Office · Tacoma, Washington
Carlton Building
Carlton Building is financed with a $4.8M CMBS loan at 6.09% that reaches maturity on October 1, 2032, in 5 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,775,000
- Original balance (same notes)
- $4,775,000
- Interest rate
- 6.09% fixed
- Originated
- September 19, 2022
- Maturity
- October 1, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 30, 2032
- Master servicer
- Trimont LLC
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1552 Commerce Street, Tacoma, WA 98402
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 42,204 sq ft
- Built
- 1909, renovated 1987
- Largest tenants
- FINANCIAL INSIGHT; Altec Products Inc.; The Koi INC
- Value at securitization
- $7.5M (Jun 2022)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.59x | 0.88x |
| Occupancy | 84% | 48% |
| Net operating income (annualized from 6 months) | $468K | $260K |
| Debt yield | 5.5% |
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 BANK 2022-BNK44 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- 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
On the cmbs.news watch list in every report since May 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 84% when the loan was securitized to 48%.
- Net operating income is 44% below the underwritten figure ($260K a year against $468K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.59x at securitization to 0.88x on the latest statements.
- At 0.88x, the property's reported NOI does not cover its debt service.
- The filing gives Mar 2030 as the lease end date for the largest tenant (FINANCIAL INSIGHT), 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 | $4.8M | Current | No | 0.88x | 48% |
| August 2026 | $4.8M | Current | No | 0.88x | 48% |
| July 2026 | $4.8M | Current | No | 0.97x | 54% |
| June 2026 | $4.8M | Current | No | 0.78x | 52% |
| May 2026 | $4.8M | Current | No | 0.78x | 52% |
| April 2026 | $4.8M | Current | No | 1.01x | 52% |
| March 2026 | $4.8M | Current | No | 1.01x | 52% |
| February 2026 | $4.8M | Current | No | 1.01x | 52% |
| January 2026 | $4.8M | Current | No | 1.01x | 52% |
| December 2025 | $4.8M | Current | No | 1.01x | 52% |
| November 2025 | $4.8M | Current | No | 0.67x | 52% |
| October 2025 | $4.8M | Current | No | 0.67x | 52% |
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 |
|---|---|---|---|---|
| BANK 2022-BNK44 | 36 | $4,775,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Center Plaza | Federal Way, WA | Retail | $37.5M | 4.37% | Feb 2032 | n/a | n/a | Current |
| Redmond Community Center | Redmond, WA | Retail | $34.5M | 4.089% | Mar 2032 | 2.79x | 100% | Current |
| Residence Inn Seattle, Seattle (2032 maturity) | Seattle, WA | Hotel | $27.9M | 4.91% | Apr 2032 | 2.22x | 74% | Current |
| Park Place Shopping Center, Tukwila | Tukwila, WA | Retail | $23.4M | 3.52% | Feb 2032 | 2.87x | n/a | Current |
| Covington Center | Covington, WA | Retail | $16.0M | 5.685% | May 2032 | 1.99x | 73% | Current |
| Panther Lake Shopping Center | Kent, WA | Retail | $13.5M | 5.36% | May 2032 | n/a | n/a | Current |
| Kent Business Campus | Kent, WA | Mixed use | $13.0M | 3.543% | Feb 2032 | 3.22x | 90% | Current |
| Village at Thrashers | Bothell, WA | Retail | $5.8M | 6.046% | Jul 2032 | 1.45x | 100% | Current |
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.