Office · Westminster, California
Merge Office
Merge Office is financed with a $15.6M CMBS loan at 4.93% that reaches maturity on January 11, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $15,611,403
- Original balance (same notes)
- $17,662,500
- Interest rate
- 4.93% fixed
- Originated
- December 21, 2018
- Maturity
- January 11, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- July 10, 2028
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred September 24, 2025
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 5405, 5455 and 5555 Garden Grove Boulevard, Westminster, CA 92683
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 129,655 sq ft
- Built
- 1981, renovated 2017
- Largest tenants
- ZIM AMERICAN INTERGRATED SHIPPING SERVICES COMPANY; Sun Engineering (t0008548); Universal Services of America
- Value at securitization
- $27.7M (May 2019)
Performance
| At securitization | Latest (Jun 2024) | |
|---|---|---|
| DSCR (NOI) | 1.79x | 1.44x |
| Occupancy | 98% | 64% |
| Net operating income (annualized from 6 months) | $2.0M | $1.6M |
| 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 Wells Fargo Commercial Mortgage Trust 2019-C49 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
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 64%.
- Net operating income is 19% below the underwritten figure ($1.6M a year against $2.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.79x at securitization to 1.44x on the latest statements.
- The most recent valuation in the filing is $16.4M (October 27, 2025), against $27.7M at securitization.
- The filing gives Sep 2027 as the lease end date for the largest tenant (ZIM AMERICAN INTERGRATED SHIPPING SERVICES COMPANY), 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 | $15.6M | 90+ days delinquent | Yes | 1.44x | 64% |
| August 2026 | $15.6M | 90+ days delinquent | Yes | 1.44x | 64% |
| July 2026 | $15.7M | 90+ days delinquent | Yes | 1.44x | 64% |
| June 2026 | $15.7M | 90+ days delinquent | Yes | 1.44x | 64% |
| May 2026 | $15.7M | 90+ days delinquent | Yes | 1.44x | 64% |
| April 2026 | $15.7M | 90+ days delinquent | Yes | 1.44x | 64% |
| March 2026 | $15.7M | 90+ days delinquent | Yes | 1.44x | 64% |
| February 2026 | $15.8M | 90+ days delinquent | Yes | 1.44x | 64% |
| January 2026 | $15.8M | 90+ days delinquent | Yes | 1.44x | 64% |
| December 2025 | $15.8M | 90+ days delinquent | Yes | 1.44x | 64% |
| November 2025 | $15.8M | 90+ days delinquent | Yes | 1.44x | 64% |
| October 2025 | $15.8M | 90+ days delinquent | Yes | 1.44x | 64% |
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 September 24, 2025, still there.
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2019-C49 | 11 | $15,611,403 | Sep 2026 | SEC filing, September 29, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Century Plaza Towers | Los Angeles, CA | Office | $375.0M | 3.004% | Nov 2029 | n/a | n/a | Current |
| The Tower at Burbank | Burbank, CA | Office | $195.0M | 3.13% | Aug 2029 | 2.13x | 74% | Current |
| Great Wolf Lodge Southern California | Garden Grove, CA | Hotel | $150.0M | 5.253% | Mar 2029 | 1.89x | 77% | Current |
| The Alhambra | Alhambra, CA | Office | $150.0M | 4.22% | May 2029 | 2.33x | 81% | Current |
| 9201 West Sunset Boulevard | West Hollywood, CA | Mixed use | $135.0M | 4.445% | May 2029 | n/a | n/a | Current |
| Ford Factory | Los Angeles, CA | Office | $135.0M | 4.52% | Apr 2029 | 2.41x | 100% | Current |
| Marriott Anaheim | Anaheim, CA | Hotel | $125.0M | 6.373% | Jun 2029 | 1.23x | 73% | Current |
| 888 Figueroa | Los Angeles, CA | Office | $115.0M | 3.725% | Jul 2029 | 1.45x | 75% | Current |
All loans maturing in 2029 · All Los Angeles-Long Beach-Anaheim 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.