Office · Oakland, California
Lake Merritt Plaza
Public CMBS trusts hold $80.0M of the loan on Lake Merritt Plaza at 8.012% that reaches maturity on November 6, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $80,000,000
- Original balance (same notes)
- $80,000,000
- Interest rate
- 8.012%
- Originated
- October 12, 2023
- Maturity
- November 6, 2028
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- GSBI
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1999 Harrison Street, Oakland, CA 94612
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 489,777 sq ft
- Built
- 1985, renovated 2015
- Largest tenants
- Dentons US; Premier Office Centers LLC; East Bay Community Energy Auth
- Value at securitization
- $242.5M (Jul 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 1.57x |
| Occupancy | 83% | 75% |
| Net operating income (annualized from 6 months) | n/a | $10.3M |
| Debt yield | 12.8% |
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 2023-V4 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Largest tenant's lease ends within 12 months
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 83% when the loan was securitized to 75%.
- The filing gives Jan 2027 as the lease end date for the largest tenant (Dentons US), 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 | $80.0M | Current | No | 1.57x | 75% |
| August 2026 | $80.0M | Late payment but less than 30 days delinquent | No | 1.59x | 75% |
| July 2026 | $80.0M | Current | No | 1.59x | 75% |
| June 2026 | $80.0M | Current | No | 1.59x | 75% |
| May 2026 | $80.0M | Late payment but less than 30 days delinquent | No | 1.59x | 75% |
| April 2026 | $80.0M | Current | No | 1.59x | 75% |
| March 2026 | $80.0M | Current | No | 1.60x | 78% |
| February 2026 | $80.0M | Current | No | 1.60x | 78% |
| January 2026 | $80.0M | Current | No | 1.60x | 78% |
| December 2025 | $80.0M | Current | No | 1.66x | 78% |
| November 2025 | $80.0M | Current | No | 1.66x | 75% |
| October 2025 | $80.0M | Current | No | 1.66x | 75% |
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 |
|---|---|---|---|---|
| BMO 2023-5C2 Mortgage Trust | 6-A-1 | $45,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2023-V4 Mortgage Trust | 7 | $35,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 181 Fremont Street | San Francisco, CA | Office | $250.0M | 3.709% | Apr 2028 | 3.52x | 100% | Current |
| The Gateway | San Francisco, CA | Multifamily | $210.0M | 3.722% | Apr 2028 | 2.91x | 95% | Current |
| Charles Schwab Plaza | San Francisco, CA | Office | $119.4M | 3.555% | Apr 2028 | 2.02x | 100% | Current |
| Pier 70 | San Francisco, CA | Mixed use | $115.0M | 4.878% | Oct 2028 | 3.03x | 100% | Current |
| InterContinental San Francisco | San Francisco, CA | Hotel | $91.4M | 4.145% | Jan 2028 | 0.54x | 65% | Current |
| City Square and Clay Street | Oakland, CA | Mixed use | $90.0M | 4.728% | Feb 2028 | 0.81x | 54% | Current |
| 400 South El Camino Real | San Mateo, CA | Office | $67.7M | 4.697% | Dec 2028 | 1.48x | 99% | Current |
| 600 Clipper | Belmont, CA | Office | $54.3M | 3.717% | Jan 2028 | 2.20x | 100% | Current |
All loans maturing in 2028 · All San Francisco-Oakland-Fremont 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.