Office · San Jose, California
Ebay North First Commons
Ebay North First Commons is financed with a $51.0M CMBS loan at 2.638% that reached maturity on March 31, 2026, 6 months ago. As of the Sep 2026 servicer report, the latest filed for this loan, its status is past maturity and not performing.
The loan
- Balance in tracked trusts
- $51,000,000
- Original balance (same notes)
- $51,000,000
- Interest rate
- 2.638% fixed
- Originated
- June 7, 2018
- Maturity
- March 31, 2026
- Payments
- Interest only for the full term
- Prepayment lockout ended
- March 5, 2023
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Non performing matured balloon. (code 5)
- Special servicing
- Transferred March 30, 2026
- Workout strategy
- DPO
- Modified
- Yes, most recently June 15, 2023
- Defeasance
- None reported
The property
- Address
- 2515, 2525, 2535 & 2545 North 1st Street, San Jose, CA 95131
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Rentable area
- 250,056 sq ft
- Built
- 2001
- Largest tenants
- Ebay Inc.
- Value at securitization
- $133.8M (Feb 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 5.17x | 2.48x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $7.1M | $8.1M |
| Debt yield | 15.8% |
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 Benchmark 2018-B5 Mortgage Trust 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 down 0.25x or more from securitization
- Past maturity
- Modified
On the cmbs.news watch list in every report since April 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
- Net operating income is 14% above the underwritten figure ($8.1M a year against $7.1M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 5.17x at securitization to 2.48x on the latest statements.
- The most recent valuation in the filing is $54.7M (April 29, 2026), against $133.8M at securitization.
- The filing gives Mar 2026 as the lease end date for the largest tenant (Ebay 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 | $51.0M | Non performing matured balloon | Yes | 2.48x | 100% |
| August 2026 | $51.0M | Non performing matured balloon | Yes | 2.48x | 100% |
| July 2026 | $51.0M | Non performing matured balloon | Yes | 2.48x | 100% |
| June 2026 | $51.0M | Non performing matured balloon | Yes | 2.48x | 100% |
| May 2026 | $51.0M | Non performing matured balloon | Yes | 6.24x | 100% |
| April 2026 | $51.0M | Non performing matured balloon | Yes | 6.24x | 100% |
| March 2026 | $51.0M | Late payment but less than 30 days delinquent | No | 6.16x | 100% |
| February 2026 | $51.0M | Current | No | 6.16x | 100% |
| January 2026 | $51.0M | Current | No | 6.16x | 100% |
| December 2025 | $51.0M | Current | No | 6.16x | 100% |
| November 2025 | $51.0M | Current | No | 6.22x | n/a |
| October 2025 | $51.0M | Current | No | 6.22x | 100% |
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 March 31, 2023, returned to the master servicer October 6, 2023.
- Transferred to the special servicer March 30, 2026, 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 |
|---|---|---|---|---|
| Benchmark 2018-B5 Mortgage Trust | 3 | $51,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 100 Hamilton | Palo Alto, CA | Office | $53.0M | 3.84% | Dec 2026 | 3.89x | 100% | Current |
| Coleman Highline Phase Iv, San Jose (2026 maturity) | San Jose, CA | Office | $30.0M | 2.494% | Dec 2026 | n/a | n/a | Current |
All loans maturing in 2026 · 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.