Office · Petaluma, California
Petaluma Marina Business Center
Petaluma Marina Business Center is financed with a $13.2M CMBS loan at 6.99% that reaches maturity on October 6, 2029, in 2 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $13,240,000
- Original balance (same notes)
- $13,240,000
- Interest rate
- 6.99% fixed
- Originated
- September 27, 2024
- Maturity
- October 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 755, 765 and 775 Baywood Drive, Petaluma, CA 94954
- Metro
- Santa Rosa-Petaluma, CA
- Built
- 1990
- Largest tenants
- Regus (HQ Global Workplaces); Headlands Asset Management LLC; Eugene Burger Management Corp.
- Value at securitization
- $22.1M (Jun 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.64x | 1.41x |
| Occupancy | 83% | 77% |
| Net operating income (annualized from 6 months) | $1.5M | $2.7M |
| Debt yield | 20.2% |
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 Benchmark 2024-V11 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 83% when the loan was securitized to 77%.
- Net operating income is 73% above the underwritten figure ($2.7M a year against $1.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.64x at securitization to 1.41x on the latest statements.
- The filing gives Jun 2028 as the lease end date for the largest tenant (Regus (HQ Global Workplaces)), 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 | $13.2M | Current | No | 1.41x | 77% |
| August 2026 | $13.2M | Current | No | 1.41x | 77% |
| July 2026 | $13.2M | Current | No | n/a | n/a |
| June 2026 | $13.2M | Current | No | n/a | n/a |
| May 2026 | $13.2M | Current | No | n/a | n/a |
| April 2026 | $13.2M | Current | No | 1.55x | 79% |
| March 2026 | $13.2M | Current | No | 1.55x | 79% |
| February 2026 | $13.2M | Current | No | 1.55x | 79% |
| January 2026 | $13.2M | Current | No | 1.57x | 75% |
| December 2025 | $13.2M | Current | No | 1.57x | 75% |
| November 2025 | $13.2M | Current | No | 1.69x | 79% |
| October 2025 | $13.2M | Current | No | n/a | n/a |
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 2024-V11 Mortgage Trust | 21 | $13,240,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Santa Rosa-Petaluma loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Redwood Tech Center | Petaluma, CA | Office | $19.4M | 4.522% | Nov 2029 | 0.80x | 53% | Late, less than 30 days |
| Redwood Technology Center | Petaluma, CA | Mixed use | $16.0M | 4.522% | Nov 2029 | 0.67x | 52% | Current |
| Lakewood Center | Windsor, CA | Retail | $12.8M | 5.44% | Jan 2029 | 1.81x | 100% | Current |
| Up Valley Inn & Hot Springs | Calistoga, CA | Hotel | $7.9M | 4.45% | Sep 2029 | 1.75x | 69% | Current |
| Walkham Townhomes | Santa Rosa, CA | Multifamily | $6.7M | 3.93% | Dec 2029 | 1.70x | 89% | Current |
| Scott Labs - Petaluma | Petaluma, CA | Industrial | $5.6M | 4.61% | May 2029 | 2.35x | 100% | Current |
| Larkfield Self Storage | Santa Rosa, CA | Self storage | $3.9M | 4.78% | Jun 2029 | 3.18x | 98% | 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.