Mixed use · Kent, Washington
Kent Business Campus
Kent Business Campus is financed with a $13.0M CMBS loan at 3.543% that reaches maturity on February 1, 2032, in 5 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $13,000,000
- Original balance (same notes)
- $13,000,000
- Interest rate
- 3.543% fixed
- Originated
- January 28, 2022
- Maturity
- February 1, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ended
- March 31, 2024
- Prepayment premium ends
- October 31, 2031 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Bank of America, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 823, 827, 835 and 841 Central Avenue North, Kent, WA 98032
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 108,676 sq ft
- Built
- 1966
- Largest tenants
- WA Freedom Fastpitch; The Light Brigade Inc; Jewish Family Service
- Value at securitization
- $21.5M (Oct 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.91x | 3.22x |
| Occupancy | 98% | 90% |
| Net operating income (annualized from 3 months) | $1.4M | $1.5M |
| Debt yield | 11.6% |
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 BANK 2022-BNK40 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 98% when the loan was securitized to 90%.
- Net operating income is 10% above the underwritten figure ($1.5M a year against $1.4M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.91x at securitization to 3.22x on the latest statements.
- The filing gives Oct 2030 as the lease end date for the largest tenant (WA Freedom Fastpitch), 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 | $13.0M | Current | No | 3.22x | 90% |
| August 2026 | $13.0M | Current | No | 3.22x | 90% |
| July 2026 | $10.3M | Current | No | 1.58x | 98% |
| June 2026 | $13.0M | Current | No | 3.48x | 97% |
| May 2026 | $13.0M | Current | No | 3.48x | 97% |
| April 2026 | $13.0M | Current | No | 3.48x | 97% |
| March 2026 | $13.0M | Current | No | 3.40x | 92% |
| February 2026 | $13.0M | Current | No | 3.40x | 92% |
| January 2026 | $13.0M | Current | No | 3.51x | 91% |
| December 2025 | $13.0M | Current | No | 3.51x | 91% |
| November 2025 | $13.0M | Current | No | 3.51x | 91% |
| October 2025 | $13.0M | Current | No | 3.51x | 91% |
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-BNK40 | 23 | $13,000,000 | Sep 2026 | SEC filing, September 29, 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 |
| Village at Thrashers | Bothell, WA | Retail | $5.8M | 6.046% | Jul 2032 | 1.45x | 100% | Current |
| Carlton Building | Tacoma, WA | Office | $4.8M | 6.09% | Oct 2032 | 0.88x | 48% | 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.