Multifamily · San Francisco, California
Nema San Francisco
Public CMBS trusts hold $75.0M of the loan on Nema San Francisco at 4.436% that reaches maturity on February 10, 2029, in 2 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $75,000,000
- Original balance (same notes)
- $75,000,000
- Interest rate
- 4.436% fixed
- Originated
- February 8, 2019
- Maturity
- February 10, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 9, 2028
- Master servicer
- KeyBank N.A.
- Originator
- Natixis Real Estate Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred July 31, 2023, returned May 30, 2024
- Workout strategy
- Resolved
- Modified
- Yes, most recently February 27, 2024
- Defeasance
- None reported
The property
- Address
- 8 10th Street, San Francisco, CA 94103
- Metro
- San Francisco-Oakland-Fremont, CA
- Units, rooms or beds
- 754
- Built
- 2013
- Value at securitization
- $543.6M (Dec 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.29x | 1.34x |
| Occupancy | 94% | 97% |
| Net operating income (annualized from 3 months) | $21.2M | $18.1M |
| Debt yield | 24.2% |
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 BBCMS Mortgage Trust 2019-C5 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
- Modified
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 94% when the loan was securitized to 97%.
- Net operating income is 14% below the underwritten figure ($18.1M a year against $21.2M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.29x at securitization to 1.34x on the latest statements.
- The most recent valuation in the filing is $328.8M (October 23, 2023), against $543.6M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $75.0M | Current | No | 1.34x | 97% |
| August 2026 | $75.0M | Current | No | 1.34x | 95% |
| July 2026 | $75.0M | Current | No | 1.34x | 97% |
| June 2026 | $75.0M | Current | No | 1.34x | 97% |
| May 2026 | $75.0M | Current | No | 1.34x | 97% |
| April 2026 | $75.0M | Late payment but less than 30 days delinquent | No | 1.12x | 96% |
| March 2026 | $75.0M | Current | No | 1.12x | 96% |
| February 2026 | $75.0M | Current | No | 1.12x | 94% |
| January 2026 | $75.0M | Current | No | 1.12x | 94% |
| December 2025 | $75.0M | Current | No | 1.15x | 94% |
| November 2025 | $75.0M | Current | No | 1.15x | 94% |
| October 2025 | $75.0M | Late payment but less than 30 days delinquent | No | 1.15x | 94% |
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 July 31, 2023, returned to the master servicer May 30, 2024.
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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2019-C3 | 8 | $35,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2019-C5 | 4-A3 | $25,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2019-C5 | 4-A5 | $15,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 560 Mission Street | San Francisco, CA | Office | $300.0M | 2.589% | Dec 2029 | 2.37x | 97% | Current |
| 101 California Street | San Francisco, CA | Office | $200.0M | 3.85% | Mar 2029 | 1.60x | 91% | Current |
| 350 Bush Street | San Francisco, CA | Office | $185.0M | 3.912% | May 2029 | 4.63x | 100% | Current |
| 188 Spear Street | San Francisco, CA | Office | $125.0M | 3.57% | Jun 2029 | 3.57x | 97% | With the special servicer |
| One Stockton | San Francisco, CA | Retail | $66.0M | 4.04% | Dec 2029 | -0.37x | 100% | Current |
| Pleasanton Corporate Commons | Pleasanton, CA | Mixed use | $65.8M | 7.78% | May 2029 | 1.88x | 100% | Current |
| Central Tower | San Francisco, CA | Office | $63.7M | 4.06% | May 2029 | 1.11x | 34% | With the special servicer and 90+ days delinquent |
| 350 Rhode Island South | San Francisco, CA | Office | $62.5M | 4.143% | Mar 2029 | 0.56x | 70% | Current |
All loans maturing in 2029 · 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.