Mixed use · Seattle, Washington
Pier 54
Pier 54 is financed with a $23.0M CMBS loan at 4.99% that reaches maturity on June 6, 2028, in 19 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $23,000,000
- Original balance (same notes)
- $23,000,000
- Interest rate
- 4.99% fixed
- Originated
- May 25, 2018
- Maturity
- June 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- LoanCore Capital Markets LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1001 Alaskan Way, Seattle, WA 98104
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 65,749 sq ft
- Built
- 1900, renovated 2015
- Largest tenants
- Ivar's, Inc.; Facility Support, Incorporated; Great State Pier 54 LLC
- Value at securitization
- $41.0M (Feb 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.59x | 1.76x |
| Occupancy | 67% | 64% |
| Net operating income (annualized from 3 months) | $1.8M | $2.1M |
| Debt yield | 9.0% |
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 JPMCC Commercial Mortgage Securities Trust 2019-COR4 filing for the reporting period ending October 6, 2026, filed with the SEC October 21, 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
- Net operating income is 12% above the underwritten figure ($2.1M a year against $1.8M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.59x at securitization to 1.76x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $23.0M | Current | No | 1.76x | 64% |
| September 2026 | $23.0M | Current | No | 1.76x | 64% |
| August 2026 | $23.0M | Current | No | 1.76x | 66% |
| July 2026 | $23.0M | Current | No | n/a | n/a |
| June 2026 | $23.0M | Current | No | n/a | n/a |
| May 2026 | $23.0M | Current | No | n/a | n/a |
| April 2026 | $23.0M | Current | No | 1.78x | 66% |
| March 2026 | $23.0M | Current | No | 1.76x | 66% |
| February 2026 | $23.0M | Current | No | 1.43x | 66% |
| January 2026 | $23.0M | Current | No | 1.07x | 66% |
| December 2025 | $23.0M | Current | No | 1.07x | 66% |
| November 2025 | $23.0M | Current | No | 1.16x | 66% |
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 |
|---|---|---|---|---|
| JPMCC Commercial Mortgage Securities Trust 2019-COR4 | 9 | $23,000,000 | Oct 2026 | SEC filing, October 21, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1201 Third Avenue | Seattle, WA | Office | $170.0M | 5.585% | Mar 2028 | 1.28x | 48% | Current |
| Willow Creek Corporate Center | Redmond, WA | Office | $88.7M | 4.659% | Aug 2028 | 2.80x | 100% | Current |
| Georgetown Squared & Seattle Design Center | Seattle, WA | Mixed use | $84.0M | 5.06% | Sep 2028 | 1.24x | 78% | Current |
| Hyatt at Olive 8 | Seattle, WA | Hotel | $78.0M | 4.84% | Apr 2028 | n/a | n/a | Current |
| Google Kirkland Campus Phase I | Kirkland, WA | Office | $65.0M | 4.85% | Dec 2028 | n/a | n/a | Current |
| Time Square Office Renton | Renton, WA | Office | $53.5M | 5.002% | Oct 2028 | 0.39x | 46% | With the special servicer and 90+ days delinquent |
| 2020 Fifth Avenue | Seattle, WA | Other | $48.0M | 4.262% | Sep 2028 | 3.34x | 100% | Current |
| The Landmark | Renton, WA | Office | $42.0M | 9.03% | Oct 2028 | 1.62x | 100% | Current |
All loans maturing in 2028 · All Seattle-Tacoma-Bellevue loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.