Office · Seattle, Washington
SDC Annex
SDC Annex is financed with a $5.5M CMBS loan at 4.464% that reaches maturity on December 6, 2030, in 4 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,507,756
- Original balance (same notes)
- $5,665,000
- Interest rate
- 4.464% fixed
- Originated
- November 23, 2020
- Maturity
- December 6, 2030
- Payments
- Interest only for 48 months, then amortizing
- Prepayment lockout ends
- August 5, 2030
- Master servicer
- Midland
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 5811 6th Avenue S, Seattle, WA 98108
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 25,468 sq ft
- Built
- 1967, renovated 2020
- Largest tenants
- ERW Lighting and Controls; Finestra Design Inc. dba Kolbe Gall; Susan Young Interiors
- Value at securitization
- $9.4M (Oct 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.47x | 0.59x |
| Occupancy | 100% | 55% |
| Net operating income | $503K | $201K |
| Debt yield | 3.6% |
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 2020-B22 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since June 2026.
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 100% when the loan was securitized to 55%.
- Net operating income is 60% below the underwritten figure ($201K a year against $503K).
- Debt service coverage moved from 1.47x at securitization to 0.59x on the latest statements.
- At 0.59x, the property's reported NOI does not cover its debt service.
- The filing gives Feb 2027 as the lease end date for the largest tenant (ERW Lighting and Controls), 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 | $5.5M | Current | No | 0.59x | 55% |
| August 2026 | $5.5M | Current | No | 0.59x | 55% |
| July 2026 | $5.5M | Current | No | 0.59x | 55% |
| June 2026 | $5.5M | Current | No | 0.59x | 55% |
| May 2026 | $5.5M | Current | No | n/a | n/a |
| April 2026 | $5.5M | Current | No | 0.66x | 100% |
| March 2026 | $5.6M | Current | No | 0.66x | 100% |
| February 2026 | $5.6M | Current | No | 0.66x | 55% |
| January 2026 | $5.6M | Late payment but less than 30 days delinquent | No | 0.66x | 55% |
| December 2025 | $5.6M | Current | No | 0.66x | 55% |
| November 2025 | $5.6M | Current | No | 0.66x | 55% |
| October 2025 | $5.6M | Current | No | 0.72x | 55% |
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 2020-B22 Mortgage Trust | 29 | $5,507,756 | Sep 2026 | SEC filing, October 1, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Southcenter Mall | Seattle, WA | Retail | $218.0M | 2.88% | Jan 2030 | 6.91x | 91% | Current |
| F5 Tower | Seattle, WA | Office | $185.0M | 3.699% | Jan 2030 | 3.71x | 100% | Current |
| Amazon Seattle (300 Pine) | Seattle, WA | Office | $141.9M | 3.005% | Apr 2030 | 2.71x | 91% | Current |
| Redmond Town Center | Redmond, WA | Retail | $121.5M | 6.70% | Mar 2030 | 1.46x | 87% | Current |
| 9th & Thomas | Seattle, WA | Office | $96.0M | 3.60% | Oct 2030 | 2.27x | 100% | Current |
| Amazon Seattle | Seattle, WA | Office | $93.0M | 3.005% | Apr 2030 | 2.41x | 91% | Current |
| Sterling Plaza | Bellevue, WA | Office | $53.6M | 6.492% | Nov 2030 | 1.80x | 92% | Current |
| FedEx Redmond | Redmond, WA | Industrial | $45.1M | 3.87% | Jan 2030 | 2.23x | 100% | Current |
All loans maturing in 2030 · All Seattle-Tacoma-Bellevue 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.