Mixed use · Pasadena, California
403 South Raymond Avenue
403 South Raymond Avenue is financed with a $12.8M CMBS loan at 3.945% that reaches maturity on December 6, 2031, in 5 years and 1 month. 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
- $12,850,000
- Original balance (same notes)
- $12,850,000
- Interest rate
- 3.945% fixed
- Originated
- December 2, 2021
- Maturity
- December 6, 2031
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ended
- January 5, 2024
- Prepayment premium ends
- September 5, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred April 10, 2026
- Workout strategy
- Other
- Defeasance
- Partly defeased
The property
- Address
- 403 South Raymond Avenue, Pasadena, CA 91105
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 86,853 sq ft
- Built
- 1918
- Largest tenants
- Rogerson kratos; Raymond avenue self storage
- Value at securitization
- $23.5M (Nov 2021)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.83x | 3.23x |
| Occupancy | 100% | 100% |
| Net operating income | $1.3M | $1.7M |
| Debt yield | 12.9% |
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 GS Mortgage Securities Trust 2021-GSA3 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in every report since April 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 24% above the underwritten figure ($1.7M a year against $1.3M).
- Debt service coverage moved from 1.83x at securitization to 3.23x on the latest statements.
- The filing gives Dec 2025 as the lease end date for the largest tenant (Rogerson kratos), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $12.8M | 90+ days delinquent | Yes | 3.23x | 100% |
| August 2026 | $12.8M | 90+ days delinquent | Yes | 3.23x | 100% |
| July 2026 | $12.8M | 90+ days delinquent | Yes | 3.23x | 100% |
| June 2026 | $12.8M | 90+ days delinquent | Yes | 3.23x | 100% |
| May 2026 | $12.8M | 60-89 days delinquent | Yes | 3.23x | 100% |
| April 2026 | $12.8M | 30-59 days delinquent | Yes | 3.23x | 100% |
| March 2026 | $12.8M | Late payment but less than 30 days delinquent | No | 3.36x | 100% |
| February 2026 | $12.8M | Late payment but less than 30 days delinquent | No | 3.36x | 100% |
| January 2026 | $12.8M | Late payment but less than 30 days delinquent | No | 3.39x | 100% |
| December 2025 | $12.8M | Current | No | 3.39x | 100% |
| November 2025 | $12.8M | Late payment but less than 30 days delinquent | No | 3.39x | 100% |
| October 2025 | $12.8M | 30-59 days delinquent | No | 3.39x | 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 April 10, 2026, 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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2021-GSA3 | 18 | $12,850,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1888 Century Park East | Los Angeles, CA | Office | $200.0M | 2.641% | Dec 2031 | 3.24x | 70% | Current |
| Hilton Waterfront Beach Resort | Huntington Beach, CA | Hotel | $127.0M | 6.107% | Mar 2031 | n/a | n/a | Current |
| Glendale Fashion Center | Glendale, CA | Retail | $100.0M | 6.518% | Jul 2031 | n/a | n/a | Current |
| Freeway Business Park | Long Beach, CA | Office | $95.0M | 6.024% | Mar 2031 | n/a | n/a | Current |
| La Habra Marketplace | La Habra, CA | Retail | $95.0M | 3.70% | Dec 2031 | 2.67x | 99% | Current |
| Plaza La Cienega | Los Angeles, CA | Mixed use | $90.0M | 3.49% | Oct 2031 | n/a | n/a | Current |
| Chateau Marmont | Los Angeles, CA | Hotel | $65.0M | 6.51% | Apr 2031 | n/a | n/a | Current |
| Del Rey Campus | Los Angeles, CA | Office | $65.0M | 6.95% | Mar 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Los Angeles-Long Beach-Anaheim 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.