Office · Milpitas, California
Murphy Crossing
Murphy Crossing is financed with a $85.0M CMBS loan at 3.58% that reaches maturity on March 6, 2030, in 3 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $85,000,000
- Original balance (same notes)
- $85,000,000
- Interest rate
- 3.58% fixed
- Originated
- February 14, 2020
- Maturity
- March 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2029
- 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
- 915, 933 & 1001 Murphy Ranch Road 1011 & 1033 McCarthy Boulevard, Milpitas, CA 95035
- Metro
- San Jose-Sunnyvale-Santa Clara, CA
- Rentable area
- 363,567 sq ft
- Built
- 1994, renovated 2015
- Largest tenants
- SonicWall,. Inc
- Value at securitization
- $131.0M (Jan 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.96x | 2.94x |
| Occupancy | 100% | 21% |
| Net operating income (annualized from 3 months) | $9.1M | $9.2M |
| Debt yield | 10.8% |
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 2020-B17 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Occupancy down 10 points or more from securitization
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 100% when the loan was securitized to 21%.
- The filing gives Mar 2029 as the lease end date for the largest tenant (SonicWall,. Inc), 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 | $85.0M | Current | No | 2.94x | 21% |
| August 2026 | $85.0M | Current | No | 2.94x | 79% |
| July 2026 | $85.0M | Current | No | 2.94x | 79% |
| June 2026 | $85.0M | Current | No | n/a | n/a |
| May 2026 | $85.0M | Current | No | n/a | n/a |
| April 2026 | $85.0M | Current | No | 2.74x | 79% |
| March 2026 | $85.0M | Current | No | 2.74x | 79% |
| February 2026 | $85.0M | Current | No | 2.74x | 79% |
| January 2026 | $85.0M | Current | No | 2.74x | 79% |
| December 2025 | $85.0M | Current | No | 2.71x | 79% |
| November 2025 | $85.0M | Current | No | 2.71x | 79% |
| October 2025 | $85.0M | Current | No | 2.71x | 79% |
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 2020-B17 Mortgage Trust | 1 | $85,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Jose-Sunnyvale-Santa Clara loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Moffett Towers Building B | Sunnyvale, CA | Office | $227.6M | 3.49% | Feb 2030 | n/a | n/a | Current |
| Coleman Highline, San Jose (2030 maturity), loan 2 in BANK 2020-BNK29 | San Jose, CA | Office | $167.7M | 2.867% | Nov 2030 | 4.15x | 100% | Current |
| Coleman Highline, San Jose (2030 maturity), loan 2 in BENCHMARK 2020-B19 MORTGAGE TRUST | San Jose, CA | Office | $155.0M | 2.80% | Sep 2030 | 4.47x | 100% | Current |
| Moffett Place - Building 6 | Sunnyvale, CA | Office | $132.6M | 3.369% | Aug 2030 | n/a | n/a | Current |
| 280 North Bernardo | Mountain View, CA | Office | $71.0M | 3.95% | Jul 2030 | n/a | n/a | Current |
| The Campus at Lawson Lane | Santa Clara, CA | Office | $70.0M | 5.327% | Aug 2030 | n/a | n/a | Current |
| Netflix Hq | Los Gatos, CA | Office | $55.1M | 6.027% | Oct 2030 | n/a | n/a | Current |
| Hotel Valencia Santana Row | San Jose, CA | Hotel | $50.0M | 6.97% | Oct 2030 | n/a | n/a | Current |
All loans maturing in 2030 · 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.