Industrial · Millbrae, California
Lucid Motors
Lucid Motors is financed with a $10.0M CMBS loan at 3.99% that reaches maturity on July 6, 2031, in 4 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $10,000,000
- Original balance (same notes)
- $10,000,000
- Interest rate
- 3.99% fixed
- Originated
- June 29, 2021
- Maturity
- July 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 5, 2031
- 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
- 355 Adrian Rd, Millbrae, CA 94030
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 36,582 sq ft
- Built
- 1959, renovated 2020
- Largest tenants
- Meva USA Inc.dba Lucid Motors
- Value at securitization
- $19.0M (Aug 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.18x | 2.55x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $882K | $2.1M |
| Debt yield | 20.8% |
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-B28 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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 136% above the underwritten figure ($2.1M a year against $882K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.18x at securitization to 2.55x on the latest statements.
- The filing gives Feb 2031 as the lease end date for the largest tenant (Meva USA Inc.dba Lucid Motors), 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 | $10.0M | Current | No | 2.55x | 100% |
| August 2026 | $10.0M | Current | No | n/a | n/a |
| July 2026 | $10.0M | Current | No | n/a | n/a |
| June 2026 | $10.0M | Current | No | n/a | n/a |
| May 2026 | $10.0M | Current | No | n/a | n/a |
| April 2026 | $10.0M | Current | No | 2.44x | 100% |
| March 2026 | $10.0M | Current | No | 2.44x | 100% |
| February 2026 | $10.0M | Current | No | 2.44x | 100% |
| January 2026 | $10.0M | Current | No | 2.44x | 100% |
| December 2025 | $10.0M | Current | No | 2.44x | 100% |
| November 2025 | $10.0M | Current | No | 2.44x | 100% |
| October 2025 | $10.0M | Current | No | 2.44x | 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-B28 Mortgage Trust | 45 | $10,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| SOMA Teleco Office | San Francisco, CA | Office | $102.5M | 3.66% | Apr 2031 | 1.53x | 55% | Current |
| The Veranda | Concord, CA | Retail | $100.0M | 2.99% | Oct 2031 | 3.66x | 96% | Current |
| 360 Spear Street | San Francisco, CA | Office | $87.0M | 2.768% | Jan 2031 | 4.94x | 100% | Current |
| 499 Forbes | San Francisco, CA | Industrial | $75.0M | 7.17% | Jul 2031 | n/a | n/a | Current |
| ActivSpace Portfolio | San Francisco, CA | Self storage | $50.0M | 5.738% | Jan 2031 | n/a | n/a | Current |
| Corporate Research Center | Hayward, CA | Mixed use | $44.5M | 2.54% | Oct 2031 | 4.51x | 90% | Current |
| One Trinity Center | San Francisco, CA | Office | $40.0M | 2.91% | Jul 2031 | 3.11x | 100% | Current |
| Storquest - Richmond, Ca | Richmond, CA | Self storage | $34.0M | 3.666% | Dec 2031 | 2.12x | 88% | Current |
All loans maturing in 2031 · 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.