Office · San Francisco, California
55 Hawthorne
55 Hawthorne is financed with a $61.5M CMBS loan at 4.123% that reaches maturity on January 1, 2027, in 2 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
- $61,500,000
- Original balance (same notes)
- $61,500,000
- Interest rate
- 4.123% fixed
- Originated
- December 22, 2016
- Maturity
- January 1, 2027
- Payments
- Interest only for the full term
- Prepayment lockout ended
- March 31, 2019
- Master servicer
- Midland Loan Services, A Divis
- Originator
- JPMCB
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred July 1, 2025
- Workout strategy
- Other
- Defeasance
- None reported
The property
- Address
- 55 Hawthorne Street, San Francisco, CA 94105
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 144,727 sq ft
- Built
- 1970, renovated 2016
- Largest tenants
- Garuda Labs, Inc.; Distyl Al Inc.; Ace Parking III, LLC
- Value at securitization
- $123.0M (Dec 2016)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.82x | -0.77x |
| Occupancy | 100% | 24% |
| Net operating income (annualized from 6 months) | $7.3M | $-8.1M |
| Debt yield | -13.2% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the JPMCC Commercial Mortgage Securities Trust 2017-JP5 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 100% when the loan was securitized to 24%.
- Net operating income is 212% below the underwritten figure ($-8.1M a year against $7.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.82x at securitization to -0.77x on the latest statements.
- At -0.77x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $51.2M (November 24, 2025), against $123.0M at securitization.
- The filing gives Jul 2026 as the lease end date for the largest tenant (Garuda Labs, Inc.), 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 | $61.5M | 90+ days delinquent | Yes | -0.77x | 24% |
| August 2026 | $61.5M | 90+ days delinquent | Yes | -1.60x | 24% |
| July 2026 | $61.5M | 90+ days delinquent | Yes | -1.60x | 24% |
| June 2026 | $61.5M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $61.5M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $61.5M | 90+ days delinquent | Yes | 2.77x | 24% |
| March 2026 | $61.5M | 90+ days delinquent | Yes | 2.77x | 94% |
| February 2026 | $61.5M | 90+ days delinquent | Yes | 3.13x | 94% |
| January 2026 | $61.5M | 90+ days delinquent | Yes | 3.13x | 94% |
| December 2025 | $61.5M | 90+ days delinquent | Yes | 3.13x | 94% |
| November 2025 | $61.5M | 90+ days delinquent | Yes | 3.13x | 94% |
| October 2025 | $61.5M | 60-89 days delinquent | Yes | 3.13x | 94% |
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 July 1, 2025, 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 |
|---|---|---|---|---|
| JPMCC Commercial Mortgage Securities Trust 2017-JP5 | 6 | $61,500,000 | Sep 2026 | SEC filing, September 28, 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 |
| 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 |
| 1450 Veterans | Redwood City, CA | Office | $17.9M | 4.07% | Aug 2027 | -0.78x | n/a | 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.