Office portfolio, 2 properties · Multiple locations
Fairbridge Office Portfolio
Public CMBS trusts hold $43.2M of the loan on this portfolio at 4.84% that reaches maturity on December 6, 2028, in 2 years and 1 month. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $43,246,539
- Original balance (same notes)
- $47,750,000
- Interest rate
- 4.84% fixed
- Originated
- November 30, 2018
- Maturity
- December 6, 2028
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- September 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Value at securitization
- $64.7M (Oct 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.87x | 1.66x |
| Occupancy | 85% | 74% |
| Net operating income (annualized from 6 months) | $5.7M | $5.0M |
| Debt yield | 11.7% |
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 2019-GC38 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
- Occupancy down 10 points 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 85% when the loan was securitized to 74%.
- Net operating income is 11% below the underwritten figure ($5.0M a year against $5.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.87x at securitization to 1.66x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $13.6M | Current | No | 1.66x | 74% |
| September 2026 | $43.3M | Current | No | 1.66x | 74% |
| August 2026 | $43.3M | Current | No | 1.52x | 76% |
| July 2026 | $43.4M | Current | No | 1.52x | 76% |
| June 2026 | $43.5M | Current | No | 1.52x | 76% |
| May 2026 | $43.6M | Late payment but less than 30 days delinquent | No | 1.16x | 73% |
| April 2026 | $43.6M | Current | No | 1.16x | 73% |
| March 2026 | $43.7M | Late payment but less than 30 days delinquent | No | 0.98x | 66% |
| February 2026 | $43.8M | Current | No | 0.98x | 66% |
| January 2026 | $43.9M | Current | No | 0.98x | 66% |
| December 2025 | $44.0M | Late payment but less than 30 days delinquent | No | 0.98x | 66% |
| November 2025 | $44.0M | Late payment but less than 30 days delinquent | No | 0.99x | 63% |
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2019-B9 MORTGAGE TRUST | 7 | $29,677,863 | Sep 2026 | SEC filing, September 30, 2026 |
| GS Mortgage Securities Trust 2019-GC38 | 20 | $13,568,676 | Oct 2026 | SEC filing, October 22, 2026 |
Other office loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| Apple Campus 3, Sunnyvale (2028 maturity), loan 1 in BANK 2018-BNK10 | Sunnyvale, CA | Office | $310.0M | 3.365% | Jan 2028 | 3.78x | 100% | Current |
| Moffett Towers - Buildings E,f,g | Sunnyvale, CA | Office | $284.0M | 4.131% | Oct 2028 | 3.51x | 100% | Current |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| 181 Fremont Street | San Francisco, CA | Office | $250.0M | 3.709% | Apr 2028 | 3.52x | 100% | Current |
| Back Bay Office | Boston, MA | Office | $237.5M | 6.298% | Jul 2028 | 2.24x | 86% | Current |
| Harborside 2-3 | Jersey City, NJ | Office | $225.0M | 5.84% | Apr 2028 | 2.29x | 76% | Current |
| Marina Heights State Farm | Tempe, AZ | Office | $210.0M | 3.56% | Jan 2028 | 2.93x | 100% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.