Office · San Francisco, California
360 Spear Street
360 Spear Street is financed with a $87.0M CMBS loan at 2.768% that reaches maturity on January 6, 2031, in 4 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
- $86,962,963
- Original balance (same notes)
- $105,000,000
- Interest rate
- 2.768% fixed
- Originated
- December 30, 2020
- Maturity
- January 6, 2031
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ended
- February 5, 2022
- Prepayment premium ends
- July 5, 2030 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 360 Spear Street, San Francisco, CA 94105
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 179,277 sq ft
- Built
- 1924, renovated 2000
- Largest tenants
- MCIMETROACC ESS TRANSMISSION SERVICES CORP; DEGREE, INC; VITALANT
- Value at securitization
- $236.0M (Nov 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.18x | 4.94x |
| Occupancy | 100% | 100% |
| Net operating income | $13.7M | $14.7M |
| Debt yield | 16.9% |
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.
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
- Net operating income is 7% above the underwritten figure ($14.7M a year against $13.7M).
- Debt service coverage moved from 2.18x at securitization to 4.94x on the latest statements.
- The most recent valuation in the filing is $260.0M (May 1, 2022), against $236.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $87.0M | Current | No | 4.94x | 100% |
| August 2026 | $87.0M | Current | No | 2.35x | 100% |
| July 2026 | $87.0M | Current | No | 2.35x | 100% |
| June 2026 | $87.0M | Current | No | 2.35x | 100% |
| May 2026 | $87.0M | Current | No | 2.35x | 100% |
| April 2026 | $87.0M | Current | No | 2.26x | 100% |
| March 2026 | $87.0M | Current | No | 2.26x | 100% |
| February 2026 | $87.0M | Current | No | 2.26x | 100% |
| January 2026 | $87.0M | Current | No | 2.27x | 100% |
| December 2025 | $87.3M | Current | No | 2.27x | 100% |
| November 2025 | $87.6M | Current | No | 2.27x | 100% |
| October 2025 | $87.9M | Current | No | 2.24x | 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 |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 3 | $86,962,963 | Sep 2026 | SEC filing, September 30, 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 |
| 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 |
| 1088 Sansome | San Francisco, CA | Office | $32.3M | 3.276% | Jan 2031 | 3.18x | 100% | 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.