Mixed use · Oakland, California
City Square and Clay Street
Public CMBS trusts hold $90.0M of the loan on City Square and Clay Street at 4.728% that reaches maturity on February 6, 2028, in 15 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $90,000,000
- Original balance (same notes)
- $90,000,000
- Interest rate
- 4.728% fixed
- Originated
- January 25, 2018
- Maturity
- February 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2027
- Master servicer
- Midland
- Originator
- LCF
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred April 5, 2023, returned July 15, 2024
- Workout strategy
- Resolved
- Modified
- Yes, most recently March 28, 2024
- Defeasance
- None reported
The property
- Address
- 500 12th St and 499, 501 & 525 14th St, & 1200 Clay St, Oakland, CA 94612
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 246,136 sq ft
- Built
- 1986
- Largest tenants
- The Club at City Center; Kaiser Foundation Health Plan, Inc.; Opterra Energy Services, LLC
- Value at securitization
- $181.0M (Dec 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.87x | 0.81x |
| Occupancy | 94% | 54% |
| Net operating income | $8.1M | $3.5M |
| Debt yield | 3.9% |
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 UBS Commercial Mortgage Trust 2018-C9 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Modified
On the cmbs.news watch list in every report since July 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 94% when the loan was securitized to 54%.
- Net operating income is 56% below the underwritten figure ($3.5M a year against $8.1M).
- Debt service coverage moved from 1.87x at securitization to 0.81x on the latest statements.
- At 0.81x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $90.0M | Current | No | 0.81x | 54% |
| August 2026 | $90.0M | Current | No | 0.82x | 54% |
| July 2026 | $90.0M | Current | No | 0.82x | 100% |
| June 2026 | $90.0M | Current | No | n/a | n/a |
| May 2026 | $90.0M | Current | No | n/a | n/a |
| April 2026 | $90.0M | Current | No | 0.89x | 54% |
| March 2026 | $90.0M | Current | No | 0.89x | 54% |
| February 2026 | $90.0M | Current | No | 0.82x | 56% |
| January 2026 | $90.0M | Current | No | 0.57x | 56% |
| December 2025 | $90.0M | Current | No | 0.57x | 56% |
| November 2025 | $90.0M | Current | No | 0.90x | 56% |
| October 2025 | $90.0M | Current | No | 0.90x | 56% |
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 5, 2023, returned to the master servicer July 15, 2024.
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| UBS Commercial Mortgage Trust 2018-C8 | 7 | $45,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| UBS Commercial Mortgage Trust 2018-C9 | 4 | $45,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 181 Fremont Street | San Francisco, CA | Office | $250.0M | 3.709% | Apr 2028 | 3.52x | 100% | Current |
| The Gateway | San Francisco, CA | Multifamily | $210.0M | 3.722% | Apr 2028 | 2.91x | 95% | Current |
| Charles Schwab Plaza | San Francisco, CA | Office | $119.4M | 3.555% | Apr 2028 | 2.02x | 100% | Current |
| Pier 70 | San Francisco, CA | Mixed use | $115.0M | 4.878% | Oct 2028 | 3.03x | 100% | Current |
| InterContinental San Francisco | San Francisco, CA | Hotel | $91.4M | 4.145% | Jan 2028 | 0.54x | 65% | Current |
| Lake Merritt Plaza | Oakland, CA | Office | $80.0M | 8.012% | Nov 2028 | 1.57x | 75% | Current |
| 400 South El Camino Real | San Mateo, CA | Office | $67.7M | 4.697% | Dec 2028 | 1.48x | 99% | Current |
| 600 Clipper | Belmont, CA | Office | $54.3M | 3.717% | Jan 2028 | 2.20x | 100% | Current |
All loans maturing in 2028 · 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.