Mixed use · San Francisco, California
Pier 70
Public CMBS trusts hold $115.0M of the loan on Pier 70 at 4.878% that reaches maturity on October 6, 2028, in 23 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $115,000,000
- Original balance (same notes)
- $115,000,000
- Interest rate
- 4.878% fixed
- Originated
- September 26, 2018
- Maturity
- October 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Goldman Sachs Mortgage Company
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 400-600 20th Street, San Francisco, CA 94107
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 322,814 sq ft
- Built
- 1885, renovated 2019
- Largest tenants
- Uber Technologies Inc; Y Combinator Management LLC; Restoration Hardware
- Value at securitization
- $217.3M (Jul 2018)
Performance
| At securitization | Latest (Sep 2025) | |
|---|---|---|
| DSCR (NOI) | 2.22x | 3.03x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 9 months) | $12.6M | $17.3M |
| Debt yield | 15.0% |
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 GS Mortgage Securities Trust 2019-GC38 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 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 37% above the underwritten figure ($17.3M a year against $12.6M; the latest statement covers 9 months, annualized).
- Debt service coverage moved from 2.22x at securitization to 3.03x on the latest statements.
- The filing gives Apr 2028 as the lease end date for the largest tenant (Uber Technologies Inc), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $35.0M | Current | No | 3.03x | 100% |
| September 2026 | $115.0M | Current | No | 3.03x | 100% |
| August 2026 | $115.0M | Current | No | 3.03x | 100% |
| July 2026 | $115.0M | Current | No | 3.03x | 100% |
| June 2026 | $115.0M | Current | No | 3.03x | 100% |
| May 2026 | $115.0M | Current | No | 3.03x | 100% |
| April 2026 | $115.0M | Current | No | 3.03x | 100% |
| March 2026 | $115.0M | Current | No | 3.03x | 100% |
| February 2026 | $115.0M | Current | No | 3.03x | 100% |
| January 2026 | $115.0M | Current | No | 3.03x | 100% |
| December 2025 | $115.0M | Current | No | 3.03x | 100% |
| November 2025 | $115.0M | Current | No | 3.03x | 100% |
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| DBGS 2018-C1 Mortgage Trust | 2 | $80,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| GS Mortgage Securities Trust 2019-GC38 | 6 | $35,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 181 Fremont Street | San Francisco, CA | Office | $250.0M | 3.709% | Apr 2028 | 3.52x | 100% | Current |
| The Gateway | San Francisco, CA | Multifamily | $210.0M | 3.722% | Apr 2028 | 2.91x | 95% | Current |
| Charles Schwab Plaza | San Francisco, CA | Office | $119.4M | 3.555% | Apr 2028 | 2.02x | 100% | Current |
| InterContinental San Francisco | San Francisco, CA | Hotel | $91.4M | 4.145% | Jan 2028 | 0.54x | 65% | Current |
| City Square and Clay Street | Oakland, CA | Mixed use | $90.0M | 4.728% | Feb 2028 | 0.81x | 54% | Current |
| Lake Merritt Plaza | Oakland, CA | Office | $80.0M | 8.012% | Nov 2028 | 1.57x | 75% | Current |
| 400 South El Camino Real | San Mateo, CA | Office | $67.7M | 4.697% | Dec 2028 | 1.48x | 99% | Current |
| 600 Clipper | Belmont, CA | Office | $54.3M | 3.717% | Jan 2028 | 2.20x | 100% | Current |
All loans maturing in 2028 · All San Francisco-Oakland-Fremont loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.