Mixed use · Palo Alto, California
KKR First Republic Center
KKR First Republic Center is financed with a $41.6M CMBS loan at 2.328% that reaches its anticipated repayment date on January 6, 2031, in 4 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $41,600,000
- Original balance (same notes)
- $41,600,000
- Interest rate
- 2.328% fixed
- Originated
- December 30, 2020
- Maturity
- October 6, 2037
- Anticipated repayment date
- January 6, 2031 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for the full term
- Prepayment lockout ended
- February 5, 2023
- Prepayment premium ends
- July 5, 2030 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2100 El Camino Real 501 Oxford Ave, 2121 and 2323 Staunton Ct, Palo Alto, CA 94306
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Rentable area
- 70,543 sq ft
- Built
- 2016
- Largest tenants
- 3PMorgan Chase Bank, National Association (10000588); Real Produce International Market (t0000589); Eunmi Shin (10000586)
- Value at securitization
- $104.5M (Dec 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 5.38x | 5.42x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $5.3M | $10.7M |
| Debt yield | 25.8% |
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 2021-B23 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 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
- Net operating income is 103% above the underwritten figure ($10.7M a year against $5.3M; the latest statement covers 6 months, annualized).
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $41.6M | Current | No | 5.42x | 100% |
| August 2026 | $41.6M | Current | No | n/a | n/a |
| July 2026 | $41.6M | Current | No | n/a | n/a |
| June 2026 | $41.6M | Current | No | n/a | n/a |
| May 2026 | $41.6M | Current | No | n/a | n/a |
| April 2026 | $41.6M | Current | No | 5.26x | 100% |
| March 2026 | $41.6M | Current | No | 5.26x | 100% |
| February 2026 | $41.6M | Current | No | 5.38x | 100% |
| January 2026 | $41.6M | Current | No | 5.38x | 100% |
| December 2025 | $41.6M | Current | No | 5.38x | 100% |
| November 2025 | $41.6M | Current | No | 5.35x | 100% |
| October 2025 | $41.6M | Current | No | 5.35x | 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.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 13 | $41,600,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Towers at Cupertino City Center | Cupertino, CA | Office | $145.0M | 6.442% | Mar 2031 | n/a | n/a | Current |
| 520 Almanor | Sunnyvalle, CA | Mixed use | $101.6M | 2.555% | Nov 2031 | 5.76x | 98% | Current |
| HQ at First | San Jose, CA | Office | $98.7M | 2.97% | Aug 2031 | n/a | n/a | Current |
| The Assembly | San Jose, CA | Industrial | $97.5M | 7.03% | Oct 2031 | n/a | n/a | Current |
| PATHLINE PARK 9 and 10 | Sunnyvale, CA | Office | $90.0M | 2.502% | Feb 2031 | 4.75x | 100% | Current |
| 2600 El Camino Real | Palo Alto, CA | Office | $46.4M | 3.734% | Apr 2031 | 3.02x | 92% | Current |
| 5300-5350 Hellyer Avenue | San Jose, CA | Office | $44.0M | 3.913% | Nov 2031 | 1.30x | 100% | Current |
| 110 120 and 130 Holger Way | San Jose, CA | Office | $42.3M | 2.97% | Aug 2031 | 2.18x | 100% | Current |
All loans maturing in 2031 · 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.