Industrial · San Diego, California
Rancho Bernardo Technology Portfolio
Rancho Bernardo Technology Portfolio is financed with a $21.5M CMBS loan at 6.91% that reaches maturity on January 11, 2034, in 7 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $21,500,000
- Original balance (same notes)
- $21,500,000
- Interest rate
- 6.91% fixed
- Originated
- December 22, 2023
- Maturity
- January 11, 2034
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- July 10, 2033
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 16981 Via Tazon & 11501 Rancho Bernardo Road, San Diego, CA 92127
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 89,918 sq ft
- Built
- 1983, renovated 2020
- Largest tenants
- Millenium Health LLC
- Value at securitization
- $37.6M (Nov 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 1.86x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $2.5M | $2.8M |
| Debt yield | 13.1% |
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 BANK 2024-BNK47 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 ($2.8M a year against $2.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.48x at securitization to 1.86x on the latest statements.
- The filing gives Dec 2032 as the lease end date for the largest tenant (Millenium Health LLC), before the loan matures. Lenders look hard at that rollover.
The last 11 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $21.5M | Current | No | 1.86x | 100% |
| August 2026 | $21.5M | Current | No | 1.86x | 100% |
| July 2026 | $21.5M | Current | No | 1.86x | 100% |
| June 2026 | $21.5M | Current | No | 1.91x | 100% |
| April 2026 | $21.5M | Current | No | 1.78x | 100% |
| March 2026 | $21.5M | Current | No | 1.78x | 100% |
| February 2026 | $21.5M | Current | No | 1.78x | 100% |
| January 2026 | $21.5M | Current | No | 1.80x | 100% |
| December 2025 | $21.5M | Current | No | 1.80x | 100% |
| November 2025 | $21.5M | Current | No | 1.80x | 100% |
| October 2025 | $21.5M | Current | No | 1.81x | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2024-BNK47 | 18 | $21,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2034
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hilton La Jolla Torrey Pines | La Jolla, CA | Hotel | $110.0M | 6.687% | Aug 2034 | 1.76x | 75% | Current |
| Residence Inn Del Mar | San Diego, CA | Hotel | $25.0M | 7.003% | Mar 2034 | 1.99x | 80% | Current |
| Ct Self Storage - Escondido | Escondido, CA | Self storage | $3.0M | 5.73% | Jul 2034 | 7.36x | 93% | 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.