Office · San Jose, California
3901 North First Street
3901 North First Street is financed with a $20.9M CMBS loan at 4.83% that reaches its anticipated repayment date on July 1, 2027, in 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $20,907,443
- Original balance (same notes)
- $22,800,000
- Interest rate
- 4.83% fixed
- Originated
- June 29, 2017
- Maturity
- July 1, 2029
- Anticipated repayment date
- July 1, 2027 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for 48 months, then amortizing
- Prepayment lockout ends
- March 31, 2027
- Master servicer
- Trimont LLC
- Originator
- Principal Commercial Capital
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3901 North First Street, San Jose, CA 95134
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Rentable area
- 65,188 sq ft
- Built
- 1984, renovated 2017
- Largest tenants
- Continental Automative f/k/a Siemen
- Value at securitization
- $32.0M (Apr 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.69x | 0.66x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $1.9M | $959K |
| Debt yield | 4.6% |
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 CITIGROUP COMMERCIAL MORTGAGE TRUST 2017-P8 filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
On the cmbs.news watch list in every report since 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
- Net operating income is 49% below the underwritten figure ($959K a year against $1.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.69x at securitization to 0.66x on the latest statements.
- At 0.66x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $20.9M | Current | No | 0.66x | 100% |
| August 2026 | $20.9M | Current | No | 1.53x | 100% |
| July 2026 | $21.0M | Current | No | 1.53x | 100% |
| June 2026 | $21.0M | Current | No | 1.73x | 100% |
| May 2026 | $21.0M | Current | No | 1.73x | 100% |
| April 2026 | $21.1M | Current | No | 1.63x | 100% |
| March 2026 | $21.1M | Current | No | 1.63x | 100% |
| February 2026 | $21.1M | Current | No | 1.63x | 100% |
| January 2026 | $21.2M | Current | No | 1.63x | 100% |
| December 2025 | $21.2M | Current | No | 1.63x | 100% |
| November 2025 | $21.2M | Current | No | 1.63x | 100% |
| October 2025 | $21.3M | Current | No | 1.57x | 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 |
|---|---|---|---|---|
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2017-P8 | 19 | $20,907,443 | Sep 2026 | SEC filing, September 30, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Moffett Gateway | Sunnyvale, CA | Office | $173.4M | 3.319% | Apr 2027 | 2.42x | 98% | Current |
| Moffett Place Google | Sunnyvale, CA | Office | $171.3M | 4.55% | Jan 2027 | 1.40x | 100% | Current |
| Moffett Towers II - Building 2 | Sunnyvale, CA | Office | $153.1M | 3.619% | Dec 2027 | 2.76x | 100% | Current |
| Moffett Place Building 4 | Sunnyvale, CA | Office | $88.3M | 3.637% | Aug 2027 | 2.45x | 100% | Current |
| 675 Creekside Way | Campbell, CA | Office | $83.4M | 3.69% | Mar 2027 | 2.91x | 100% | Current |
| 2851 Junction | San Jose, CA | Office | $58.1M | 4.14% | May 2027 | 1.97x | 100% | Current |
| Sprouts Farmers Market | San Jose, CA | Retail | $50.5M | 3.97% | May 2027 | 2.82x | 100% | Current |
| Torre Plaza | Cupertino, CA | Office | $45.0M | 3.861% | Jun 2027 | 2.20x | 100% | Current |
All loans maturing in 2027 · All San Jose-Sunnyvale-Santa Clara 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.