
- 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
- Midland (Benchmark 2019-B14)
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Non performing matured balloon. (code 5)
- Special servicing
- Transferred November 7, 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
- 580,972 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 | |
|---|---|---|
| DSCR (NOI) | 4.00x | n/a |
| Occupancy | 98% | n/a |
| Net operating income | $27.3M | n/a |
Watch flags
Computed from the CF 2019-CF3 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- 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
- The most recent valuation in the filing is $153.0M (January 22, 2025), against $589.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $138.6M | Non performing matured balloon | Yes | n/a | n/a |
| August 2026 | $138.6M | Non performing matured balloon | Yes | n/a | n/a |
| July 2026 | $138.6M | Non performing matured balloon | Yes | n/a | n/a |
| June 2026 | $138.6M | Non performing matured balloon | Yes | n/a | n/a |
| May 2026 | $138.6M | Non performing matured balloon | Yes | n/a | n/a |
| April 2026 | $138.6M | Non performing matured balloon | Yes | 0.91x | 37% |
| March 2026 | $138.6M | Non performing matured balloon | Yes | 0.91x | 37% |
| February 2026 | $138.6M | Non performing matured balloon | Yes | 0.91x | 37% |
| January 2026 | $138.6M | Non performing matured balloon | Yes | 0.91x | 37% |
| December 2025 | $138.6M | Non performing matured balloon | Yes | 0.91x | 37% |
| November 2025 | $138.6M | Non performing matured balloon | Yes | 0.91x | 37% |
| October 2025 | $138.6M | Non performing matured balloon | Yes | 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.
Special-servicing history
- Transferred to the special servicer November 7, 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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2019-B14 Mortgage Trust | 2 | $60,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| COMM 2019-GC44 Mortgage Trust | 5 | $50,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| CF 2019-CF3 Mortgage Trust | 7 | $28,600,000 | Sep 2026 | SEC filing, September 30, 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 | San Francisco, CA | Office | $35.0M | 3.303% | Nov 2024 | 1.20x | 43% | 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.