Office · Mill Valley, California
39 Forrest Street
39 Forrest Street is financed with a $4.6M CMBS loan at 3.984% that reaches maturity on February 11, 2030, in 3 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,575,000
- Original balance (same notes)
- $4,575,000
- Interest rate
- 3.984% fixed
- Originated
- January 24, 2020
- Maturity
- February 11, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 10, 2029
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 78 East Blithedale Avenue, Mill Valley, CA 94941
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 7,460 sq ft
- Built
- 1929, renovated 2005
- Largest tenants
- Thompson / Dorfman Partners LLC; Engel & Voelkers Mill Valley; SOTHEBYS (GOLDEN GATE)
- Value at securitization
- $6.8M (Nov 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.15x | 1.62x |
| Occupancy | 100% | 73% |
| Net operating income (annualized from 6 months) | $398K | $301K |
| Debt yield | 6.6% |
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 2020-BNK26 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% 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
- Occupancy has fallen from 100% when the loan was securitized to 73%.
- Net operating income is 24% below the underwritten figure ($301K a year against $398K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.15x at securitization to 1.62x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.6M | Current | No | 1.62x | 73% |
| August 2026 | $4.6M | Current | No | 1.85x | 73% |
| July 2026 | $4.6M | Current | No | 1.85x | 73% |
| June 2026 | $4.6M | Current | No | 2.33x | 100% |
| May 2026 | $4.6M | Current | No | 2.33x | 100% |
| April 2026 | $4.6M | Current | No | 2.38x | 100% |
| March 2026 | $4.6M | Current | No | 2.38x | 100% |
| February 2026 | $4.6M | Current | No | 2.38x | 100% |
| January 2026 | $4.6M | Current | No | 2.38x | 100% |
| December 2025 | $4.6M | Current | No | 2.31x | 100% |
| November 2025 | $4.6M | Current | No | 2.31x | 100% |
| October 2025 | $4.6M | Current | No | 2.35x | 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 |
|---|---|---|---|---|
| BANK 2020-BNK26 | 60 | $4,575,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Burlingame Point | Burlingame, CA | Office | $360.0M | 3.017% | Jul 2030 | 2.68x | 100% | Current |
| Radius at Harbor Bay | Alameda, CA | Other | $166.4M | 6.126% | Jan 2030 | 1.48x | 90% | Current |
| 525 Market Street | San Francisco, CA | Office | $110.0M | 2.95% | Feb 2030 | 2.17x | 70% | Current |
| The Plaza at Walnut Creek | Walnut Creek, CA | Office | $97.2M | 6.598% | Feb 2030 | 2.87x | 93% | Current |
| 420 Taylor | San Francisco, CA | Office | $79.5M | 3.75% | Aug 2030 | 3.45x | 100% | Current |
| 525 Market | San Francisco, CA | Office | $50.0M | 2.95% | Feb 2030 | 2.12x | 72% | Current |
| Panoramic Berkeley | Berkeley, CA | Multifamily | $42.0M | 3.848% | Apr 2030 | 2.23x | 99% | Current |
| 1420 Harbor Bay Parkway | Alameda, CA | Mixed use | $41.6M | 6.126% | Jan 2030 | n/a | n/a | Current |
All loans maturing in 2030 · 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.