Mixed use · Seattle, Washington
3rd & Pine Seattle Retail & Parking
3rd & Pine Seattle Retail & Parking is financed with a $35.2M CMBS loan at 4.54% that reaches maturity on March 1, 2028, in 16 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $35,200,000
- Original balance (same notes)
- $35,200,000
- Interest rate
- 4.54% fixed
- Originated
- February 5, 2018
- Maturity
- March 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 31, 2027
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred October 21, 2024
- Workout strategy
- Other
- Defeasance
- None reported
The property
- Address
- 1601 3rd Avenue, Seattle, WA 98101
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 1,442 sq ft
- Built
- 1959, renovated 2016
- Largest tenants
- Enterprise Rent a Car; DC Seattle 1 Operations LLC/Chr; Pacific Outdoor Advertising LLC
- Value at securitization
- $59.0M (Jan 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.83x | 0.62x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $3.0M | $16.6M |
| Debt yield | 47.2% |
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 2018-B2 filing for the reporting period ending September 8, 2026, filed with the SEC September 25, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
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
- Net operating income is 462% above the underwritten figure ($16.6M a year against $3.0M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.83x at securitization to 0.62x on the latest statements.
- At 0.62x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $22.7M (January 22, 2026), against $59.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $35.2M | 90+ days delinquent | Yes | 0.62x | 100% |
| August 2026 | $35.2M | 90+ days delinquent | Yes | 0.62x | 100% |
| July 2026 | $35.2M | 90+ days delinquent | Yes | n/a | n/a |
| June 2026 | $35.2M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $35.2M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $35.2M | 90+ days delinquent | Yes | 0.53x | 100% |
| March 2026 | $35.2M | 90+ days delinquent | Yes | n/a | 100% |
| February 2026 | $35.2M | 90+ days delinquent | Yes | n/a | 100% |
| January 2026 | $35.2M | 90+ days delinquent | Yes | n/a | 100% |
| December 2025 | $35.2M | 90+ days delinquent | Yes | n/a | 100% |
| November 2025 | $35.2M | 90+ days delinquent | Yes | n/a | 100% |
| October 2025 | $35.2M | 60-89 days delinquent | Yes | n/a | 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.
Special-servicing history
- Transferred to the special servicer October 21, 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 |
|---|---|---|---|---|
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2018-B2 | 9 | $35,200,000 | Sep 2026 | SEC filing, September 25, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1201 Third Avenue | Seattle, WA | Office | $170.0M | 5.585% | Mar 2028 | 1.28x | 48% | Current |
| Willow Creek Corporate Center | Redmond, WA | Office | $88.7M | 4.659% | Aug 2028 | 2.80x | 100% | Current |
| Georgetown Squared & Seattle Design Center | Seattle, WA | Mixed use | $84.0M | 5.06% | Sep 2028 | 1.24x | 78% | Current |
| Hyatt at Olive 8 | Seattle, WA | Hotel | $78.0M | 4.84% | Apr 2028 | n/a | n/a | Current |
| Google Kirkland Campus Phase I | Kirkland, WA | Office | $65.0M | 4.85% | Dec 2028 | n/a | n/a | Current |
| Time Square Office Renton | Renton, WA | Office | $53.5M | 5.002% | Oct 2028 | 0.39x | 46% | With the special servicer and 90+ days delinquent |
| 2020 Fifth Avenue | Seattle, WA | Other | $48.0M | 4.262% | Sep 2028 | 3.34x | 100% | Current |
| The Landmark | Renton, WA | Office | $42.0M | 9.03% | Oct 2028 | 1.62x | 100% | Current |
All loans maturing in 2028 · All Seattle-Tacoma-Bellevue loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 8, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.