Retail · North Bend, Washington
Jo Borgen Plaza
Jo Borgen Plaza is financed with a $6.6M CMBS loan at 4.066% that reaches maturity on November 6, 2031, in 5 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $6,644,992
- Original balance (same notes)
- $6,800,000
- Interest rate
- 4.066% fixed
- Originated
- November 4, 2021
- Maturity
- November 6, 2031
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- August 5, 2031
- Master servicer
- Trimont LLC
- Originator
- UBS AG
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred August 28, 2025
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 248 & 250 Bendigo Blvd S & 249 Main Ave S, North Bend, WA 98045
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 26,187 sq ft
- Built
- 1980
- Largest tenants
- Bartells; Togs Capital; Frankies Pizza
- Value at securitization
- $10.5M (Sep 2021)
Performance
| At securitization | Latest (Dec 2024) | |
|---|---|---|
| DSCR (NOI) | 1.60x | 2.04x |
| Occupancy | 100% | 100% |
| Net operating income | $627K | $572K |
| Debt yield | 8.6% |
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 Wells Fargo Commercial Mortgage Trust 2021-C61 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 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 9% below the underwritten figure ($572K a year against $627K).
- Debt service coverage moved from 1.60x at securitization to 2.04x on the latest statements.
- The most recent valuation in the filing is $9.5M (October 3, 2025), against $10.5M at securitization.
- The filing gives Sep 2025 as the lease end date for the largest tenant (Bartells), 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 | $6.6M | 90+ days delinquent | Yes | 2.04x | 100% |
| August 2026 | $6.6M | 90+ days delinquent | Yes | 2.04x | 100% |
| July 2026 | $6.7M | 90+ days delinquent | Yes | 2.04x | 100% |
| June 2026 | $6.7M | 90+ days delinquent | Yes | 2.04x | 100% |
| May 2026 | $6.7M | 90+ days delinquent | Yes | 2.04x | 100% |
| April 2026 | $6.7M | 60-89 days delinquent | Yes | 2.04x | 100% |
| March 2026 | $6.7M | 90+ days delinquent | Yes | 2.04x | 100% |
| February 2026 | $6.7M | 60-89 days delinquent | Yes | 2.04x | 100% |
| January 2026 | $6.7M | 30-59 days delinquent | Yes | 2.04x | 100% |
| December 2025 | $6.7M | 60-89 days delinquent | Yes | 2.04x | 100% |
| November 2025 | $6.7M | 30-59 days delinquent | Yes | 2.04x | 100% |
| October 2025 | $6.7M | Late payment but less than 30 days delinquent | Yes | 2.04x | 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 August 28, 2025, 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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2021-C61 | 38 | $6,644,992 | Sep 2026 | SEC filing, September 29, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Amazon @ Atlas | Seattle, WA | Office | $48.4M | 2.405% | Feb 2031 | 5.82x | 100% | Current |
| Redstone Corporate Center I | Lynnwood, WA | Office | $33.2M | 6.375% | Feb 2031 | n/a | n/a | Current |
| Snohomish Station Shopping Center | Snohomish, WA | Retail | $25.3M | 3.32% | Jun 2031 | 2.92x | 99% | Current |
| Shared Roof Seattle | Seattle, WA | Multifamily | $24.4M | 5.915% | Jan 2031 | 1.54x | n/a | Current |
| 700 NW 42nd Street | Seattle, WA | Self storage | $21.0M | 5.738% | Jan 2031 | n/a | n/a | Current |
| C.c. Filson World Headquarters | Seattle, WA | Mixed use | $13.1M | 3.626% | Feb 2031 | 3.28x | 100% | Current |
| Rockefeller Square Apartments | Everett, WA | Multifamily | $11.0M | 6.501% | Jun 2031 | n/a | n/a | Current |
| Executive Hotel Pacific Downtown | Seattle, WA | Hotel | $10.0M | 6.62% | Aug 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Seattle-Tacoma-Bellevue 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.