Retail · Kailua-Kona, Hawaii
Kona Coast
Kona Coast is financed with a $18.7M CMBS loan at 5.088% that reaches maturity on June 6, 2028, in 19 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $18,721,228
- Original balance (same notes)
- $19,050,000
- Interest rate
- 5.088% fixed
- Originated
- May 14, 2018
- Maturity
- June 6, 2028
- Payments
- Interest only for 84 months, then amortizing
- Prepayment lockout ends
- March 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred June 11, 2020, returned April 15, 2021
- Workout strategy
- Resolved
- Defeasance
- None reported
The property
- Address
- 74-5586 Palani Road, Kailua-Kona, HI 96740
- Rentable area
- 81,474 sq ft
- Built
- 1975, renovated 2018
- Largest tenants
- Puna Plantation Hawaii Ltd; USRC KONA LLC; O'Riley Auto Enterprises LLC.
- Value at securitization
- $28.0M (Jan 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.38x | 1.56x |
| Occupancy | 83% | 89% |
| Net operating income (annualized from 6 months) | $1.7M | $2.0M |
| Debt yield | 10.4% |
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-B4 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 risen from 83% when the loan was securitized to 89%.
- Net operating income is 15% above the underwritten figure ($2.0M a year against $1.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.38x at securitization to 1.56x on the latest statements.
- The most recent valuation in the filing is $23.9M (August 24, 2020), against $28.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $18.7M | Current | No | 1.56x | 89% |
| August 2026 | $18.7M | Current | No | 1.47x | 89% |
| July 2026 | $18.8M | Current | No | 1.47x | 89% |
| June 2026 | $18.8M | Current | No | 1.47x | 89% |
| May 2026 | $18.8M | Current | No | 1.79x | 89% |
| April 2026 | $18.8M | Current | No | 1.79x | 89% |
| March 2026 | $18.9M | Current | No | 1.79x | 89% |
| February 2026 | $18.9M | Current | No | 1.61x | 89% |
| January 2026 | $18.9M | Current | No | 1.61x | 89% |
| December 2025 | $18.9M | Current | No | 1.61x | 89% |
| November 2025 | $18.9M | Current | No | 1.61x | 89% |
| October 2025 | $19.0M | Current | No | 1.89x | 89% |
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 June 11, 2020, returned to the master servicer April 15, 2021.
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-B4 Mortgage Trust | 22 | $18,721,228 | Sep 2026 | SEC filing, October 1, 2026 |
Other Hawaii loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Queen Kapiolani Hotel | Honolulu, HI | Hotel | $60.3M | 6.713% | Mar 2028 | 1.17x | 90% | Current |
| Center of Waikiki | Honolulu, HI | Retail | $36.8M | 6.976% | Dec 2028 | 2.60x | 68% | 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.