Mixed use · West Hollywood, California
Pacific Design Center
Public CMBS trusts hold $245.0M of the loan on Pacific Design Center at 5.941% that reaches maturity on February 6, 2033, in 6 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
- $245,000,000
- Original balance (same notes)
- $245,000,000
- Interest rate
- 5.941% fixed
- Originated
- January 11, 2023
- Maturity
- February 6, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 5, 2032
- Master servicer
- Midland
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 8687 and 8661 Melrose Ave and 700 San Vicente Blvd, West Hollywood, CA 90069
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 1,053,217 sq ft
- Built
- 1975, renovated 2004
- Largest tenants
- CEDARS SINAI MEDICAL CENTER; CEDARS SINAI MEDICAL CNTR -; PLUTO INC. (G900 & G6 & G13)
- Value at securitization
- $512.5M (Nov 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.29x | 1.89x |
| Occupancy | 78% | 75% |
| Net operating income (annualized from 3 months) | $33.8M | $28.3M |
| Debt yield | 11.5% |
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 MSWF Commercial Mortgage Trust 2023-1 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage down 0.25x 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 78% when the loan was securitized to 75%.
- Net operating income is 16% below the underwritten figure ($28.3M a year against $33.8M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.29x at securitization to 1.89x on the latest statements.
- The filing gives Nov 2027 as the lease end date for the largest tenant (CEDARS SINAI MEDICAL CENTER), 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 | $245.0M | Current | No | 1.89x | 75% |
| August 2026 | $245.0M | Current | No | 1.40x | 77% |
| July 2026 | $245.0M | Current | No | 1.40x | 77% |
| June 2026 | $245.0M | Current | No | 1.40x | 77% |
| May 2026 | $245.0M | Current | No | 1.40x | 77% |
| April 2026 | $245.0M | Current | No | 1.70x | 77% |
| March 2026 | $245.0M | Current | No | 1.50x | 77% |
| February 2026 | $245.0M | Current | No | 1.50x | 77% |
| January 2026 | $245.0M | Current | No | 1.50x | 77% |
| December 2025 | $245.0M | Current | No | 1.50x | 77% |
| November 2025 | $245.0M | Current | No | 1.50x | 77% |
| October 2025 | $245.0M | Current | No | 1.50x | 77% |
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 8 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B38 Mortgage Trust | 1 | $65,600,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2023-B39 Mortgage Trust | 4 | $64,400,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BBCMS Mortgage Trust 2023-C19 | 2-A-4 | $40,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2023-C19 | 2-A-8 | $25,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BMO 2023-C5 Mortgage Trust | 17 | $15,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| MSWF Commercial Mortgage Trust 2023-1 | 5 | $15,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| MSWF Commercial Mortgage Trust 2023-1 | 5A | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| MSWF Commercial Mortgage Trust 2023-1 | 5B | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Valley View Shopping Center, Yorba Linda | Yorba Linda, CA | Retail | $18.3M | 6.43% | Apr 2033 | 1.93x | 100% | Current |
| SOS Storage Center | Torrance, CA | Self storage | $14.0M | 7.58% | Sep 2033 | 1.11x | n/a | Current |
| Chatsworth Retail Portfolio | Los Angeles, CA | Retail | $11.7M | 6.26% | Apr 2033 | n/a | n/a | Current |
| 1777 Vine Street | Los Angeles, CA | Office | $11.1M | 6.567% | May 2033 | 2.01x | 100% | Current |
| 5600 W. Adams Blvd. | Los Angeles, CA | Office | $10.0M | 7.49% | Dec 2033 | 2.11x | 100% | Current |
| Pomona Industrial | Pomona, CA | Industrial | $9.8M | 6.57% | Feb 2033 | 1.28x | 100% | Current |
| Claremont Packing House | Claremont, CA | Mixed use | $8.0M | 6.65% | Dec 2033 | 2.44x | 98% | Current |
| Empire Burbank | Burbank, CA | Office | $6.4M | 6.59% | Jun 2033 | 1.65x | 100% | Current |
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.