Retail · San Jose, California
Capitol Square
Capitol Square is financed with a $13.4M CMBS loan at 2.862% 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 current.
The loan
- Balance in tracked trusts
- $13,423,035
- Original balance (same notes)
- $15,000,000
- Interest rate
- 2.862% fixed
- Originated
- November 29, 2021
- Maturity
- December 6, 2031
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- January 5, 2023
- Prepayment premium ends
- August 5, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 320-450 North Capitol Avenue, San Jose, CA 95133
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Rentable area
- 356,294 sq ft
- Built
- 1971, renovated 2015
- Largest tenants
- Target; Cardenas; Marshalls
- Value at securitization
- $79.4M (Jul 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 5.93x | 5.43x |
| Occupancy | 97% | 93% |
| Net operating income (annualized from 6 months) | $4.4M | $4.1M |
| Debt yield | 30.4% |
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.
- Coverage down 0.25x or more from securitization
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 97% when the loan was securitized to 93%.
- Net operating income is 8% below the underwritten figure ($4.1M a year against $4.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 5.93x at securitization to 5.43x on the latest statements.
- The filing gives Jul 2031 as the lease end date for the largest tenant (Target), 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 | $13.4M | Current | No | 5.43x | 93% |
| August 2026 | $13.5M | Current | No | 5.59x | 93% |
| July 2026 | $13.5M | Current | No | 5.52x | 99% |
| June 2026 | $13.5M | Current | No | 5.52x | 99% |
| May 2026 | $13.5M | Current | No | 5.52x | 99% |
| April 2026 | $13.6M | Current | No | 5.52x | 99% |
| March 2026 | $13.6M | Current | No | 5.74x | 99% |
| February 2026 | $13.6M | Current | No | 5.74x | 99% |
| January 2026 | $13.7M | Current | No | 5.74x | 99% |
| December 2025 | $13.7M | Current | No | 5.74x | 99% |
| November 2025 | $13.7M | Current | No | 5.67x | 99% |
| October 2025 | $13.7M | Current | No | 5.67x | 99% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2021-GSA3 | 13 | $13,423,035 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Towers at Cupertino City Center | Cupertino, CA | Office | $145.0M | 6.442% | Mar 2031 | n/a | n/a | Current |
| 520 Almanor | Sunnyvalle, CA | Mixed use | $101.6M | 2.555% | Nov 2031 | 5.76x | 98% | Current |
| HQ at First | San Jose, CA | Office | $98.7M | 2.97% | Aug 2031 | n/a | n/a | Current |
| The Assembly | San Jose, CA | Industrial | $97.5M | 7.03% | Oct 2031 | n/a | n/a | Current |
| PATHLINE PARK 9 and 10 | Sunnyvale, CA | Office | $90.0M | 2.502% | Feb 2031 | 4.75x | 100% | Current |
| 2600 El Camino Real | Palo Alto, CA | Office | $46.4M | 3.734% | Apr 2031 | 3.02x | 92% | Current |
| 5300-5350 Hellyer Avenue | San Jose, CA | Office | $44.0M | 3.913% | Nov 2031 | 1.30x | 100% | Current |
| 110 120 and 130 Holger Way | San Jose, CA | Office | $42.3M | 2.97% | Aug 2031 | 2.18x | 100% | Current |
All loans maturing in 2031 · 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.