Office · San Francisco, California
444 Spear
444 Spear is financed with a $17.0M CMBS loan at 3.89% that reaches maturity on July 6, 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
- $17,000,000
- Original balance (same notes)
- $17,000,000
- Interest rate
- 3.89% fixed
- Originated
- June 22, 2017
- Maturity
- July 6, 2027
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 444 Spear Street, San Francisco, CA 94105
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 49,713 sq ft
- Built
- 1939, renovated 2013
- Largest tenants
- Otis Elevator Company; PAE Consulting Engineers; Brillouin Inc.
- Value at securitization
- $35.8M (May 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.69x | 1.42x |
| Occupancy | 100% | 72% |
| Net operating income (annualized from 6 months) | $1.8M | $958K |
| Debt yield | 5.6% |
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 CD 2017-CD5 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
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 72%.
- Net operating income is 47% below the underwritten figure ($958K a year against $1.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.69x at securitization to 1.42x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $17.0M | Current | No | 1.42x | 72% |
| August 2026 | $17.0M | Current | No | 1.42x | 72% |
| July 2026 | $17.0M | Current | No | 1.40x | 68% |
| June 2026 | $17.0M | Current | No | 1.40x | 68% |
| May 2026 | $17.0M | Current | No | 1.40x | 68% |
| April 2026 | $17.0M | Current | No | 1.22x | 61% |
| March 2026 | $17.0M | Current | No | 1.09x | 61% |
| February 2026 | $17.0M | Current | No | 1.09x | 61% |
| January 2026 | $17.0M | Current | No | 1.10x | 61% |
| December 2025 | $17.0M | Current | No | 1.10x | 61% |
| November 2025 | $17.0M | Current | No | 1.10x | 61% |
| October 2025 | $17.0M | Current | No | 1.10x | 61% |
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 |
|---|---|---|---|---|
| CD 2017-CD5 MORTGAGE TRUST | 19 | $17,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 222 Second Street | San Francisco, CA | Office | $291.5M | 3.926% | Sep 2027 | 1.25x | 100% | Current |
| 300 Montgomery | San Francisco, CA | Office | $66.0M | 3.57% | Sep 2027 | 1.56x | 61% | Current |
| 55 Hawthorne | San Francisco, CA | Office | $61.5M | 4.123% | Jan 2027 | -0.77x | 24% | With the special servicer and 90+ days delinquent |
| Doubletree Berkeley Marina | Berkeley, CA | Hotel | $30.1M | 4.82% | Sep 2027 | -0.48x | 72% | With the special servicer |
| 634 Second Street | San Francisco, CA | Office | $27.9M | 4.909% | Mar 2027 | 2.23x | 99% | Current |
| 181 Second Avenue | San Mateo, CA | Office | $22.6M | 3.60% | Jul 2027 | 2.51x | 67% | Current |
| 555 De Haro | San Francisco, CA | Industrial | $19.0M | 4.31% | Nov 2027 | 1.95x | 80% | Current |
| San Mateo Self Storage | San Mateo, CA | Self storage | $19.0M | 4.35% | Feb 2027 | 3.25x | 100% | Current |
All loans maturing in 2027 · 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.