Office · Lake Forest, California
Palm Terrace
Palm Terrace is financed with a $24.1M CMBS loan at 3.82% that reaches maturity on June 1, 2031, in 4 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $24,057,132
- Original balance (same notes)
- $24,600,000
- Interest rate
- 3.82%
- Originated
- n/a
- Maturity
- June 1, 2031
- Payments
- Amortizing over 30 years
- Master servicer
- KeyBank Real Estate Capital
- Originator
- SGFC
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 25521 25531 & 22541 Commercentre Drive, Lake Forest, CA 92630
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 155,795 sq ft
- Built
- 2000
- Largest tenants
- PGM Holdings Corp; Del Taco; Anyone Home Inc
- Value at securitization
- $41.0M (Apr 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 1.42x |
| Occupancy | 100% | 48% |
| Net operating income | n/a | $1.8M |
| Debt yield | 7.5% |
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 BBCMS Mortgage Trust 2021-C10 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Occupancy down 10 points or more from securitization
- Largest tenant's lease ends within 12 months
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 48%.
- The filing gives Oct 2026 as the lease end date for the largest tenant (PGM Holdings Corp), 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 | $24.1M | Not reported | No | 1.42x | 48% |
| August 2026 | $24.1M | Not reported | No | 1.42x | 48% |
| July 2026 | $24.1M | Not reported | No | 1.42x | 65% |
| June 2026 | $24.2M | Not reported | No | 1.42x | 65% |
| May 2026 | $24.2M | Not reported | No | 1.42x | 65% |
| April 2026 | $24.2M | Not reported | No | 1.71x | 61% |
| March 2026 | $24.3M | Not reported | No | 1.71x | 61% |
| February 2026 | $24.3M | Not reported | No | 1.96x | 61% |
| January 2026 | $24.4M | Not reported | No | 1.96x | 65% |
| December 2025 | $24.4M | Not reported | No | 1.96x | 65% |
| November 2025 | $24.4M | Not reported | No | 1.96x | 65% |
| October 2025 | $24.5M | Not reported | No | 2.58x | 76% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2021-C10 | 10 | $24,057,132 | Sep 2026 | SEC filing, September 29, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1888 Century Park East | Los Angeles, CA | Office | $200.0M | 2.641% | Dec 2031 | 3.24x | 70% | Current |
| Hilton Waterfront Beach Resort | Huntington Beach, CA | Hotel | $127.0M | 6.107% | Mar 2031 | n/a | n/a | Current |
| Glendale Fashion Center | Glendale, CA | Retail | $100.0M | 6.518% | Jul 2031 | n/a | n/a | Current |
| Freeway Business Park | Long Beach, CA | Office | $95.0M | 6.024% | Mar 2031 | n/a | n/a | Current |
| La Habra Marketplace | La Habra, CA | Retail | $95.0M | 3.70% | Dec 2031 | 2.67x | 99% | Current |
| Plaza La Cienega | Los Angeles, CA | Mixed use | $90.0M | 3.49% | Oct 2031 | n/a | n/a | Current |
| Chateau Marmont | Los Angeles, CA | Hotel | $65.0M | 6.51% | Apr 2031 | n/a | n/a | Current |
| Del Rey Campus | Los Angeles, CA | Office | $65.0M | 6.95% | Mar 2031 | n/a | n/a | Current |
All loans maturing in 2031 · 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.