Retail · Santa Maria, California
Santa Maria Commerce Center
Santa Maria Commerce Center is financed with a $8.8M CMBS loan at 6.70% that reaches maturity on February 6, 2029, in 2 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,800,000
- Original balance (same notes)
- $8,800,000
- Interest rate
- 6.70% fixed
- Originated
- February 1, 2024
- Maturity
- February 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2028
- 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
- 230-238 & 336-340 E. Betteravia Rd., Santa Maria, CA 93454
- Metro
- Santa Maria-Santa Barbara, CA
- Rentable area
- 64,962 sq ft
- Built
- 1982, renovated 2010
- Largest tenants
- Stanton Optical; Azad Dental 3 Corp; Hama Sato Restaurant
- Value at securitization
- $18.4M (Nov 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.13x | 1.64x |
| Occupancy | 85% | n/a |
| Net operating income (annualized from 6 months) | $1.3M | $2.0M |
| Debt yield | 22.5% |
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 Benchmark 2024-V6 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x 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
- Net operating income is 56% above the underwritten figure ($2.0M a year against $1.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.13x at securitization to 1.64x on the latest statements.
- The filing gives Oct 2026 as the lease end date for the largest tenant (Stanton Optical), 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 | $8.8M | Current | No | 1.64x | n/a |
| August 2026 | $8.8M | Current | No | n/a | n/a |
| July 2026 | $8.8M | Current | No | n/a | n/a |
| June 2026 | $8.8M | Current | No | n/a | n/a |
| May 2026 | $8.8M | Current | No | n/a | n/a |
| April 2026 | $8.8M | Current | No | 1.94x | 73% |
| March 2026 | $8.8M | Current | No | 1.94x | 73% |
| February 2026 | $8.8M | Current | No | 1.99x | 73% |
| January 2026 | $8.8M | Current | No | 1.99x | 88% |
| December 2025 | $8.8M | Current | No | 1.99x | 88% |
| November 2025 | $8.8M | Current | No | 1.93x | 88% |
| October 2025 | $8.8M | Current | No | 1.93x | 88% |
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-V6 Mortgage Trust | 31 | $8,800,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Santa Maria-Santa Barbara loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hampton Inn Santa Barbara - Goleta | Goleta, CA | Hotel | $18.0M | 8.04% | Jun 2029 | 2.32x | 87% | Current |
| Super Storage | Santa Maria, CA | Self storage | $3.5M | 3.848% | Nov 2029 | 1.66x | 86% | Current |
All loans maturing in 2029 · All Santa Maria-Santa Barbara 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.